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With everyone in the finance industry beginning to tighten their belts as the credit crunch starts to bite, it's never been more important to take care of your credit rating.

According to The Independent, the big credit reference agencies are preaching the importance of making sure you keep up to date with repayments on loans and mortgages, with Experian saying, "Whenever you apply for credit, you want to make yourself look more attractive to banks.  They are still lending money but they are only lending to people they can be sure will pay it back."

So make sure you pay back not only your loan repayments, but also things like your utility bills and your mobile phone bill; it all counts!

The price of petrol is finally falling but people all over the UK are still struggling to balance their books.

With Christmas on the horizon it’s going to be even harder to pay the bills and the loans market is starting to see the effects of all this financial hardship. 

In fact, more people than ever before are applying for loans, which is why a whopping 1.5 million have seen their loan applications turned down by various money lenders in the last six months.

But panic not. As we talked about last week, the lenders are still lending their dough; they’re just being a little pickier about who they give it to.

Adult children might want to consider taking out secured loans rather than asking for hand-outs from their parents.

Research from LV= has found parents in the UK spend £233 billion financially supporting their grown-up children.

The survey also revealed 2.3 million grandparents are contributing money to two generations – their children and their grandchildren.

And in the current economic climate this means belts are being pulled tighter and tighter.

Nigel Snell from LV= said: "Parents are the hardest hit."

Grown-up kids who have their own house may be surprised at the competitive rates that are available on secured loans if they are willing to shop around.

People keen to propel themselves into the limelight could pay for singing or acting lessons with secured loans.

It would seem that the majority of people at the start of their careers no longer want to be vets or nurses.

Some 14 per cent of 16 to 21-year-olds want to be famous, according to research from Alliance & Leicester.

However, getting your foot on the first rung of the celebrity ladder can be expensive.

Homeowners who refuse to give up on their dreams to become rich and famous, or parents who want to give their kids a helping hand, may find secured loans can help pay for valuable training.

Would you be happy to stay with a partner who was driving you mad just for the sake of cheaper bills?

Well, one survey suggests some of us might.

Research by online bank cahoot has found 12.4 million people in the UK would be reluctant to split up with their current boyfriend or girlfriend for fear they would not manage financially.

Men were the most unwilling to end a relationship during the credit crunch, with 30 per cent saying they intended to stay with their partner at least until the economic climate improved, compared to 25 per cent of women.

Maybe, they should just consider a loan?

New research suggests it might be time to stop sponging off the bank of mum and dad.

A survey by Chelsea Building Society reveals 30 per cent of people say the credit crunch means they are no longer able to bail out family members who find themselves in financial strife.

Although 54 per cent happily provide accommodation free of charge and 51 per cent say they will take the kids while a family member goes out to work, they are no longer able to dole out handouts.

Maybe the time has come to approach an official loan provider?