Ok so how are people mainly affected by this "credit crunch" thing

[stoppinattwo]

And what do you propose to do about it as a family???

Me myself am prosopind to sentd the DC's up chimnies make em earn a crust lol

But seriously.........will lots and lots of people be in real trouble??

by brother( bankin lawyer) say teh whoe stylem is farked

affected in so much as it takes away options for us.. we will have to sit tight and be happy with our lot in life for a while.... I guess in comparison to others we are lucky.

we've been in practice for the last 6 months anyway...

couldn't cut back any moe if you paid us

So mainly I will be thanking our lucky stars that we were too poor to move house 6 months ago as we had hoped...and relish the fact that our crappy 3-bed semi has a really low mortgage and so, although we never made a fortune on property, there are worse situatuons for us to be stuck in IFKWIM.

stoppin

realisticlly yes a lot of people will be in trouble, and quicker than they realise. The gvernment will also be in trouble as they have no money to cover the credit crisis as they have been running at a deficit for the past 5 years although there has been strong economic growth. The IMF has also classified the USA as going into a recession, which will have a huge impact on us and the rest of the world

food prices will keep rising with rising oil prices, along with other goods esp utility bills.

idstart saving asap if people can afford to

it will affect you if your current mortgage rate is due to finish anytime soon. you may struggle to find a new mortgage, so then would end up on your bank's standard variable rate which will mean you are paying over the odds.

'whoe stylem' ? Sorry Cod you've lost me with that lol.

No problems with the mortgage, we have some shares which have pretty much crashed and flippin petrol prices are dire.

You can still get some pretty reasonable fixed rates....we got a good one just this week

The country as a whole is short of cash - so not enough money means people cant move house easy or get a mortgage - banks dont have the money to lend. Price rises for food, gas, elec etc

credit crunch not really credit card but actual money

whole system, Saggar?

I have said to DP for a couple of years now............how the feck are people driving around in posh 4x4's and having BIG extensions in their houses

tis all the remortgagin' isnt it?

Silly silly silly.........I thought at the time it will come back to bite people on the arse.

I think a lot of peoples ignorance..if you like, with money is a poor understanding of how finances, interest and other money stuff works - basic economics. It should be compulsory like english and maths. We are letting ourselves down by our poor understanding imvho

it should be ok if you have a good credit history, it's those who have borrowed to the max, have high loan to value mortgages that will find it hard to get new mortgages.

as i understand the banks have been a little too easy with lending money and are now tighteneing their belts?

a country can be short of cash in the same way a person can - spent to much money and borrowed to much

stopping - can't do that any more, you'd have to pay tax on their earnings!

lol.

we will do as always sit tight, juggle the money about and hope for the best pretty much. just thankful that althou i'm on HB and don't have a lot of spare cash at least (for the minute we have food in our bellies) will be turning the heating off thou after this weekend I think and turning the water down as well.

I think Riven that the banks lend out more money than they have?? knowing that they will get oodles of interest back However they are now thinking oops what if people cant pay back and we dont even get our original lending back. they are therefore being a bit more like the good old days.

banks have been lending too much money and are realising people can't afford to pay it back.

Due to shortage of money in the country banks are erking on the side of caution and charging either far more for bigger % loans or not doing larger % loans (100% loans have gone) so if you remortgage and have a 50% loan you will probably get a better deal as you are a safer customer but an 85% lona may cost you money to actually set up as it is a greater risk.

Wheat prices are rising and other food stuffs as oil is expensive - oil used for transporting food etc - basicly all knock on effects roll over to other areas

apparently barcleys have already closed a lot of credit accounts down (cards one would imagine) as they're worried about them being bad debts or something so have called them in - if they've done it how long before other companies do??

egg had already done this a few weeks ago, banks are not going to loan money out now unless they are sure they will get the money back.

What the banks need is for people to start saving money - putting money into the bank and then the bank will use that money to lone out.

People have got used to easy come easy go and it is now crunch time