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The Credit Crunch - is it really affecting the 'ordinary' people ?

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i am really fed up with press - media going on about the credit crunch does it really affect you?? i dont think i am the only person on hukd or in uk who doesnt rely on stocks and share going up dow… Read More
holly100 Avatar
8y, 7m agoPosted 8 years, 7 months ago
i am really fed up with press - media going on about the credit crunch
does it really affect you??
i dont think i am the only person on hukd or in uk who doesnt rely on stocks and share going up down sideways - as we dont rely on our share dividends to live on
i dont have a weekend cottage or go skiing twice in winter and have 3 long haul holidays a year (wishful thinking)
and luckily we are not struggling to pay morgage - we could do if we chose to live in a bigger house (wishful thinking again)

ok price of petrol gets hiked - we live with it - with a moan
certain prices go up in shopping items - we live with -
we are still looking for our bargains and buying them - especially with xmas coming
is the credit crunch really affecting us or are we being scared by press etc
the only crunch i want to hear is the gravel being trodden on by postie bringing me my parcels!!
holly100 Avatar
8y, 7m agoPosted 8 years, 7 months ago
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#1
Well, its affecting those ordinary people losing their jobs.
#2
A lot of good points made holly. I would have to agree with you that it is not affecting me at the minute, will this change? who knows. But I am living and well..
suspended#3
its affected me .... i have much less in my pocket

hence im makin me own home brew lol iv saved a fortune :w00t:

im not into politics ... too fik lol but i do know i dont have as much to spare as i did and my fuel bill naffs me right off grrrr why am i payin £195 a month for both with eon ?
on the thread about fuel bills mine seemed awfully high :thinking:
#4
we have always had redundancies - companies closing down over the years - a lot of jobs going overseas - nnow some coming home

hope i am right in saying unemployment is lower than 10years ago (did creep up 6 months ago - by a minute %)
#5
I can say I have noticed no real difference

The price of shopping and petrol has risen that affects everybody but we still live the same life we did last year.

Thankfully we dont have a mortgage though or kids (yet)
#6
so far nope..but speaking to ppl in london financial markets they do say its very unstable.

apparently business is up if ur a funeral director though (no joke!)

however i did like ur post holly...very true...!
#7
starsparkle2311
Always been poor, so not affecting me at all, the "credit crunch" didn't stop me from getting a new credit card approved online in less than 20 seconds last week either! That's Xmas sorted, watch out shops here i come lol x:-D


hope you got a freebie with it - vouchers or the like - happy spending - tomorrows another day:thumbsup:
#8
holly100
we have always had redundancies - companies closing down over the years - a lot of jobs going overseas - nnow some coming home

hope i am right in saying unemployment is lower than 10years ago (did creep up 6 months ago - by a minute %)


You clearly don't understand what is happening if you think the only things to be affected are eggs and fuel. I find myself with a little less money now but that isn't the problem - big banks have been risking large sums of money - billions of pounds and the taxpayer is paying the price...

If you don't pay tax you'll get the same bail-outs as ever - if you're employed - particularly in government jobs - there are people losing their jobs. This isn't the end of worst of this situation.

I have friends that have been plunged into negative equity and worse.

Things are not getting better soon. Faith, the exact thing that banks rely on, has been shattered.
suspended#9
starsparkle2311
£195 a month? FFS! Do you have the heating on all day/night? You can switch it off you know lol x
lol errr no i dont and am always switching things off ... its only a 3 bed semi ... mind you im in posh surrey would that make a difference ? lol :thinking:
#10
Everyones pensions are linked into this so if the stocks/shares lose money private pensions don't have as much to pay out etc.

Redundancy is a real threat not just in the financial institutions, it affects everyone, it's a trickle affect!

Luckily myself and my husband both working but at the moment we are not planning any holidays or big purchases in case the dreaded redundancy happens as you never know!

I'm scared as no one knows where this will end!
#11
If you don't pay tax you'll get the same bail-outs as ever - if you're employed - particularly in government jobs - there are people losing their jobs. This isn't the end of worst of this situation.

I have friends that have been plunged into negative equity and worse.

