How is the credit crunch and economy affecting you?

Question

and how can we make the best of this sitaution daunting on us?

Answer 1

We will need to be frugal for about two years I reckon though it is not certain that the markets will recover in this time:

http://www.thecreditcruncher.com/2008/07...

The best thing we can do is to make sensible budgets and stick to them taking account of all expenditure and income and paring down the expenditure where we can.

There will be job losses and there could well be negative equity for those who have bought recently with 100% mortgages and find themselves unable to pay. There could well be some financial institutions going to the wall while the market finds its own level again. A lot of this is down to short-sighted Government intervention in a market that it cannot control. Look at Northern Rock in the UK, and Fannie Mae/Freddie Mac in the US - for some reason the Government think they can fix it - they can't - they need to allow the market to do what it does... The market goes up, the market goes down, if you try to delay the 'down' the crash just gets bigger when you can't hold on any longer.

Answer 2

Can't afford gas, have to be sparing with the electric.  Haven't bought a proper grocery shop for about 2 months, the fridge and freezer is bare.  I'm living on basically air at the minute.  I haven't had a warm shower for about a week, wash in the cold and shave in the freezing cold.  I don't borrow money from banks and my family haven't got it to lend me.  It will get better when all the immigrants/economic migrants fuc'k off home.  3 weeks no work, hunger is nothing to me, but it would be nice to have some money to decide if i want to eat or not.  Being poor isn't an option if i eat or not.

Answer 3

Well i have more going out than i have coming in, i was on a tight budget before this now I'm running on empty I'm afraid.

OK its a world wide problem but i believe Gordon Brown in his 10 years as chancellor should have had a plan B for a down turn in  the economy like this. Its naive & financial suicide not to have a back up in todays climate

the only way out of this situation is to not get in it again so i wont be voting for labour next time around, i cant afford too :)

Answer 4

have you been listening to the daft comments from the bbc?

the truth is we have been struggling with inflation for the past 7 years, the uk has been in serious debt due to public spending for the past 9. i fail to see one real economist within the media at the moment, so don't believe everything you hear.

i'm a researcher, and i struggle to find decent figures for comparision due to the fact such figures have

a) stopped being produced in the past 7 years

b) been manipulated to fit other sectors

c) are simply 'estimates' without joined up thinking

thanks labour

it's not a 'credit crunch' as we have nothing to compare it too -  we should simply stop spending beyond our means, keeping spending what we can afford to keep the economy dynamic, put public money back into the private sector to encourage growth, and invest a little closer to home

Answer 5

At the moment I am not effected as my husband is in a career that hopefully wont see any downturn due to the credit crisis, I own my home outright so that's not an issue and if house prices keep falling I will be able to buy another one, but like someone here has already mentioned it is only in certain areas this is happening, in areas where the schools are excellent there has been no real effect on the housing market.

Fuel has risen sharply obviously but I don't use my car that much, I'm furious about the hike in car tax all dressed up as being a green issue when infact its just the greedy coffers in government reaping more money from us.

Food has gone up but if you know where to shop its not a problem.

Answer 6

its destroying the value of the dollar, making things more expensive

Answer 7

dont spend to much, carry on as usual, and hold out "weather the storm"