Hi Junglers,
Lots of talk has been mooted of this double dip recession. Well, personally, I thought Double Dip was a type of sherbet sweet, maybe I’m just showing my age. So, anyhow, I decided to take a look into possible future these shores maybe facing.
So, the latest figures from the Bank of England show that overall, UK borrowers took on net mortgages worth £86m in July, a drop from the net £518m borrowed in June. July’s net lending, show the figures, was at its second lowest since records began, back in 1993. It all looks pretty grim doesn’t it. Well, in reality, actual lending has increased. So how much weighting should we give to ‘net’ lending?
One of the first people to offer his opinion was multi-billionaire Warren Buffet, who claimed that America will not enter a double-dip recession, giving an optimistic evaluation concerning economic prospects all across the United States of America. Given that we here in the UK tend to follow the American economy albeit with a lag, this prediction represents good news. However, one thing that is for sure is nothing is clear or certain by any means.
So how can you safeguard yourself as an individual? Well, good money management is a necessity and is good practice even when the economy is booming. Even if you think you will require a loan to get yourself through the worst, make sure you budget properly and plan, plan, plan.
Kindest Croaks,
CeeJay x