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How badly is the credit crunch really effecting people in the UK?
Every day I see more and more stories of how the credit crunch in the uk is effecting businesses. But is it effecting everyday people as well, and in what ways?
asked in credit crunch, uk, shopping



siasl74 answers:

The amount of mortgage products on the market has shrunk dramatically, and it is no longer usually very worth while attempting to switch mortgage when your initial deal has run out as all the rates and "processing fees" have jumped up. This is an impact on me as I can't "switch and save" now that my initial discount has finished. Other than that, I see no direct impact to me, but then I am probably in a more fortunate situation.

Mortgage approval rates have dropped dramatically - so that's caused by less folks remortgaging, and less houses being bought.


Supplement from 07/15/2008 10:50am:

Obviously the various share indexes plummeting will impact any savings that are linked to such indexes (e.g. Shares ISA)


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CGA answers:

Personally, as I live abroad, I had my nest egg for my retirement in UK property which I am renting out. The credit crunch has just about wiped me out because the property will just pay off the mortgage and costs. If I retire now I will have nothing.


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Family.Guy answers:

Its even affecting me i have a council flat and no really bad debts but after i pay my bills and got my food shopping i have no money left for goodies or extras to unwind from the stresses of life.
I have no money until the next fortnight i am paid.
If things get any worse im not going to be able to afford to live.


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beeper_spryte answers:

credit doesn't *really* have a *direct* effect on me because i don't have anything like that - no credit cards, no mortgage, no buy-now-pay-later of any kind - but the knock-on effects of the credit crunch (namely inflation) will slowly squish me to a pulp, i'm sure. the rising cost of grocery shopping is appreciable, and the doubling of my gas bill (when i actually used less gas that quarter) stung just a little bit.


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tecspec answers:

I have learnt today that MBNA has set up a call centre in Lithuania in readiness for extra calls they will get from people in trouble with credit card repayments.

I'm fortunate to be reasonably well paid and don't run up debts on cards and my mortgage only has a few years left and we over pay it anyway.
The only thing that disappoints me is seeing my bank shares price plummeting..


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