'The Eurozone crisis has little impact on you, but a lot on us' blog discussion

This is the discussion to link on the back of Martin's blog. Please read the blog first, as this discussion follows it.




Please click 'post reply' to discuss below.
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  • ViolaLassViolaLass Forumite
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    I hate to be picky because I generally like what Martin writes but you might find it Affecting salaries etc rather than Effecting.
  • edited 3 November 2011 at 6:16PM
    MSE_MartinMSE_Martin MoneySaving Expert
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    edited 3 November 2011 at 6:16PM
    ViolaLass wrote: »
    I hate to be picky because I generally like what Martin writes but you might find it Affecting salaries etc rather than Effecting.

    Im afraid you haven't had an effect my team tell me its right (i never know myself I get far too confused on such things)
    Martin Lewis, Money Saving Expert.
    Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
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  • ViolaLassViolaLass Forumite
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    MSE_Martin wrote: »
    Im afraid you haven't had an effect my team tell me its right (i never know myself I get far too confused on such things)

    Wow, really? I've just checked in a dictionary (just in case sleep had addled my brain) and I still think it's wrong. To effect means to cause something to happen. To affect means to cause something to be different (or effect a change in something).

    (Should I send you my CV?)
  • edited 4 November 2011 at 7:49AM
    oldvicaroldvicar Forumite
    1.1K Posts
    edited 4 November 2011 at 7:49AM
    MSE_Martin wrote: »
    Im afraid you haven't had an effect my team tell me its right (i never know myself I get far too confused on such things)

    Bu**er the campaign for financial literacy in schools. Let's just start with literacy.

    (I know, I kow , if you check my posts you'll find some typos)
  • edited 6 November 2011 at 10:32AM
    jamesdjamesd Forumite
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    edited 6 November 2011 at 10:32AM
    If things get bad, existing credit facilities could be withdrawn or reduced. For someone relying on credit it's possibly prudent to use the facility now rather than waiting. You mention this but didn't you do a guide to financial crisis living that covered the need to keep funds available? Might be worth highlighting this again so people have time to act now. Things like not overpaying on a mortgage for a while are easy to do and can help to build up reserves quite easily.

    That also means that it's a good idea not to tie up a fair bit of your money in long term deals with no exit option, in case you need access before the end. OK for some of your money, just be sure you can live if something goes wrong elsewhere.

    Some variable rate mortgages are tied to the European lending rates, others to LIBOR. Some mortgages have terms that allow increases in rates out of sync with the BoE even if they are BoE trackers, in times of financial stress. Mine does. It's possible that there may be some increases in tracker and variable mortgage rates if funding rates increase significantly or money becomes unavailable for bulk mortgage funding except at high rates.

    For those who are investing, it's worth remembering that a good time to buy is when there's blood on the streets, when everyone is panicking and all seems doom and gloom. It's hard emotionally but it can be very profitable. Don't stop investing. Consider doing more of it if you have ample emergency money available. It's a sale on investments.

    I've recently been using my credit card 0% balance transfer deals. Partly by starting a regular saver account, then a deal ending after the end of the regular saver period. Regular saver will then pay off a chunk of the card at the end of the deal. My offset mortgage interest rate is about the same as the credit card balance transfer fee and I can stick the money in there until I use it in some other way. So I get paid for the card company providing me with free liquidity and money to use for other money making activities.

    It's been a profitable crisis for me so far.
  • edited 6 November 2011 at 1:42PM
    jamesdjamesd Forumite
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    edited 6 November 2011 at 1:42PM
    MSE_Martin wrote: »
    Im afraid you haven't had an effect my team tell me its right (i never know myself I get far too confused on such things)
    I think that the team is wrong on this one, though the meanings are close. Effect is more direct cause and effect. Affect is more remote links and it's more remote links that apply in this case. See Grammar Mishaps: Define Effect vs. Affect for more examples that should illustrate the different usage for the words.
  • ViolaLassViolaLass Forumite
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    I know there haven't been that many posts on this thread but I do find it a little disappointing that the article hasn't been corrected.
  • ArthurianArthurian Forumite
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    Cheaper holidays? Has the Euro devalued even more than the pound, then? I thought with all our quantitative easing, we were in the lead in the race to the bottom.


    Just found this at thisismoney:-

    "As the pound has dropped in value against other major currencies like the dollar and euro, travelling abroad has become much more expensive."

    Read more: http://www.thisismoney.co.uk/money/news/article-1652304/Sterling-outlook-What-pound.html#ixzz1cvn7eb4A

    (I'm disappointed by the team not knowing the difference between affect and effect, too. What's worse is so many posters in a hurry typing the exact opposite of what they want to say, so we have to assume they missed out the word "not" or that they put "is" instead of "isn't" ... because otherwise their post is illogical.)
  • "...if we are heading for a recession, it’s likely to result in lower demand for oil, so energy and petrol bills could drop on the back of it."

    It is often forgotten that the aim of the fuel price escalator is to force people out of cars -- or at least force them to use them less. It is meant to be painful. If it doesn't hurt, what's the point?
  • Everyone I know is very spooked at the moment. Nobody is buying anything which could be classed as 'big ticket' - furniture, cars, expensive electrical gear, and especially not houses!!!

    We are just waiting to see what happens... because none of us knows yet.
    7 Feb 2012: 10st7lbs :( 14 Feb: 10st4.5lbs :D 21 Feb: 10st4lbs * 1 March: 10st2.5lbs :j13 March: 10st3lbs (post-holiday) :o 30 March: 10st1.5lbs :D 4 April: 10st0.75lbs * 6 April: 9st13.5 lbs :) 27 April 9st12.5lbs * 16 May 9st12lbs * 11 June 9st11lbs * 15 June 9st9.5lbs * 20 June 9st8.5lbs :D 27 June 9st8lbs * 1 July 9st7lbs * 7 July 9st6.5lbs :D
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