economic crisis update

economic crisis update

Economic Turnaround Has Not Yet Begun

Many had hoped that the Canadian economy would turn around at some point during March or April, though new data has shown that a turnaround is nowhere to be found. Instead, the “…economy contracted for the ninth straight month in April (Reuters).”

Since manufacturing, retail, and energy industries have been forced to cut back recently, the economy has responded to this scaling back in a negative way. Economists claim that there were “no surprises” in the recent report, though this latest news isn’t leaving a pleasant taste in the mouths of consumers.

While economists ensure the Canadian public that “?the worst of the declines for the economy are behind (Reuters),” this doesn’t mean that an end to the economic crisis is in sight. In fact, more and more manufacturers and retailers are showing signs of depression.

When viewed from the standpoint of the average consumer, April’s economic numbers point to tough times ahead. Banks are being more stringent with loans than ever before, and the average consumer is still struggling to pay down debt, while paying for everyday expenses.

There’s no doubt about the fact that the economic picture still looks bleak, but consumers might be able to place hope in the fact that needed funds can still be found for some. Private lenders are picking up the financial pieces that banks and other traditional lenders have left behind.

Now, more than ever before, Canadian consumers need help. Consumers need a way out of debt, they need a way to make ends meet, and they need a way to keep going to work every day. None of this would be possible if banks were the only solution to borrowing problems.

Thankfully, those consumers that need a helping hand have found that turning to private lenders really does pay off. Private lenders often offer more lending options to all kinds of consumers. Even those Canadians that don’t have excellent credit records can benefit from private loans.

Some private lenders offer loans called “car title loans” that allow car owners to borrow a small amount of money based upon the worth of an owned car, truck or RV. By using a vehicle as collateral, many Canadians can obtain the funds to pay bills, buy groceries, and continue living life without financial worry. Since these loans are secured by the borrower’s vehicle, they can be obtained by individuals of all credit ratings and even by those who have previously declared bankruptcy.

Presently, the Bank of Canada expects the economy to “?shrink 3.5 percent in the second quarter, following a 5.4 percent contraction in the first (Reuters).” This is not promising news to most consumers. In the meantime, those that need financial help can turn to private lenders for some solace.
About the Author

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What do people think of the government’s excessive spending on the Olympics 2012?

I’m going to write a letter to my MP (Geoffrey Clifton-Brown, the Conservative Cotswold MP) for my Politics class concerning government spending on the Olympics 2012 – considering we are in an economic crisis, I wanted some other people’s views on the government budget, especially as they have cut spending on the arts and have even taken money from the National Lottery to fund a two week event – the current spending update is set at 9 billion pounds – the original budget set down by Labour was 2.35 billion pounds.

I think the government, despite us being in a economic crisis, thinks they have infinite money to waste and spend.

They’re going to get a big shock coming to them..

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