Never mind the issue of how details of today’s Budget were leaked all over the press yesterday, but the implementation of universal banking services comes not a day too soon.

Image: Millions have been locked out of banking for too long.

A very basic bank account is now to be made available to all, no bells, no whistles, no overdraft, no cheque book. Just a cash card and a direct debit facility.

The truth is that these accounts have always been available and should have been pushed in the direction of more customers, especially when you consider the state of much of the public’s finances.

An account with a huge overdraft facility which gives consumers the chance to purchase big ticket items effectively on tick are not for everyone. They may not even be for most.

These are the same principles that see some student accounts come with a credit card, even if they are not requested. When I was studying many moons ago, I told my lender that I didn’t want a credit card. ‘Not possible,’ I was told

There can be only one reason credit cards are included as standard with such accounts, and that is the hope that it is maxed out by a holder that often has no income at all, leading to years of minimum repayments.

Those more cynical than I would call it a scandalous practice.

And I feel it is a fair argument that the reason providers have never been keen on basic bank accounts is because it leaves them little wiggle room to squeeze out a profit.

There could well be a reluctancy to embrace the service from some but I hope the Government has the courage to fully get behind this initiative.

Those banks that have been part nationalised – saved from going to the wall with tax payers’, lest we forget – should head up this scheme.

It is not acceptable that many of the high streets’ banks and building societies that were helped either directly or indirectly refuse to offer a service to many people after the public purse was all that stood between them and extinction.

Taking with one hand while charging disproportionate fines should also be looked at, but one step (and possibly government) at a time, eh?

It is no exaggeration that these accounts could prove key to some people finding jobs, homes, or unlucky entrepreneurs that were declared bankruptcy in the financial crisis being able to start new businesses.

Even if the policy was borne out of electioneering, a fairer system for all should still be welcomed.

James Henderson, Reporter, Moneyfacts Group

Figures showing evidence of up to a million homeowners meeting their mortgage and rent payments should have a real capacity to shock, but it seems the story has almost passed us by, such is the level of desensitisation that more than two years of constant headlines and announcements detailing record levels of public and personal debt has caused.

Image: The ramifications of Seb’s decision quickly became apparent

To recap, research conducted by Shelter has revealed that as many as one million people households have used credit cards to pay for their mortgage or cover their rent in the last year. The problem is not one suffered exclusively by the working class, either, with figures showing that four per cent of middle/upper classes have also resorted to this dangerous method

With the acute possibility of redundancy becoming reality for many, it is understandable that households which once comfortably made their monthly payments are struggling to make ends meet. But paying off one debt, while accruing another, is simply delaying the inevitable for all but the brightest financial minds. After all, if you’re in the position where the mortgage can’t be paid, how on earth are you going to pay of additional credit card debt?

The problem does not appear to be an especially widespread one, the headline number of one million is an estimate based on six per cent of respondents saying they had used plastic to keep a roof over their head. However, those doing this consistently (the survey includes anybody that has done so in the last 12 months, again suggesting that the scale of the problem may be exaggerated) are taking a huge risk, and face the very real prospect of having their home repossessed.

This is because credit card firms are not subject to the same rules as mortgage lenders, Shelter has advised, meaning they can force through a property order in order to push through a property sale.

Statistics show that repossessions were less widespread than was originally predicted in the first nine months of 2009, but the worry now must be that decisions made by those in the upper echelons of the Bank of England could see number jump.

Opinion is divided on when the historic low base rate of interest will be increased. Some experts have said that the measure is unlikely to move above 0.5 per cent until very late in the year or into 2011, but there seems to be a growing consensus that it is more likely to start creeping up in mid-2010. For those on tracker mortgages, a rise in interest rates could be the difference between being able to afford repayments and not, the difference between having a home and losing it.

Local housing agencies, charities and councils must do all in their power to educate homeowners that sticking their heads in the sand is not the answer and that help is at hand. It is help that should be sought, and sought quickly.

James Henderson, Online Reporter, Moneyfacts Group

We've all heard the saying that if something sounds too good to be true then it probably is, so it could be argued the prospect of paying no interest on debt we've run up on our credit cards fits nicely into that category.

Above:On removing his head from the sand, Oli the ostrich was keen to secure a zero per cent deal.

However, a great many consumers are missing a trick by paying banks and building societies colossal amounts in unneeded interest.

As a nation we are predicted to pay £9 billion in unnecessary credit card repayments in 2009, with less than one in four of us utilising one of a number of zero per cent deals on the market.

And despite the fact that almost half of us have carried around debt on our cards for over a year, just one in five have any plans to transfer this balance to a zero per cent card.

There will be people out there happy to pay the minimum amount required each month, but at a time when all but the very richest of us should be looking to clean up our finances, it is worth looking at what is on offer.

I should know; until recently my thinking was the same. I viewed my monthly credit card payment as a minor but necessary irritation, a bit like my membership for the gym, which I frequent about as much as MPs stay at their second homes.

However, having been cajoled into action by my colleagues, it became apparent that at my current rate it would take more than a decade to pay off my debt! That's more than ten years to pay off a small sum (less than £500) on a card that has not been used in a year.

Furthermore, the total paid back would easily exceed £1,000 - more than double the card's limit. I'm all for helping out our lenders in this time of great need, but that is ridiculous.

