Credit crunch - is there ever going to be a light at the end of the tunnel?
I’m now getting seriously worried about my mortgage payments going through the roof and my bank going bust. How much of the credit crunch is media hype? Or are we really going to go through another reccession? I’m terrified for my young sons future if I end up losing my job.
I work for an insurance company, and hubby works for a bank, I'm terrified both of us could be made redundent.
The media loves bad stories.
Yes it is serious, but being old enough to remember the 70s, 80s and 90s crashes the ordinary person can live through it.
What you need to do is live within your means. Pay off your debts, live sensibly, cook your meals instead of buying ready made etc. and save some money for a rainy day!
If you are seriously in debt then one of you needs to get a 2nd job to pay of the debts! Or you both get extra jobs where the hours don’t clash. Do it now - don’t wait unril disaster hits. If you don’t have redundancy problems then you will have some saved money!
UK retail banks will not go bust. Governments cannot afford the loss of confidence (what’s left of it anyway…) in the banking system.
You cannot trust the Government or business and to be honest the world does not owe any of us a living! You have to rely on yourself!
I have just frozen down some of our own home grown runner beans, rhubarb, and stewed apples (from a friends garden). Shortly when the Victoria plums are on sale I will buy some boxes, de-stone them and freeze down. As Tesco says “every little helps”!
If you shop at Tesco/Asda etc. try Aldi. Much cheaper and VERY GOOD quality overall. We were very sniffy of them but now use them for 90% of grocery with only occassional top up from Tesco on products Aldi doesn’t sell. We prefer Aldi to Lidl and Netto but that is personal choice.
So - it’s not all gloom and doom but you do have to use your brain to see that we are all being cheated by the “live now - pay later” society we live in.
17 Responses to “Credit crunch - is there ever going to be a light at the end of the tunnel?”
I heard things are going to get worse for a while but by this time next year the worst should be over.
The government needs to be stepping in now to help us all out.
Comment made on March 9th, 2009 at 11:45 pmReferences :
The news
The disaster left by the Wall Street Crash got better didn’t it? So will this. Everything happens in cycles.
Comment made on March 9th, 2009 at 11:52 pmReferences :
Don't go in it's a train. Stay out of "Normal" society.
Comment made on March 10th, 2009 at 12:20 amGet resourceful we're in for a bumpy ride!
References :
freecycle
freeganism
your local community projects
your family links
yes…but the light will not come for about 2 years…that’s the prediction…all we can all do is batton down the hatches & weather the storm…we have been here before & we survived…just be careful with spending for now & hang on in there!!
Comment made on March 10th, 2009 at 1:10 amReferences :
Not for quite a while, these things do pass but at the moment I am thinking, we ain’t seen nothing yet. : — ((
Comment made on March 10th, 2009 at 1:58 amReferences :
I think the general, and professional consensus is that it is going to be pretty grim. Its time to put those take away menus away, and stop eyeing up those holiday brochures I’m afraid.
I was saying to my husband last night, that if I had major savings (say £20,000 or over) I’d be taking it out of the bank today and burying it in the back garden!
I’m lucky - I’ve got no debt and I live in a house belonging to a wealthy relative. But I’ve got friends already getting into a lot of trouble.
Best of luck!
Comment made on March 10th, 2009 at 2:29 amReferences :
It is all very worrying, but I think it’s important to keep calm, and not pay attention to the sensationalist reporting in the tabloids. The more serious and informed press will help you make sensible decisions about protecting yourself and your family against future problems. As other answers have said, those of us who were around in the 70’s have been through this before, and we survived! We also have parents who made it through even more difficult days in the 30’s and 40’s - we’re a canny race, on the whole! Good luck to you.
Comment made on March 10th, 2009 at 2:37 amReferences :
I think the media has a big part to play in this credit crunch era we seem to be in now. The reason it’s all belly up is that people have stopped borrowing, and this is what our economy is based on. All the while the media are saying everyone is going to lose their jobs and how expensive things are going to be, people are borrowing much less and paying less for houses. This is results in less consumer trade which means people are losing their jobs, but as a result of the media frenzy as the consumers may still have been buying things if it weren’t for the media. As a result, it’s escalating and the media are again fuelling this, resulting in even more job losses and economic loss.
