Worried about the crisis on Wall Street? Luckily, there are a few things you can do to protect your finances amid the storm!

1. Check Your Bank Accounts - Many banks are federally insured through the Federal Deposit Insurance Corporation (FDIC), but there are some banks that aren't insured. It is important to make sure that you are so you aren't at risk if your bank goes bankrupt!
2. Check Your Brokerage Account - Many brokers are also federally insured through the FDIC, but again not all of them. Brokers are finding themselves in just as much trouble as banks, so it's important to check so you aren't at risk if your broker is in trouble too!
3. Cash is King - The montra used by hedge funds around the world right now is also true for individuals. Interest on bank accounts like ING Direct and HSBC are paying a healthy 3% or so, which is much better than many investments! Perhaps its time to keep more of your money in cash...
4. Don't Speculate - Huge banks and corporations are trading at in the pennies right now after collapsing. Stocks like Freddie Mac and Fannie Mae as well as Lehman Brothers may seem cheap, but buying penny stocks like these are not a good idea! These stocks are now worthless - the only traders are dreamers!
5. Don't Panic, The World's Not Ending - Experts on Wall Street know that the best time to buy is when everyone is selling. Right now, everyone is panicing and selling. Instead, investors should hold onto their investments and keep buying stocks now while they are low instead of later when they recover!

The credit crisis may have began in the United States, but it is quickly spreading to the rest of the world. A recent study by PayPal showed that 20 percent of Britons use their credit cards to "take them out of trouble". Money High Street reported that 15.9 million Brits regularly go over their monthly budget by up to £123. However, unlike the United States, credit card companies in Britain are taking action. The number of credit card rejections was up 17% compared with the six month period to March 2007.

The UK economy is now shrinking and is expected to continue into next year, according to the Organization for Economic Cooperation and Development. The event marks the first time that a major international forecaster has explicitly said that Britain is facing a technical recession, which involves the economic contracting for two successive quarters. It is also the onl major economy in the world that will face a recession in the next six months.

According to the report, "Continued financial turmoil appears to reflect increasingly signs of weakness in the real economy, itself partly a product of lower credit supply and asset prices. The eventual depth and extent of financial disruption is still uncertain, however, with potential further losses on housing and construction finance being one source of concern. The downturn in housing markets is still unfolding, with reduced credit supply likely adding to pressures."