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Bachelors `forced to spend more` Finances `causing women sleepless nights` Christmas spending slowdown expected Christmas spending ‘will fall’ Credit cards: UK interest rates almost double US rates Recession ‘to last well into 2009’ Unemployment `on the up` AA urges public wholesale petrol prices Consumers ‘could expect to see full benefits’ of rate cuts Banks ‘increasing overdraft charges’ People in debt `should be helped to help themselves` Consumers `likely to be under pressure at Christmas` Britain "addicted to debt", politician states Consumers ‘repaying debt from last Christmas’ Brown: Banks must make loans available Workers `missing out on pension money` Christmas savings schemes `good way to stay debt free` `Many parents worry about children getting into debt` Falling inflation means interest rates could fall Petrol prices ‘could fall below 90p’

Fool.co.uk: Recession will harm those in debt but help first-time buyers

14/07/2008

Financial website Fool.co.uk has said the predicted recession will be a help for those trying to get on the property ladder.

Those who have been "praying for a housing recession" in order to use their savings on an affordable property may get their wish, according to the British Chamber of Commerce`s (BCC) most recent Quarterly Economic Survey.

The figures indicate the UK is one quarter away from a recession with a correction period longer and worse than anticipated.

Fool.co.uk`s head of personal finance, David Kuo, said the recession may bring benefits to some homebuyers.

"The best thing that can happen would be if house prices fell to a level where they would be able to afford to get onto the housing ladder because these people have been putting away money for this opportunity," he said.

He added a recession also presents "a threat to people with huge amounts of debt", however.

The BCC surveyed nearly 5,000 businesses of varying sizes and found the service and manufacturing industries were being hit hardest by the credit crunch.

Bachelors `forced to spend more` 17/11/2008 - People who live by themselves find it more difficult to Bankruptcy `increases by 7%` 17/11/2008 - The number of consumers in England and Wales facing bankruptcy Finances `causing women sleepless nights` 14/11/2008 - Financial concerns, potentially including debt problems, are causing women sleepless Christmas spending slowdown expected 13/11/2008 - Christmas spending is expected to stagnate this year, as consumers