credit crunch
By claire399
@claire399 (27)
October 12, 2008 4:31pm CST
hey guys i was just wondering who was been affected by the lousy credit crunch and what you think about it
3 responses
@livewyre (2450)
•
22 Oct 08
Most people are confusing the recession which is a combination of inflated prices (due largely to the rise in fuel costs) and static wages.
The credit crunch really refers to the problems caused by mis-selling of mortgages in the subprime market:
http://www.thecreditcruncher.com/2008/06/sub-prime-mortgages-are-to-blame.html
To answer your question, I have a kind of good news, bad news scenario:
Good News - I was still able to find a 0% for transfers credit card to help me pay off my debts...
Bad News - when our mortgage needed renewing, it cost us £1000 ($2000) to get a new one...!
There is no real justification for mortgage lenders charging us more for their stupid mistakes, but there it is....
@Metalchick (1391)
•
12 Oct 08
The credit crunch is really starting to hit our family. We're finding we have to regularly swap big named brands for supermarket own brands when we're shopping for food etc. The cost of living is going up so rapidly it's almost impossible to save so at the moment i'm only putting by £50 a month. My extra earnings from here and other sites online are a welcomed with open arms as it all helps.
@ronaldinu (12422)
• Malta
12 Oct 08
I was not hit directly. I have in mind to save for a rainy day!