By switching the existing balance to a zero per cent offer and doubling the paltry amount I was paying a month, I can now look forward to clearing the balance in less than 18 months, provided I resist using it for purchases. That's not to say these cards are for everyone; if your intention is to continue spending then a better option might be transferring your existing balance to a card that offers a low rate for your existing balance as well as future purchases.

Consumers should also beware of rate hikes after the initial offer period has finished, although there is nothing to stop you applying a balance transfer to another lender's zero per cent card.

The typical charge of 3% of the balance on transfer is also worth consideration. Even a small chunk of £5,000, for instance, will have an impact.

However, if you are confident you can pay off your balance within the period when zero per cent is on offer (set up a direct debit or standing order that ensures this - this also lessens the chance of defaulting on payment) then these cards are worth a look.

The key is viewing them as a means to clear, rather than accrue, debt.

James Henderson is a reporter at Moneyfacts Group

After a year and a half of financial meltdown and economic turmoil, you'd be forgiven if your glass seems more half empty than half full.

Left:A punch up and a black eye meant Snoopy regretted spending the savings on his mortgage repayments on a night out

Nobody can deny that the rest of 2009 will be tough, but dig a little deeper beneath the surface or apply a bit of lateral thinking and you'll soon realise that things are maybe not as bad they seem.

Stock markets have seen billions, if not trillions, wiped off their value in the last year or so, but there are signs that things are beginning to take a turn for the better. Opportunities abound for the savvy investor, while the FTSE 100 enjoyed its best month in six years during April, climbing more than 8%.

In fact, having risen more than 20% since recent lows in March, a bull market has officially begun. Past performance is, of course, not a guide to the future, and there could still be some rough patches ahead. However, it looks like the FTSE could be on its way back.

While the headlines recently screamed, "worst fall in the economy since World War Two", it's safe to assume that not all business is contracting; on the contrary, for some firms, now is likely to be their time.

For instance, if a meal at a fancy restaurant might seem a little extravagant at the moment, the local takeaway is more than likely getting your custom instead. 

And while the recession has seen a number of well known chains disappear from the high street in recent months, for you, the humble consumer, it means there could be bargains to be had.

Shops desperate to get you through their door will be cutting prices, while the fact that we're in a period of deflation in layman's terms means that the price of goods and services is falling. Your hard earned cash is going to go further.    

Deflation is good news for savers too. Even though interest rates are at a record low, if the cost of everything is dropping faster, then the real value of your savings will be rising.

Meanwhile borrowers, particularly those with tracker mortgage, are understandably enjoying the low interest rates, leaving most with some extra pounds in their pocket or perhaps even better the opportunity to cut short the length of their mortgage by overpaying.

Meanwhile, most signs increasingly suggest the end of the housing market slump may be in sight. When people start buying and selling houses, spending on everything tends to go up, bringing the road out of recession a huge step closer.     

So it appears all might not be lost. While it seems every cloud does have a silver lining, if you're still decidedly downbeat then there's one more superficial reason I can give you for raising a smile.  

The Met Office has confidently predicted we can look forward to a hot dry summer this year. If that doesn't give you a reason to be cheerful, then I dare say nothing will.  

Tim Leonard is a Senior Reporter at Moneyfacts Group

New rules which mean homeowners must have a Home Information Pack (HIP) in place before putting their property on the market could slow down the recovery in the housing market, according to the National Association of Estate Agents (NAEA). The trade body wants the controversial packs to be scrapped for the duration of the recession before being re-examined in terms of their viability once the economy begins to recover. The call comes after 65% of property professionals said they believed the new arrangements will discourage sellers from putting their properties up for sale. Meanwhile, the Government's own statistics have showed that 77% of house buyers paid no attention to HIPs when deciding whether to go ahead with a purchase or not.

"It reflects a stubbornness on the part of the Government and a reluctance to admit that HIPs in the main are pointless and expensive and, according to their own figures, ignored by the very people they claim benefit from them," said Peter Bolton King, NAEA chief executive.

The UK economy contracted more than had been originally anticipated in the final three months of last year, official figures have revealed. According to the Office for National Statistics, gross domestic product shrank by 1.6% in the fourth quarter of 2008, a figure revised down from the original estimate of 1.5% made at the end of January. The fall is the largest recorded since 1980 and confirms the recession is even deeper than previously thought. For the year of 2008 as a whole, GDP rose by 0.7%, a figure significantly lower than the 3% growth seen in the previous year. A marked decline in manufacturing output contributed greatly to a 4.5% fall in the fourth quarter output of the production industries. Meanwhile, construction output witnessed an even greater decline, recording a 4.9% fall quarter on quarter. David Kern, chief economist at the British Chambers of Commerce, blamed the larger than expected fall on a drop in consumer spending.

The Finance and Lending Association (FLA) has responded to the Government's plan to stop firms from raising customers' credit limit when not requested, as well as banning companies from sending out unsolicited credit card cheques. The amount of credit card debt racked up by Britons stands at £53 billion with the measures designed to stop this mushrooming further. FLA director general, Stephen Sklaroff, has told the Government it may be unwise to restrict lending to responsible borrowers.

"Economic recovery relies on an affordable supply of credit to promote consumer confidence and boost spending. There are some good deals available for those who can sensibly manage their finances and consumers should be allowed to make informed decisions for themselves," he added.