Things will get much worse.[/QUOTE]


sorry about your friends going into negative equity - they shouldnt have taken a morgage they couldnt afford - they could have rented a place within their means

as for paying tax - my partner works and i did until i fell ill - 2 kids as well
the government is saying they will protect up to £50000 in bank accounts - i wish i had that saved

why couldnt they bail out the hamper company when a lot of pensioners - single mums etc lost there 20 quid a week savings for xmas - it would have cost peanuts!!

no - they are protecting the people who really dont need protecting - especially business people who bankrupt one company - then start another - yes - im pzzed:p
banned#12
our kids just rung me
and he just got layed off
he finishes on friday
banned#13
I work for a Bank, will affect me when jobs go
#14
smithers
Everyones pensions are linked into this so if the stocks/shares lose money private pensions don't have as much to pay out etc.

Redundancy is a real threat not just in the financial institutions, it affects everyone, it's a trickle affect!

Luckily myself and my husband both working but at the moment we are not planning any holidays or big purchases in case the dreaded redundancy happens as you never know!

I'm scared as no one knows where this will end!



everyone hasnt got a pension - as for companies that go under - dexion comes to mind - they lose their pensions even though government say they have back up system in place (yeah)
its been happening for years - not a recent thing
#15
holly100
sorry about your friends going into negative equity - they shouldnt have taken a morgage they couldnt afford - they could have rented a place within their means


That's not what negative equity is.

Negative Equity is when the amount of your mortgage is more than the value of property it's against. It means if they want to sell up, they would need to meet the shortfall in other ways, such as putting it onto the next etc. It's a dangerous game which can spiral out of control.
#16
Xb0xGuru
That's not what negative equity is.

Negative Equity is when the amount of your mortgage is more than the value of property it's against. It means if they want to sell up, they would need to meet the shortfall in other ways, such as putting it onto the next etc. It's a dangerous game which can spiral out of control.


i understand what negative equity is - as i stated they shouldnt have bought what they couldnt afford - if they went into buying a house without taking into consideration that the value of it could go down - it was sheer niavety on their part

imo a house is your home - somewhere to live sleep etc - not a short (or long term for that matter) investment
#17
holly100
i understand what negative equity is - as i stated they shouldnt have bought what they couldnt afford - if they went into buying a house without taking into consideration that the value of it could go down - it was sheer niavety on their part

imo a house is your home - somewhere to live sleep etc - not a short (or long term for that matter) investment


Clearly you don't as you further prove above.

They can afford the repayments on their property but it is worth less than what they owe.

Naivety does not even come into it.
banned#18
holly100
i understand what negative equity is - as i stated they shouldnt have bought what they couldnt afford - if they went into buying a house without taking into consideration that the value of it could go down - it was sheer niavety on their part

imo a house is your home - somewhere to live sleep etc - not a short (or long term for that matter) investment


Just because it is negative equity does not mean they cannot afford it. NE is not a problem unless you want to sell, things will even out eventually. They are not niave at all, no one saw this coming, especially the normal home owners/first time buyers.

Think you should get a bit more info before passing comments on a subject you seem to know little about
#19
chester123
Clearly you don't as you further prove above.

They can afford the repayments on their property but it is worth less than what they owe.

Naivety does not even come into it.


i do not like repetition - read my previous post - :thumbsup:

as for not seeing it coming - we did - it hit u.s 12 - 18months ago we usually follow
#20
Certainly affecting me! :-(

I think it will filter through to everyone soon.
#21
nikkib123
Nope it hasn't i have always been a tight [email protected] !!!


very nice it is tooo!! :whistling:
#22
holly100
i do not like repetition - read my previous post - :thumbsup:


Read it, still does not make sense, you say you know what something is and then give a different explanation. :thumbsup:
#23
holly100
i understand what negative equity is - as i stated they shouldnt have bought what they couldnt afford - if they went into buying a house without taking into consideration that the value of it could go down - it was sheer niavety on their part

imo a house is your home - somewhere to live sleep etc - not a short (or long term for that matter) investment


But they could afford it - that's my point. Their payments for the mortgage won't change one bit. The problem (if you call it that) is that they cannot sell the property until the mortgage has been paid unless they're willing to make up the shortfall.

