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Manage Your Borrowing in 2012 to Avoid Trouble When Recession Starts

UK and Europe Recession Predictions

2012 did not start on a high note for the economy of UK. Even since December the previous year the citizens have been warned countless times that there is a huge possibility for a recession to occur. There are so many factors that contribute to this, one of them being the crisis in the Eurozone. The very slow, and even negative, growth of the economy is the most telling of the possibility though. Take a look at how the UK economy fared in 2011:

GDP Growth
1st Quarter: 0.4% growth
2nd Quarter: 0%
3rd Quarter: 0.6% growth
4th Quarter: -0.2% growth

For the entire 2011 the country’s growth did not even reach 1%. When the economy boosted to 0.6% during the 3rd Quarter, everyone hoped that the economy would at least pan out on that level until the end of the year. At the very worst, the prediction was that the economy would contract by 0.1%. The country is truly in a bigger problem now that the contraction exceeded the economists’ and government’s expectations.

This problem isn’t exclusive to the UK. Other European countries, just like Italy, Franc, and Germany, are also going through serious economic troubles. Other members of the Eurozone are just as equally affected by the crisis in the currency union. It’s not surprising then that recession is not only limited in the country; it is also a risk for the rest of the continent.

UK Already in Recession

By looking at these figures and based on the alarmed reactions of Prime Minister Cameron and Chancellor Osborne, UK is getting into a serious economic trouble, if it isn’t in one already. According to the country’s leading firms for economic analysts Capital Economics, UK is in fact already in a recession. More reports are also cropping up about the possibility of a double-dip recession this year.

The Chancellor remains positive though that the fiscal plans laid down by the government will be strong enough to pump life back into the country’s economy. PM Cameron has also assured the public that the government is doing everything in its power, with no time wasted at all, to strengthen the economy again.

What the Citizens Can Do to Cope with Recession

The worst effects of a recession will always be felt by the masses: average citizens whose salaries are just enough to cover their needs and occasional wants.

If in 2011 majority of the people in UK were already struggling with income squeeze caused by inflation, stagnant salaries and unemployment, they will definitely have a harder time dealing with a recession. It is possible that more people will find the need to borrow money from banks, cooperatives, and private lending institutions. For those who will end up in such a situation, it will be to their best interests if they avoid short-term lending schemes with very high interest rates attached.

If the purpose of a loan is to pay off a former debt, a debt consolidation will be a better choice than, say, payday loans. It would be better to engage in a debt management solution than to risk even more at get-money-quick schemes.

It is important to be careful about borrowing money in 2012. This obviously won’t be an easy year, and ending up buried in debt will only make matters worse for anyone.

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