Teignbridge Council should consider paying the mortgages of people at risk of having their homes repossessed.
That was one of the ideas to come out of a brainstorming session to mark to creation of a 'credit crunch commission' set up by the authority which has teamed up with the business, spiritual and voluntary sectors.
The hope is to produce a list of measures which could protect vulnerable households and small businesses while at the same time maintaining public services.
During the session on Monday councillors were asked to come up with ideas which could be refined by the commission.
It was deputy leader Cllr Ray Frost who suggested that it might be cheaper for the council to step in and pay the mortgages of those unable to meet the repayments rather than offer help after repossession.
'It could be a loan that when the house is sold we would get it back,' he said.
Other ideas included putting pressure on oil chiefs to reduce fuel prices and freezing council tax.
Malcolm Colegate, regional chairman of the Federation of Small Businesses, said free parking would help, as would a review of the government's fuel price escalator which had resulted in a hike in the price of diesel.
He also urged the council to reduce the amount of time in which it paid suppliers.
Sue Wroe, chief executive with the Council for Voluntary Services, said credit unions were vital that they struggled to compete with the 'glossy brochures' offered by loan sharks.
Rev Jamie Redfern advocated the creation of an 'emergency fund' to help those in financial trouble and more advice for households wanting to switch fuel suppliers.
Earlier the leader, Cllr Alan Connett, had hinted at freezing car park and leisure centre charges next year.
In his 'state of the district' address he said Teignbridge was a 'good, well managed authority' that was 'robust' but mindful of the pressures it faced in the current economic climate.
The commission is due to publish its report before the end of the year.
p Recognising the difficulties facing Devon businesses in the current financial climate, the county council is reducing its payment terms to creditors from the industry standard from 30 days, to 20 days.
It pays out approximately £400 million to suppliers per annum, so reducing their payment terms is expected to help businesses considerably.