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There is currently a global financial crisis, commonly known as the ‘Credit Crunch’. The Credit Crunch is placing great strain on national and international financial markets. As the Credit Crunch takes hold, it becomes harder for businesses and individuals to find affordable finance. In the case of businesses, this can lead to redundancies or even the failure of the company. Consequently, this can lead to individuals incurring further debt as they lose their sources of income. Financial institutions are showing less interest in lending money, resulting in rising interest rates for finance products as well as a reduction in the availability of mortgages and loans.
The credit crunch has left businesses financially stretched, pushing them to strategically restructure their debts. A few of the credit crunch solutions that are relevant at a time of financial crisis include:
If you are unable to find a feasible credit crunch solution, it is worth speaking to a financial advisor or credit crunch expert. They can analyse your financial situation and advise you on the best course of action.