Despite historically low interest base rates the cost of unsecured loans has risen considerably. The average rate charged has increased by around 50% over the past 3 years. During the same period the Bank of England base rate has reduced from over 5% to just 0.5%.

A number of lenders have withdrawn from the market and there are a significantly reduced number of loan products available. Lenders have suffered from high arrears and default rates making their risk increase and pushing up their interest rate.

This shows the need for customers looking for unsecured loans to shop around and not to take up the first loan they are offered, particularly from their own bank or building society. Getting a range of quotes makes sense and will certainly save you money in the long run with reduced monthly repayments.

Before signing up for an unsecured loan with another provider give Unsecured Credit a chance to quote you a better monthly repayment. We cannot always beat your existing deal, but if we fail to offer you a cheaper alternative you have the peace of mind that your deal is a good one.

On the subject of interest rates, the OFT are cracking down on loan sharks and the exorbitant rates that they charge. Their new campaign targets households in areas where loan sharking is prevalent. Taking out a loan with an illegal money lender is never a sensible option and not only brings with it large bills for repayment but the possibility of violence and intimidation in the event of problems.

Taking out such a loan could lead to debt problems and often causes the household borrowing the money untold problems. Up to 165,000 households are thought to be in the grip of loan sharks currently.

If you are currently experiencing problems with loan sharks you can report them to the OFT by emailing reportaloanshark@stoploansharks.gov.uk, calling 0300 5552222 or texting "loan shark" and the details to 60003.

With the recent election in the UK delivering a hung parliament, and now a right-left Con-Lib coalition, there is a lot of uncertainty about the direction in which the country is headed. The forthcoming emergency budget is unlikely to deliver much good news for anyone with likely tax rises and spending cuts.

On an indivdual level there is little you can do about government financial policy. However, you do have control over your own finances and now would be a good time to review them and get yourself on a good footing so that you can better cope with any financial bad news.

It is very likely that you know how much you earn each month, but do you know how much you spend and where the money is being spent? A good start to a financial review is to get out your past few months bank statements and analyze the transactions.

One-off fixed monthly transactions, such as a mortgage or rent, are easy to spot and keep track of. Other spending areas, such as grocery shopping, which occur several times a month and tend to be different amounts each time, might surprise you when you add up your total spend.

Breakdown each statement for the last 3 months (or 6 months if you have the time) and see where your money is going. Are there any obvious areas in which you could cut back and start saving money?

Think about whether you can impose (and stick to) a monthly budget for items such as shopping. If your monthly spend for shopping is working out at £325 per month, can you work within a budget of £300? Even if you cannot always stay within your monthly budget if you have a figure in mind to aim for it is likely you will start spending less.

You might even find transactions you didn't realise you were paying! Many people who do not check their statements each month don't spot rogue payments and can end up paying them for months.

Once you know exactly how much you are earning and spending hopefully the former exceeds the latter. If not you are likely to be on the slipper slope towards debt problems and all of the misery this can entail. If this is the case seek professional debt help as soon as possible before things get too bad.

If both figures are similar then cutting back a little on your spending will give you a little breathing space, or an opportunity to save/invest for the future.

If you find that you are paying out for lots of high interest borrowing, such as on credit cards, you can either change your card for a low interest one (or low interest balance transfer deal) or think about a debt consolidation loan.

Taking control of your finances will give you peace of mind and make planning for your future easier and more affordable.

With the mortgage market contracting so sharply following the banking crisis, many people are finding it difficult to get a mortgage. Even those who have had no problems in the past and are good credit risks are not finding it easy to source a mortgage from traditional lenders.

If you have had a mortgage refused, your best option is to seek out a mortgage broker who has more flexibility than a direct lender such as a bank or building society. This is because mortgage brokers deals with a number of lenders, each of whom offers different terms and will accept different applicants.

A good mortgage broker will keep abreast of all of the latest mortgage deals and should know quickly whether there is a lender who will accommodate your particular circumstances. This means you do not have to waste time filling in application forms when there is no chance of acceptance.

Mortgage brokers can deal with "high street" lenders, looking for clean risks, and also lesser-known companies who specialise in helping those with credit problems, difficult circumstances and those turned down elsewhere. This means that no matter what your circumstances they should be able to find you a good mortgage deal.

One such mortgage broker is Handmade Mortgages. They offer a full range of mortgages including:

• Fixed rate
• Variable rate
• Flexible mortgages
• Buy to let
• First time buyer
• Debt problem mortgages

Buying a house is stressful enough as it is. Handmade Mortgages make it as stress-free as possible to obtain a suitable mortgage quickly and easily. They will always treat you as an individual, not a number, and their friendly staff are on hand to dispense help and advice when it is needed.

Mortgage quotes are free and without obligation so there is no excuse not to give them a try and see what they can offer you.