You simply can't tar everyone with the same brush - most people who are fortunate enough to be able to afford a property just want somewhere to live which they can call their own. Maybe you're watching too much daytime property tv?
#24
I was always skint before , Im skint now ....only difference is the banks will become my friends soon rather than my enemy as I will be party responsible for keeping them afloat :w00t:
#25
holly100


sorry about your friends going into negative equity - they shouldnt have taken a morgage they couldnt afford - they could have rented a place within their means

They could and can afford it - doesn't mean that their house is worth more than the mortgage!

holly100


as for paying tax - my partner works and i did until i fell ill - 2 kids as well
the government is saying they will protect up to £50000 in bank accounts - i wish i had that saved

Where exactly do you think that money is being protected from?
#26
chester123
Clearly you don't as you further prove above.

They can afford the repayments on their property but it is worth less than what they owe.

Naivety does not even come into it.


Thank you.
#27
Its not affecting me at all :thumbsup:
#28
nicki3668
lol errr no i dont and am always switching things off ... its only a 3 bed semi ... mind you im in posh surrey would that make a difference ? lol :thinking:


speak to eon about energy savings advice , they may be able to send someone out and advise you ,. I work for Npower and they offer a service similar. They can go round your house and advise whats using the most .....and how to cut back ...
banned#29
People need to realise it isnt just about stocks & shares, Anyone with a pension plan will have probably seen it halve in value in the last year so will have to work long into retirement to recover the losses. Icesave has stopped allowing withdrawals for the 300,000 depositors in their savings accounts (£4Billion!).

321 Retail chains are now placed on the 'critical' watch list for potential insolvency

CBI predicts 300,000 jobs to go within a year.

This WILL affect everyone as taxes will have to rise a lot to pay for the increase in benefit payments and the loss of tax income.

I could go on and on.................

To say I'm alright Jack as I don't have any stocks or shares is very naive.
#30
I just got a second job to make things easier - it's horrible to be paying for other people to gamble (invest) recklessly. It doesn't affect people that don't pay for themselves anyway.

I began to believe people that there were no jobs - took me a week to find an additional one!

Too many people are lazy - makes me angry. :x
#31
This is just the start of things, it is going to get a lot worse, it will affect everybody sooner or later, jobs going, people not spending etc. etc.:x
#32
Inactive
people not spending etc. etc.:x


I'M TRYING! :p
banned#33
Inactive
This is just the start of things, it is going to get a lot worse, it will affect everybody sooner or later, jobs going, people not spending etc. etc.:x


I agree.

Something really bad is going to happen sooner or later, the government have not got the funds to bail out the big banks
banned#34
hankmarvin4;3138436
I agree.

Something really bad is going to happen sooner or later, the government have not got the funds to bail out the big banks

Not having the funds is not the problem as the bank of england can just invent the money and loan it to the british government as they did for Northern Rock. Its just gets added to the national debt for which taxpayers pay interest on (interest alone last year was £32BN). The current National Debt is around £1,400,000,000,000 (£23,333 for every person in the UK :w00t:).
banned#35
NR and HSBC for example is a massive difference, I just can't see them bailing them out (IF they were to fail that is)
#36
I'm actually better off these days, though still poor, and owning property or whatever is such a distant dream away financially that designing my own rocket ship would seem easier.

I personally think all this credit crunch/energy prices is manufactured for political/ finalcial reasons.

An easy way to deal with the energy rip-off is available but will never happen for some reason. All thats needed is for everyone to use 1 gas company, doesn't matter which one, until the others slash their prices, the same goes for petrol, everyone in an area just needs to use 1 brand of garage or one particular garage, thus forcing the others to cut prices. Word of mouth is all thats needed, no need for any pioneering spokesman/woman either.
#37
csiman
Not having the funds is not the problem as the bank of england can just invent the money and loan it to the british government as they did for Northern Rock. Its just gets added to the national debt for which taxpayers pay interest on (interest alone last year was £32BN). The current National Debt is around £1,400,000,000,000 (£23,333 for every person in the UK :w00t:).



There you have hit the nail on the head, it has to be paid back eventually, that means more taxes, less money for anything else.:x
#38
If we just have a recession than I reckon some will come out of this relatively unscathed. If this turns into a depression then everyone (apart from a few mega rich people) will be feel the effects of the downturn.

I'm no financial expert, so I'm sure I don't fully understand what is going on. It's interesting to get the views of ordinary people, and see how they differ from the financial pundits in the media.

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