Released on: June 9, 2008, 4:40 am

Press Release Author: Shaun udal

Industry: Financial

Press Release Summary: Due to the existing conditions of credit crunch which has
made the lenders stricter about credit and loan approval, the consumers have taken
to make use of their overdrafts to fulfill their needs. Short term solutions like
payday loans are being made use of.

Press Release Body: Due to the global credit crunch that has been going on now,
people are facing only restricted access to borrowing money and getting credit in
credit cards etc, and this has led to overdrafts become popular and commoner.

Since the people do not have enough money to fulfill their monetary requirements,
and also are facing problems in borrowing money through personal loans, they are
making use of their overdrafts in order to fulfill their needs of money.

From the time that the globe is gripped in the hands of the credit crunch, the
number of financial products available to the consumers has been reduced
considerably. Also, the lenders of personal loans and other forms of borrowing money
have made their terms stricter for approval which has made it difficult for the
borrowers to get finance and cater to their needs of money.

The cost of living and survival has been going up at a never-before rate and this
has led to a problem of finances with most of the households. The costs of
maintaining life and paying the bills has made it difficult for households to
survive without the presence of credit opportunities that provide an additional
support for them that they can survive.

So, to cope up with the dearth of finances, people have started making use of their
overdrafts to full their needs of money. This can be claimed after a recent report
which showed that the there has been a sharp increase in the level of bank customers
who have made use of their overdrafts in the past couple of months. All the money
that is required by the consumers is being used to cope up with increasing life
costs like energy bills, council tax, water bills, fuel, and food prices.

It is being said that it will be some time before the financial markets get back to
their true state life before. So there will be a further increase in the number of
people who will depend upon overdrafts and short term financial solutions like
payday loans.

More breaking news on personal loans are made available on First Choice Loans. To
get more information visit here: http://www.firstchoiceloan.co.uk/

Web Site: http://www.firstchoiceloan.co.uk/

Contact Details: Banqueet Hall
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