Fast secured loans are a short-term solution to a long-term problem, that of living beyond your means or being unable to meet daily requirements for you and your quality of life. A fast secured loan will alleviate the problem in the short term, but the price associated with the fast secured loan can be prohibitively expensive, causing all manner of difficulty in the long-term. It is for this very reason that so many have begun to rethink the idea of purchasing these types of fast secured loans and the exorbitant fees that go along with them.

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“The new generation of retirees are bucking tradition and no longer believe their children have an automatic right to inheritance.” said Andrew Goodsell, chief executive of the SAGA Group. “They are using the money from equity release to enjoy their retirement.”

Keith Haggart, director of Lifetime Mortgages at Prudential said that “Although most retired homeowners have seen the value of equity in their homes fall in recent months, it’s important that they don’t lose sight of the bigger picture which is that despite current falling property prices, in the vast majority of cases retired homeowners have built up a significant amount of equity in their homes over a number of years.”

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“There’s a triple whammy hitting consumers,” said Anthony Rafferty from Norwich Union. “First the true cost of living has gone up significantly - inflation at 4.4 per cent doesn’t give the true picture, particularly for pensioners.

“Second,” Mr Rafferty added, “many struggle, because of the credit crunch to find unsecured forms of lending, or mortgage lending. Third, because of the housing market, it’s also a struggle to sell your house.”

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Today, Vince Cable, Liberal Democrat Treasury spokesman, said: ‘These figures increase the likelihood Britain’s slow growth will turn into recession, since the euro zone is our biggest trading partner. The only positive is that the slowdown in the western world is taking pressure off oil prices.’

‘One cannot talk about a soft landing of the euro zone,’ said Joerg Kraemer, chief economist at Commerzbank AG in Frankfurt.

‘This is a cyclical downturn, which tends to be a long haul.î Inflation in Britain, at 4.4%, was higher than the European average of 4%. The pound also fell against the dollar and the euro after the Bank of England’s inflation report.”

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Ray Boulger of John Charcol stated, “As today’s no change decision by the MPC was expected, the content of the Bank of England’s Quarterly Inflation Report due to be published next Wednesday will perhaps be even more interesting than today’s decision.  The MPC will have been aware of most, if not all, of the content of this Report and it should provide a good indication of the near term trend in Bank Rate.  The fall of nearly 20% in the oil price from its recent peak, coupled with a sharp fall in other commodity prices, provides some optimism that inflation will start to fall later this year, giving the MPC scope to resume their rate cutting to try to fend off recessionary risks.

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Philip Robinson, Director of Financial Crime and Intelligence at the FSA, said: ‘Mortgage fraud is a serious and widespread problem. We have set out our approach and expect the industry to do its part in tackling this menace. Brokers should make sure that they provide suitable advice and that their businesses cannot be used for the purposes of committing fraud. Lenders must also have in place systems and controls to identify and reduce fraud, and continue to provide us with the intelligence which is key to success in this area.’

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Mark Roberts, Head of Financial regulation at the ifs School of Finance said; “Our figures support what all other indicators have been suggesting - that the Equity Release sector is a growing and vibrant market. We have received almost 400 registrations for our Certificate in Regulated Equity Release (CeRER) or the CeRER “top up” during the last three months alone.”

Increasing demand for this qualification bodes well not only for the adviser community but for the increasing number of consumers seeking advice in this area. Holding an appropriate qualification not only meets regulatory requirements, it reassures consumers that they are getting good advice from a knowledgeable and competent adviser.”

Louise Cuming of MoneySuperMarket, stated, “Compare rates across the market to get a rough idea if there are products available to beat those on offer from your existing lender. If you need some extra guidance, a broker should be able to recommend products to suit your circumstances.

“If you are confident you know which product is right for you, and that you are likely to be accepted, make the application directly to the lender. However, it is always worth double-checking the sums are correct and that all the costs have been factored in.

“Once you have made your choice, move quickly. Competitive deals are being pulled with very little notice and many people have been missing the boat by waiting to see if better deals pop up. In today’s mortgage climate, a bird in the hand is worth two in the bush.”

Tim Moss, a head of loans from MoneySupermarket stated, “They should only be taken out when it’s absolutely necessary and you are sure you can pay it back quickly. Anyone looking for longer term credit or unable to pay off the debt immediately, should steer clear of them. It would be wiser to borrow the cash from family or friends or arrange an authorised overdraft with your bank.”

“Payday loans have a maximum term of 30 days, with a typical interest rate being 25 per cent per month. Borrowing £80 for a month and repaying £100 is a better deal than going into your unauthorised overdraft.”

A spokesperson for Moneyfacts said: “Many borrowers prefer fixed-rate deals, particularly in today’s economic climate as they struggle to keep outgoings under control. However, many are likely to find this increased cost too much to bear.”

Matthew Carter, a director at Nationwide, said: “While markets remain volatile, we can expect to see frequent changes to fixed-rate mortgages across the industry.”