Why is the credit crunch good for me??!!?

Question

Having struggled for years of working hard and saving virtually every penny i could in order to build up a healthy stock pile of cash im actually quite happy with the timing of the credit crunch.

I cant be the only one out there that has cash on "hip" ready to pounce on the "bargains" that the credit crunch can only bring your way once in a lifetime. Having watched for 15 years as "flash" people drive around in cars they cant afford and wearing designer clothes that they don't even own as there all on credit, i can safely say NOW ITS MY TURN.

But the key difference is i wont be borrowing a penny to grab all these bargains, ill have 100% ownership, unlike 95% of the rest that were frivolous and just borrowed way to much. And to those people i say THANK YOU FOR CAUSING THE CREDIT CRUNCH.

your views please.......

Answer 1

The credit crunch is no way good for anyone, your perspective of it is flawed. As you gain more money do you think the value of the currency will stay high? If you think that working alone will allow you to have a chance it won't because everyone else in that case will also have a chance. That will just increase inflation and the people who drive around in flashy cars didn't just get there, they worked exceptionally hard to obtain wealth. No matter how good or bad the economic conditions are the input and output of money will remain the same. You need to weigh the countries average income in comparison to GDP, CPI, PPI etc.

The struggle will remain the same. if house prices drop wages will decrease in order to keep inflation controlled. No government is going to allow the crunch to continue because in the long run EVERYONE loses out.

Answer 2

You are not alone...........

Answer 3

Totally agree. Good on you I say. The only problem I can see is the possibility of loosing your job like the thousands that have already.

Like you I have worked and saved money but have ended up out of work. I own everything I have and if needs be will sell to survive. I am not bitter about this and feel this has been on the cards for a long time.

As I said... Good luck and enjoy the freedom this has given you.

Answer 4

smug gitt aren't you.

Answer 5

I know the feeling but we all pay for it in the end because the money we saved will be worth less and less due to inflation.

Goverments all over the world are printing money to fill the holes made by the b*******s who caused it all by their greed.

Answer 6

I bought my house 4 years ago, but am not worried, as i can afford the mortgage and wont be looking to sell for a while, so as long as i can manage the payments, it'll be fine.

Also i watch what i spend on 'luxury' items like clothes, dvds etc, so i dont have a credit card bill.

Answer 7

lets give a bit whoop whoop to you

Answer 8

I could gloat too, because I have my house paid for and everything under control, and some put by as well  .....  but I can still feel empathy for the people caught in the middle.  It is always the small person that pays the most. The big people and big corporations probably won't even notice.  And money problems won't keep them awake at  night.

I'd prefer to count my blessings.

Answer 9

Labour are mostly t blame for the credit crunch.....interest rates upon interest rates. People can't afford to pay their mortgages due to sky high interest rates, thus people being unable to sell their houses and then declaring being bankrupt.