You've probably heard a lot about credit ratings in the news recently. 12 UK financial institutions recently saw their credit rating downgraded by credit ratings agency Moody's - which said it was unconfident that the Government would take moves to support any banks and building societies that got into trouble.
And it's not just large financial firms that should be concerned about their credit rating. Having a poor credit rating can have a knock-on effect on ordinary people's finances too - it could make it difficult to get a bank account or a credit card, for example.
However, if you have a damaged credit rating and you're struggling to get on your feet financially, there is an alternative to a current account which could help you manage your money again: a basic bank account.
Basic bank accounts are similar to normal current accounts in some ways, but are designed specifically for people who may struggle to get a normal bank account - often due to having a bad credit record. Unlike current accounts, they don't tend to offer an overdraft facility or interest on your money, but they do give you somewhere to keep your money, and a quick and convenient way to spend it - which is becoming increasingly important in this day and age.
Figures from the British Bankers' Association revealed that, in the last three months of 2009, 129,000 basic bank accounts (that could be accessed from post offices) were opened in Britain - highlighting the demand for alternatives to 'standard' banking options.
Furthermore, in 2010's Government Budget, plans were announced to provide access to basic bank accounts for all UK citizens, in a move designed to reduce financial exclusion and show that banks are willing to take steps to help everyone, regardless of their financial status.
But how exactly could a basic bank account benefit you if you've discovered you're not eligible for a normal one?
Many basic bank accounts don't require a credit check before they're opened, so even if you've had money problems in the past, you won't necessarily be turned down. If you've been bankrupt, for example, or been involved in a debt solution such as a debt management plan, you could still get a basic bank account - which could help you to get back on your feet and regain some financial security.
The basic bank account that thinkbanking provides access to (see http://www.thinkbanking.co.uk/basic-bank-accounts/) is an example of an account available to people with a poor credit history - and has recently been awarded a 3-star accreditation from the Fairbanking Foundation.
Some basic bank accounts could even help you budget more successfully by preventing you from going overdrawn - so you can be confident that you're never spending any more money than you actually have in your account.
Of course, this doesn't guarantee all your costs will be affordable, and you could still find yourself struggling if your outgoings exceed your earnings. If that happens, don't hesitate to get advice from an expert.
Finally, remember that there are a lot of options available to people looking for a basic bank account - so it can be really worth taking some time to do some research and get the account that best suits your situation.