Comment made on March 10th, 2009 at 2:44 amReferences :
Its all very worrying. It must be quite distressing for you in the finance industry. I sincerely hope you weather it OK if we have a downturn. There is a lot of uncertainty in international business trading in all sectors right now, but the more the media talk us down, the more panic will set in. Always remember, the ‘papers and media LOVE to think they can MAKE the news not just report it. It makes them feel they are important and can make us (Joe Public) jump through hoops.
Comment made on March 10th, 2009 at 3:30 amReferences :
The media loves bad stories.
Yes it is serious, but being old enough to remember the 70s, 80s and 90s crashes the ordinary person can live through it.
What you need to do is live within your means. Pay off your debts, live sensibly, cook your meals instead of buying ready made etc. and save some money for a rainy day!
If you are seriously in debt then one of you needs to get a 2nd job to pay of the debts! Or you both get extra jobs where the hours don’t clash. Do it now - don’t wait unril disaster hits. If you don’t have redundancy problems then you will have some saved money!
UK retail banks will not go bust. Governments cannot afford the loss of confidence (what’s left of it anyway…) in the banking system.
You cannot trust the Government or business and to be honest the world does not owe any of us a living! You have to rely on yourself!
I have just frozen down some of our own home grown runner beans, rhubarb, and stewed apples (from a friends garden). Shortly when the Victoria plums are on sale I will buy some boxes, de-stone them and freeze down. As Tesco says “every little helps”!
If you shop at Tesco/Asda etc. try Aldi. Much cheaper and VERY GOOD quality overall. We were very sniffy of them but now use them for 90% of grocery with only occassional top up from Tesco on products Aldi doesn’t sell. We prefer Aldi to Lidl and Netto but that is personal choice.
So - it’s not all gloom and doom but you do have to use your brain to see that we are all being cheated by the “live now - pay later” society we live in.
References :
Comment made on March 10th, 2009 at 3:38 amWas made redundant from good job years ago.
Was determined it would not happen again and set up own business. Now sold out (as I saw the present problems coming) and taken early retirement.
Have spread our money around many banks etc. (with under 35k in any one account as it is protected) and live off the interest!
It can be done, only you can determine your own future!
Of course, they will hun…keep the faith, these are phases which will pan out in due course.
Comment made on March 10th, 2009 at 3:44 amReferences :
No because i can’t afford to put the electric on…………
Comment made on March 10th, 2009 at 3:59 amReferences :
It will get better eventually, everything goes in cycles. It’s mostly the major banks fault for acting so irresponsibly in the first place anyway so maybe a bit of justice there? Just saying?
But the government does need to cut taxes in the short term, to give us all a higher disposable income to cope with rising bills, and in the long term it needs to put a few reins on irresponsible banks and money people playing fast and loose with peoples money.
Comment made on March 10th, 2009 at 4:36 amReferences :
Whatever we are going through is not going to last that long. Have faith in yourself. Be cautious but dont worry or panic. Things can only get better now.Dont believe everything the newspapers say as they only want to sell their papers. You will both be fine, as a matter of fact we all will be fine. Just dont worry
Comment made on March 10th, 2009 at 5:24 amReferences :
No, this recession is going to be worse than the 1930s.
Comment made on March 10th, 2009 at 5:56 amReferences :
Demographics.
there is light at the end of the tunnel, but it is of a freight train coming at us with breakneck speed and no brakes.
Comment made on March 10th, 2009 at 6:28 amReferences :
The curious thing about all this is that we are either going through a "bad period" or going through a "baddert period"…. then things get better and we go from a "baddert period" back to a "bad period". We don't ever seem to have a "good period".
Comment made on March 10th, 2009 at 7:12 amSo in answer to your question, I think that half of it is orchestrated, yes.
References :
Leave a Comment