What is YOUR definition of Credit Crunch?

[Wilmslow]

A term banded about in the news, as if we should all know what the words mean.

As the title says, what is your definition?

[milanbenes]

Wilmslooooooooooooooooooooooooooooooow


credit crunch is when mondeo-man like you has problems getting credit innit

Milan.

[BlasterBates]

A rather tasty munchie you can buy on the never never.

[Archangel]

Mork work for those of us servicing the lower end of the creditworthiness pool.

[Wilmslow]

Wilmslooooooooooooooooooooooooooooooow


credit crunch is when mondeo-man like you has problems getting credit innit

Milan.

I aspired to the new Mondeo.

I ended up with the last of the old Focus......

And going permie

With the alledged stability for the credit crunch, whatever that may be.

No bench for me though

[FiveTimes]

No bench for me though

and no redundancy payment either if you get booted out in 6 months

[chris79]

All that has happened is the Banks have had a few problems, people have got worried, stocks have fallen a bit, and as such lenders have tightened up their belts (as they should have done long ago anyway).

Everyone knows that Banks and lenders have been throwing money at people for the last 5-6 years and people have been borrowing, borrowing, borrowing taking advantage of low interest rates etc. Suddenly industry has woke up to the fact interest rates may not always be low (to combat inflation), and through fear or risk management they have closed the doors on unlimited borrowing. The cost of energy and food is up way beyond standard inflation levels, the cost of living is getting higher, people can't borrow or subsidise their living anymore through borrowing, and suddenly it's a crisis.

All this bollocks about the housing market, the only people it will affect are those who bought as an investment to generate money such as BTL. Average home owners (such as me) are not going to be affected in the long term, at the end of the day I need a house to live in, if my house devalues, then so does every other house, so if I do ever choose to move I'll sell my house for less and buy a new one for less. The level of debt I signed up for was one I could realistically manage at the time, and that is not going to change (unless interest rates go stupidly high, unlikely). I'll still be living in a house in 10yrs time, 20yrs time, 30yrs time, during this I'm sure the economy will have an upturn and any money I lose on paper over the next 1-3-5 years during this 'credit crunch', I will no doubt make back in the long term 10+ years.

My house could be worth a million pounds, but it wouldn't make me rich, I still need to live in it, equally if its worth a few thousand pounds it makes no difference to my situation.

If people had not lived unrealistically beyond their means, or spent tomorrow's money on the gamble interest rates were going to stay at 4% forever, we wouldn't be in this position. The lenders are as much to blame for all this, and the Government is to blame for not putting in measures to control unrealistic lending.

[Chantho]

I aspired to the new Mondeo.

<<canned laughter>>

Why not aspire to something half-decent? This sort of statement is self-flagellatory masochism (at best).

So what's wrong with a Mondeo, you ask? Well, like many current cars (including A3's and Passats) the windows are too small which makes them look tulipe IMO

[Jog On]

A term banded about in the news, as if we should all know what the words mean.

As the title says, what is your definition?

When you apply for a new credit card online and on the last stage your web browser crashes and gives you a message saying “There was a problem with your application please either try again or apply over the phone”.

So you fill in the form again and the same thing happens again.

About a week later you receive 2 new cards in the post – 2 different accounts with 2 different limits. You phone them up to let them know and they say “Ok – you’ve got 2 accounts then, have fun and why not treat yourself to something nice – go on you deserve it!”

Yes this has just happened to me – I only applied to be a rate tart, I was refused a current account about 5 months ago…

That’s my experience of the credit crunch so far…

[Cowboy Bob]

It's when the butler needs a pay rise to pay his mortgage...