how is the credit crunch affecting you

lilac_lady

No effect other than concentrates my mind not to spend too much. I've no debt or mortgage now but I worry a lot about how my grownup children will cope if they lose their jobs.

Squish_21

Changed my future plans...was planning to stay in current house for a couple years then use the money we made on it to move up...NO CHANCE of that now. Prob in negative equity or v.close to it and now need to save at least a 10% deposit in order to move up to a home big enough to have a family.

Mortgage will be cheaper once fix ends in a couple months but we will continue to pay the same we are paying now (inc. monthly overpayments).

Its encouraged me and OH to car share which made us realise we can survive with one car, so hes selling his in order to save more for house deposit no2.

GooeyBlob

- no bonus this year
- wages frozen, no pay rise this year
- escaped redundancy last months, but many colleagues didn't. Further redundancies to come
- pitifully low interest rates reducing income from savings

bo_drinker

itsnever2lateisit? wrote: »

The credit crunch hasnt affected me at all, I have been able to obtain credit cards since the crunch began. The economic downturn is a different kettle-of-fish. Income has started to decline, if it wasnt for the weak pound it would have been worse (most of my income is in €)

With your tag line reading. Target to stay debt free this is a joke obviously.

neverdespairgirl

Cleaver wrote: »

That's true, I'd forgotten about that. I recently spent a weekend in Europe and it was like spending two days purchasing everything at a motorway service station.

"HOW MUCH?!?"

Or like being in an airport:

Me: I'll have a cup of tea and a sandwich, please.
Cashier: That's be £21.34, please
Me: O*&^CF!

neverdespairgirl

sunrise27 wrote: »

try looking up the prices of handmade wedding invitations - hubby couldn't believe his eyes , we plan to offer our service at a fraction of the price and still make a profit

Very best of luck with your new business.

Jo_F

I have lost one of my income streams, as people just aren't spending and I don't have time to sit at the computer for £1.00 an hour.

My mortgage may have gone down, but the cost of gas, electricity and food has negated any savings there.

I am struggling, I have two children to support and not a lot in the way of support, so getting a job outside of the house is difficult, especially as I don't drive.

My boyfriend is currently waiting for his redundancy notice, he has his own house where he and his mother live, and of course his own bills to pay, he doesn't have enough room for me and the kids (his is a two up, two down terrace), and I don't have the room to take him and his mum in.

At the moment we are all trying to help each other out. I need my laptop for working, and at present it's slowly dying, I am hoping that somehow we can scrape a couple fo hundred quid together to get me a new desktop.

PasturesNew

Cleaver wrote: »

Do you ever wish you hadn't sold your house?

No. I felt I got over the odds for it. I never liked it, it had a lot that needed doing and I had no money for it. There were no jobs where I lived (median salary stats for that area showed £15k/year - and that would have been hard to find, probably solicitors/bank managers/hotel owners/club owners brought that figure up).

What I've banked -v- how prices have dropped have effectively given me £70k or more banked than I'd get today. So I've gained from that perspective.

Although I have no base, nowhere I call home, no roots. Which makes it difficult to know where to be/live. Until I have a job/some roots, I won't feel able to do more interesting things like committing to study or an evening class or something that needs you to be settled.

So, quids in, but mentally a bit lost.

PasturesNew

mitchaa wrote: »

Come on PN, whats wrong with supermarkets, fast food restaurants? Surely ANY job is better than no job

Does it really take as much as 2-3mths to get a job? Perhaps you should lower your standards for a while if you are struggling??

Would you try those first? Would anybody?
And, I've never done them, so probably wouldn't even get an interview.
And I have a mild dyspraxia (clumsy/if I carry 2 or more things I am most likely to drop one as I can't mentally keep them all on the go)
And I have Aspergers, so social interaction/bright lights/loud environments aren't good for me.

It might take 2-3 months to find the right job, that I will thrive in, that is what I love doing.

Nobody said I am struggling per se, just have a smaller income, just have to get a job.

vigilaire

I've a very secure though poorly (relatively) paid rural job. I'm used to making the best of what I have and have avoided credit like the plague. My 17 year old repayment mortgage is now just sub £40 which I could probably raise by begging if needs be!

The current situation has caused me to adopt an 'I'm alright Jack' attitude as I've always lived within my means and have gone without anything I couldn't afford. I resisted the temptation to 're mortgage' and 'release equity' and am therefore well placed to weather the coming storm. There is 6-9 months war chest put by and my home is stocked with staple foods and I have some land to cultivate.

I think these calls for us to spend our way out of trouble are the economics of the mad house - instead batten down the hatches, cut down your outgoings and save what you can. I don't want to sound smug but the crunch shouldn't bother me too much.