Credit Crunch? What Credit Crunch?

CannyJock

bethanyrayne wrote: »

Without any details of your personal status your post is worse than useless.

How is it worse than useless?

bethanyrayne

CannyJock wrote: »

How is it worse than useless?

In and of itself, it means nothing and could encourage people to apply for credit they will not get.

CannyJock

bethanyrayne wrote: »

In and of itself, it means nothing and could encourage people to apply for credit they will not get.

I read the OP to mean that the media spotlight on the credit crunch is giving people the impression that getting credit is becoming impossible - look at the coverage on the number of mortgage products being withdrawn.

There's nothing in the OP about the % APR to say if these are good or bad deals but I think the point they're making is that there is still credit out there if you need/want it. What rate you pay for it may be another thing.

I'm of the view that the credit crunch will affect people lower down the credit ladder much worse than it will those at the top (no great surprise there as it's perceived risk), and have said before that at the end of the day if the credit providers simply refuse to offer any credit then they don't make profits and they go out of business, it's a case of where they lend it. Others with more insight into these things could say that the credit market peaked after a period of continued growth and it's now correcting itself like any other market.

I don't think the OP is advocating that everyone goes out and gets themselves deep into debt. I think it's more likely that people will get into debt if they read the posts on the stoozing forums (and I'll put my hands up to a few of those) and think this is guaranteed, risk-free, easy cash. Although there's lots of references to good articles that cover the risks in reasonable detail, and normally a few current posts where people are pointed to them.

dhassen

I have to agree with the 'credit crunch - what credit crunch?' pov....

RBS have given me a new 0% deal,
Virgin have upped my limit and given me a new 0% deal
Just applied for and got accepted for a new Egg Card, at the lower rate of 16.9 and 15 0%....

so yea.... what crunch.... maybe it's a good time not to be a mortage holder

sara_501

bethanyrayne wrote: »

In and of itself, it means nothing and could encourage people to apply for credit they will not get.

read the disclaimer at the bottom of my post - someone should've gone to specsavers!

sara_501

CannyJock wrote: »

I read the OP to mean that the media spotlight on the credit crunch is giving people the impression that getting credit is becoming impossible - look at the coverage on the number of mortgage products being withdrawn.

There's nothing in the OP about the % APR to say if these are good or bad deals but I think the point they're making is that there is still credit out there if you need/want it. What rate you pay for it may be another thing.

I'm of the view that the credit crunch will affect people lower down the credit ladder much worse than it will those at the top (no great surprise there as it's perceived risk), and have said before that at the end of the day if the credit providers simply refuse to offer any credit then they don't make profits and they go out of business, it's a case of where they lend it. Others with more insight into these things could say that the credit market peaked after a period of continued growth and it's now correcting itself like any other market.

I don't think the OP is advocating that everyone goes out and gets themselves deep into debt. I think it's more likely that people will get into debt if they read the posts on the stoozing forums (and I'll put my hands up to a few of those) and think this is guaranteed, risk-free, easy cash. Although there's lots of references to good articles that cover the risks in reasonable detail, and normally a few current posts where people are pointed to them.

My point exactly - but far more elloquently put many thanks!

sara_501

dhassen wrote: »

I have to agree with the 'credit crunch - what credit crunch?' pov....

RBS have given me a new 0% deal,
Virgin have upped my limit and given me a new 0% deal
Just applied for and got accepted for a new Egg Card, at the lower rate of 16.9 and 15 0%....

so yea.... what crunch.... maybe it's a good time not to be a mortage holder

Good point - guess it's all down to swings and roundabouts - what's good for one section of society is not necessarily good for the other.....

bethanyrayne

sara_501 wrote: »

read the disclaimer at the bottom of my post - someone should've gone to specsavers!

Fact is your post from any point of view was a waste of time and did not pass on anything useful whatsoever.:rolleyes:

System

bethanyrayne wrote: »

Fact is your post from any point of view was a waste of time and did not pass on anything useful whatsoever.:rolleyes:

Fact is that you are very rude.

Obviously some people found it interesting as it has generated responses.

If you don't find a thread interesting click back and read something else, comments like yours above are not necessary.

UNDERGROUND

Mouth_of_Sauron

UNDERGROUND wrote: »

Fact is that you are very rude.

Obviously some people found it interesting as it has generated responses.

If you don't find a thread interesting click back and read something else, comments like yours above are not necessary.

UNDERGROUND

Fact is that UNDERGROUND is spot on and no-one forced you to read something that you don't find interesting, let alone stick your oar in.

Maybe the troll behaviour witnessed the other day is contagious.