It may not be an option to consolidate all your debts right now while secured lending is so tight, but there are things you can do to ensure that your debts don't stop you accessing secured loans in the future.

The first thing to do is to make a budget plan. Lay it all out – incomes, outgoings, necessities and luxuries – then begin to make some really tough decisions. Look to see where you can cut back and look to see where money is simply being wasted.

After that, look at all your necessary bills and see where you could save money. Could you move to a cheaper mobile phone plan? Could you do without digital TV for a while? Have you tried to compare your utility bills alongside other providers? Have you talked to your mortgage adviser about cheaper insurance packages?

There are so many things you can do to cut back your outgoings so as to start saving and start overpaying on your mortgage. The longer you can do that, the better borrower you will be in the eyes of the lenders in the future.

So when the fog lifts from the UK economy and when house prices have risen once again, the borrower who has kept their outgoings under control and has worked towards increasing the equity in their home will be the borrower who can take out a secured loan. This loan could be for home improvement, for a new car or to help their kids through high education – whatever you need the money for, if you work hard to attain it, it's yours.

Talk to a mortgage adviser about preparing for better days – they can help you budget, they can help you plan long-term and they can assure that saving is the single best way of becoming a secured loan borrower in the future.

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