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Families struggling with their finances in the run-up to Christmas have been warned to steer clear of illegal loan sharks.

Dodgy lenders are particularly active during the festive season as they target parents who are short of money but desperate not to let their kids go without.  They often charge extortionate rates of interest and threaten those that can’t pay with violence.

With so many legitimate and safer alternatives available, including secured loans and payday loans, the Government are clamping down on those who prey on the vulnerable.

Consumer Minister Gareth Thomas said: "Let the unscrupulous and predatory illegal lenders be warned. If they try to draw families into the murky world of illegal money lending this Christmas, they will face investigation and prosecution by anti-loan shark teams."

As the credit crunch firmly takes hold, house prices have been plummeting and first-time buys in the UK are lower than they have been for a long, long time.

But don’t get too down in the dumps about the whole situation because it’s not all doom and gloom! 

In fact, a lot of people are cottoning onto the fact that, in order to raise some extra cash, it’s now cheaper to get a secured loan than it is to remortgage your property.

An accepted.co.uk spokesman commented on the situation, saying, “Traditionally the remortgage has been the cheaper option but that’s just not the case at the moment, and we’re seeing a lot of people starting to take advantage of the great rates available.”