Keeping your credit costs under control
Credit cards and store cards are expensive short-term credit facilities that most families should avoid if at all possible.
A great degree of control is needed with this type of credit because of the associated high costs.
For families who have run up some credit card debt and are unable to reduce the balance immediately they could consider consolidating the debt into a personal loan with a more competitive interest rate.
However, debt consolidation can also be expensive. You should take expert financial advice before deciding on this.
While access to credit has undoubtedly tightened, for those who can demonstrate ability to repay there is credit available.
If a bank or a credit union declines your request for a loan then you first need to understand why this has happened.
It is possible that the documentation you provided was incomplete or you could have a poor credit rating at present. However, you can take steps to repair your credit rating.
Moneylenders never prove to be a good idea due to the high interest rates they charge.
And borrowing money from friends and family can be complicated and often end in disputes -- it should be a last resort.