Why should I care about the credit crunch?
If I didn’t watch the news, I wouldn’t even know about the ‘credit crunch’ or ‘recession’ - we even bought our first home this year! The only thing I’ve noticed lately is petrol prices, but even those have come back down. Doesn’t the media blow things out of proportion?
YOU are absolutely right. Everyone is still getting loans left and right.
we are technically not in a recession, but just the people’s fear of a recession is what fuels it.
I don’t think people realize that is pretty much impossible for the U.S. economy to collapse. Nobody will let it happen, because then the whole world would be f*cked
14 Responses to “Why should I care about the credit crunch?”
Because a sausage roll used to cost 39p at Greggs. Now it’s like 69p
Comment made on March 9th, 2009 at 12:09 pmReferences :
wouldn’t it hurt if your credit was being crunched?
Comment made on March 9th, 2009 at 12:55 pmi wouldn’t like it.
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They do I completely agree! I have noticed things going up in price lately but that doesn’t even affect me that much. If it weren’t for the news media scaring people I think the economy would be a lot better.
Comment made on March 9th, 2009 at 1:11 pmReferences :
you might lose your job
Comment made on March 9th, 2009 at 1:46 pmReferences :
many employers rely on credit to keep their business operations flowing; if there is no available credit, then these jobs have to shut down and employees lose the job
as far as the consumer, if you don’t rely on credit for your day to day living, it’s a good thing and you may not notice a difference, other than some stores you like may shut down, etc.
Comment made on March 9th, 2009 at 2:14 pmReferences :
YOU are absolutely right. Everyone is still getting loans left and right.
we are technically not in a recession, but just the people’s fear of a recession is what fuels it.
I don’t think people realize that is pretty much impossible for the U.S. economy to collapse. Nobody will let it happen, because then the whole world would be f*cked
Comment made on March 9th, 2009 at 2:57 pmReferences :
Um… you probably will regret asking this questions. It might get real hard to borrow money, many jobs might be lost, groceries could get pretty expensive, electricity and gas prices could substantially skyrocket. Taxes may go up (even though candidates reassure us they won’t). Mostly the pain of the crunch is still to be felt. Hang on tight!
Comment made on March 9th, 2009 at 3:46 pmReferences :
It will make credit more expensive - mortgages, bank loans etc.
It will affect your pension (pension funds in invest your pension in the stock market)
It will affect loans to other businesses (so XL defaulted on loan with Barclays and went bankrupt) - so if you work, your employer could be affected and some make staff redundant.
It will affect the high street retailers (they have bank loans too and people are spending less), builders, the leisure industries etc.
It will affect you if you are a taxpayer because the government has had to borrow more (so less for services and possibly higher taxes).
In short it will affect everyone in the country. Without the banks providing the oil to run the machine, the machine will run dry. the machine is commerce and business and without that there would be a deep and lasting recession.
Comment made on March 9th, 2009 at 4:34 pmReferences :
Ok , but you will notice things, Like utility prices going up, wait till you get your next bills. food prices increasing considerably. Perhaps your finances mean you dont have to watch prices as much as other people do . You are settled but people are finding they cannot get mortgages or loans as easily now, Firms and shops are cutting back or closing, People are losing their jobs, hope your family dont run into these problems,,, .
Comment made on March 9th, 2009 at 4:44 pmReferences :
uhh well seeing as i just had a letter from the electricity company saying elect bills have gone up by nearly 20% and gas by even more since the end of september - well that obviously affects anyone with a house in the UK and will certainly affect me! will cost me and everyone else a heck of alot more
also many people are losing there jobs as companies cannot keep them on as they cannot afford it- i work for a bank and theyre cutting 1,500 jobs in my bank because of the credit crunch they cant keep people working!
and i work for a bank and i know from my experience loan applications and mortgage applications are getting rejected alot more than last year - alot tighter to get finance
the list is endless !
Comment made on March 9th, 2009 at 4:55 pmReferences :
you might not care at the moment because it isn`t affecting you yet, wait a few months then see if you care then, it catches up to everyone in the long run.
Comment made on March 9th, 2009 at 5:15 pmReferences :
The credit crunch does not effect everybody. Especially, people like yourself who can make ends meet. The media reports news which economist and analysts predicted may happen. Sometimes their predictions may not materialised or not happen. Like the weather, the rain may not fall as forecasted. To be fair to the media, they are to give you the news as best as they can.
Comment made on March 9th, 2009 at 5:38 pmReferences :
you may struggle when you need to renew your mortgage, you’ll pay a couple of hundred more each month….and winter fuel bills are likely to be astronomical.
Comment made on March 9th, 2009 at 6:00 pmReferences :
All will be well.
Just a wee line about this whole situation.
On Monday I wrote a cheque the next dat the Bank Bounced.
LOL
Comment made on March 9th, 2009 at 6:44 pmReferences :
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