Credit crunch

Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
22/11/2008 09:56

How is it effecting you up to now ?

please state what country you reside in .

fredred


Joined: 09/12/2007
Posts: 89

Message Posted:
22/11/2008 10:45

England--- I have personally not been very much effected by the credit crunch at the moment, and when I was in the Town yesterday and it was very busy, with queues at the tills in the vast majority of stores.



I think 2009 will be when most people will feel the the effects of the credit crunch, high job losses, high fuel bills,

Turtle


Joined: 28/05/2007
Posts: 2669

Message Posted:
22/11/2008 10:50

Pretty much the same as Fred but the last month or so has seen a drastic decline in sales in my business, even Autumn & Winter seasonal items are really hard to shift

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
22/11/2008 11:24

The trickle down from the credit crunch will hit all-and-sundry when the unemployed have to be paid for and the social impact dealt with.



I don't envy anyone trying to hold onto their jobs and facing the grim realities of the sharp-end of corporate greed.



I live in the TRNC and prices have gone up.. but no more than elsewhere and it's an easier place to economise than the UK.

keithr


Joined: 20/08/2008
Posts: 720

Message Posted:
22/11/2008 12:06

I'm in the UK and have really noticed the hardships now being experienced by my friends. 1 is having a repossession order now and 2 more are more than 3 months behind with their mortgages.



A friend who works for a major bank said that staff are being drafted in from smaller branches to cope with the deluge of bad debts at the moment. It's tough here for anyone with a mortgage which is ending soon. 2 out of 5 houses on sale are because of mortgage distress.

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
22/11/2008 14:56

Keith



"It's tough here for anyone with a mortgage which is ending soon."



I don't understand why it's worse for someone with only a small mortgage left to pay....

brian24001


Joined: 23/03/2008
Posts: 606

Message Posted:
22/11/2008 15:01

It could be very hard for anyone with one of those endowment type or an investment type mortgage as the investment fund will likely not pay the capital off.

Similarly, when you have a UK pension fund, I was told (not 100% sure) that it must by law be used to buy the anuity before you reach 70, many have held off buying an anuity for whatever reason, the fund will now buy much less pension, so many face the rest of their lives on a greatly reduced income as a result of the stock market crash.

Stewart


Joined: 19/07/2008
Posts: 1107

Message Posted:
22/11/2008 15:01

In the UK

Alot of unemployment now and due in the next 3months

Mortgages will become fairly cheap as well as loans in next 3 months

Now is a Good time to buy electrical goods in UK..very cheap, this will not last past FEB as exchange rate will cause an extra 30% on prices.

After christmas will be good time to buy property and cars ( second hand or new ) ...alot of surplus about.

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
22/11/2008 15:28

Stewart, totally agree with you on that. Brian, current legislation us that you have to buy an annuity at age 75. However I think the government will have a rethink on this and they will possibly change this age to 80.