The quick sale market is bailing out home owners who simply can’t afford to keep on top of their debts any longer. And as the crisis in the credit markets is making itself felt, it’s no wonder more of us are looking into the pros and cons of the quick house sale market as a possible solution to debt.

The first few weeks of 2008 made it clear that things are only getting worse for those in debt. Initially, the credit crunch seemed a distant far away thing that had no real impact on the day to day lives of consumers. The rise in interest in the quick house sale market however suggests the crunch is finally biting. And as stock markets plummet, the doom-mongering that’s plagued the news ever since the Northern Rock crisis now seems realer than ever.

Debt has always been difficult to get out of, hard to manage and expensive. But now debt has never been so tricky, or so costly. Previously, it was relatively simple to switch mortgage deals, loan rates and credit card companies to ensure you got the best rates. Now, it will be harder to take out further borrowing as lenders have tightened their lending criteria restrictions. The credit crunch means they are no longer prepared to offer loans or mortgage products to those with a less than perfect credit record – the quick house sale market offers a way out, allowing people to cash in on their assets fast when they’ve been turned down for much-needed loans.

Unfortunately, it’s those people with a less than perfect credit record who are more likely to need bailing out with loans, or who would benefit the most from more competitive rates, that are going to feel the full weight of the credit crunch. The quick house sale market could be the only solution left if homeowners in debt are faced with rising costs and the risk of losing their home if they fall into arrears.

Reports suggest that in the last few months of 2007, it was still possible to get a 100% mortgage at a competitive rate or unsecured credit. But in the first month of 2008, even the largest lenders have taken a step backwards and cracked down on their lending, raising rates by a massive percentage sending out a clear message – if you’re not in credit, they don’t want to know. Credit card companies have also reacted by dramatically reducing their credit card limits – immediately landing some people in difficulty.