By Paul McElwee

The Citizens Advice Bureau in Strabane has warned local people against the perils of the credit crunch which has taken hold. With more and more prices sky rocketing, the CAB has tips at hand for those feeling the pinch.

Meraid Griffin, Manager of Strabane & District CAB said, "All too often people come to a CAB when they've reached crisis point or can no longer cope with their problems. By carrying out a regular financial overhaul and taking some preventative measures many problems could be averted before they become crises. We are urging people to look at how they manage their money and change bad habits before it's too late."

The bureau also advises people in the town to commit to the following steps to combat any problems during this time of economic downturn.

* Have a good look at your spending and see if you can make cutbacks or change your habits.

* Shop around for the best deals on everything! Things like fuel, phone, savings and loans. Don't be hasty and keep checking they are the best.

* Check that your tax code is correct. Ask your tax office or CAB for advice if you are unsure.

* Keep all your pay and tax information from your employer and your tax office.

* Check whether you are entitled to tax credits. Even higher income earners can claim these credits, particularly if you have children. It can be difficult to calculate whether you are entitled to some tax credits. Use the helplines provided by the Inland Revenue to get help and advice or contact your local CAB.

If you become unemployed and are not claiming social security benefits then ask your tax office for a rebate of the tax you have paid during the tax year.

If you are claiming benefits or a pension, ask your CAB to check you are getting everythingyou are entitled to; for example, if you are retired on a low income, you may well be entitled to pension credits.

* Avoid using fee-charging cash machines, if you can.

* Use energy efficiently – use energy saving light bulbs and don't leave lights on unnecessarily, keep doors closed and put on extra clothes before turning up the thermostat, and insulate your home, if possible. In partnership with NIE, all CAB clients can get a free energy saving light bulb from the bureau

Ask your CAB about any grants that might be available. For example, if you are having difficulty meeting the cost of a school uniform.

Get your debt self help booklet and budget planner in the bureau.

It seems that the credit crunch has not affected everyone. While obvious household necessities such as fuel and phones are being hit, it's not affecting everyone. For instance, food buying is not suffering.

The Chronicle spoke to both Iceland and ASDA.

Iceland told us, "No it doesn't seem to have hit us at all. Things are going very well for us at Iceland. We are lucky in that our prices are pretty cheap, between one and five pounds, so it is certainly good value for customers to shop with us."

There is a similar view taken in ASDA.

A spokesperson for ASDA said, "In general terms, the Strabane store has been benefiting from an increased number of shoppers travelling from across the border recently. In fact they have seen Euro spend increase from 28% to 38% of total sales in the last month. In general ASDA seem to be riding the credit crunch well, testament to their low cost offers. In May 2008 the store released a statement confirming they had taken in over £1 million in sales in a week.

To combat the crunch, ASDA have been proactive in their approach.

"ASDA are concerned about the effect of the credit crunch on their shoppers and have initiated many promotions in the last few months to tackle this head on."

Despite the impending doom warnings of a credit crunch, it seems that Northern Ireland may just get through it. A new report by the Department of Enterprise Trade and Investment (DETI) claims that Northern Ireland is, as they put it, 'best placed to weather the storm'.

The Minister, Arlene Foster, had this to say on the Quarterly Review findings.

"This is clearly a very challenging period for businesses in Northern Ireland, particularly as the impact of the global economic slowdown takes effect. At a time when firms are already suffering from the fall-out of the 'credit crunch', rising oil and energy prices are particularly unwelcome. Moreover, recent reductions in house prices have dampened consumer confidence."

Despite these economic difficulties, The Minister was upbeat.

"The local economy is still forecast to grow in 2008. The strength of the labour market, where the number of employee jobs stands at an all time high of 722,120, coupled with increased investment in R&D, will help many local firms retain their competitive position."

Ms Foster was quick to praise local businesses in their approach to combating the crunch.

"Since becoming Economy Minister, I have been greatly encouraged by the potential and the determination that lies in indigenous businesses. Having made a number company visits across Northern Ireland, I am impressed by their focus on the long-term future, including plans to expand and improve their export potential."