As a result of the credit crunch first-time buyers are finding it increasingly more difficult to get on board the property ladder. Not only is it due to the staggering rise in UK house prices over the past decade but also the fact that mortgage lenders are now reducing the amount they are prepared to lend as part of their tighter lending conditions.

I think we can all agree that the credit crunch in the U.S. and to a lesser extent, the U.K., really exists. Industry experts, like myself, can see that the problems consumers are facing are just beginning, not ending. Now is the time to pay careful attention to your credit reports and credit scores so potential unilateral creditor actions don't sink your financial ship.

A couple of disturbing events recently have created great concern for me, and consumers on both sides of the pond should be vigilant to watch for these three time bombs that can be dropped on you at any time.

Credit card issuers have drawn fire for jacking up interest rates on cardholders who aren't behind on payments but whose credit scores have fallen for other reasons. Now, some consumers complain, Bank of America is increasing rates based on no apparent deterioration in their credit scores at all.

There is no such thing as the best savings account because it is not as simple as one with a great headline rate that's best for all. But the good news is that it's possible to find the best savings account to suit YOU.

Debt is the one issue that affects all of us rich or poor, black or white, gay or straight, liberal or conservative. While debt means minor discomfort to some, it means death to others.