what does all of this financial crisis mean to us??

[Jen & Her Men]

sorry to sound dense but all of this doom and gloom about banks going down etc etc...what effect does this have on us as the end consumer??

Is it that we could lose any savings etc? What does a recession mean to Jo public? I know this may sound like a stupid question but no one ever says what the effects could be, just that its bad....

 

[1sttimemum]

No one is going to loose savings, the government wont allow that as it has proven with the nationalisation.

I think generally it means higher prices for everything, but no wage increase. Also high unemployment. But lower house prices because no one can afford to buy

The thing that worries me is people like myself who have a 115% mortgage and who are good borrowers when we come out of our fixed deal and there are no 115% mortgages available, we are going to HAVE to stay on the standard variable rate until we get it below 100% who knows what that basic rate wil be......

But i think generally Jen, its higher prices for no extra income and we might struggle with that

 

[Squiglet]

http://ezinearticles.com/?What-Does-The ... &id=999990

never underestimate the power of google...

Dunno but unemployment and reduced spending so business go under... are the worst things for us...

 

[mummykay]

everythings just gone up I think, like food and household bills - how many people are worried about their elderly relatives not bein able to afford their heatin bills for the winter??

its sick that the rich are complaining about how theyve had to 'cut back' but the everyday bunch like us lot dont have millions sat in the bank and dont have to worry about which jaguar to drive the kids to their private school in

house prices are so low now but no one can borrow money anymore cos its running out, print some more then!!!!

 

[HappyAlice]

I often wonder the same and I can't stop worrying about it all even though I'm not sure what's going to happen
I think our energy bills are going to go up. In March we moved to a new house with double glazing which we didn't have last winter so that should make a difference and I'm hoping to get by without using central heating I have jumpers and blankets ready!

 

[beanie]

it means that if you are in the building trade, its shit. OH struggles to get work as there are no new builds going up (where he does the majority of his work). saying that he is lucky as at least he has some work, his mates and my friends OH's who work in the building trade have been laid off, out of work, really struggling

 

[Kimbo]

print some more then!!!!

finally!! someone who thinks the same as me!!!
people laugh at me when i say that money came from somewhere, just make a bit more
to my fellow money maker

 

[mummykay]

print some more then!!!!

finally!! someone who thinks the same as me!!!
people laugh at me when i say that money came from somewhere, just make a bit more
to my fellow money maker

haha excellent kim
lets go pc world and buy some paper and printers, we would sort this economy crap out

 

[lisa&alex]

we are trying to think how we can save more money..im wondering whether we are gonna have a recession?? im really glad we didnt buy the house we were going to..because we would be soooo poor now..guess we all just have to go back to basics a bit?we are gonna grow our own veggies again in the spring..tbh its crazy the price of everything.. our weekly shop has gone up again.. spent 110 last week.. before this credit crunch it was 60-70.. crazy!!

 

[Kimbo]

print some more then!!!!

finally!! someone who thinks the same as me!!!
people laugh at me when i say that money came from somewhere, just make a bit more
to my fellow money maker

haha excellent kim
lets go pc world and buy some paper and printers, we would sort this economy crap out

obviously, it's simple... why don't the government think of that?

 

[mummykay]

because there are men in charge

 

[happy-chick]

The public panic and dont spend money... business's are at a loss because no money is coming in.... people are layed off and companies go under due to low income... prices go up due to lack of customers.... wages stay the same cos employers cant afford increases.... the public panic cos they are struggling with money due to price increase.... public dont spend money.....

Basically a downwards spirral where prices go up and wages stay the same therefore people cant afford things and struggle, the distance between wages and the cost of living increases (like it has already a bit) and it becomes harder and harder for people like us to afford things we used to buy and not think about.

Savings, investments etc should be safe as the government protect those.

 

[Jen & Her Men]

The public panic and dont spend money... business's are at a loss because no money is coming in.... people are layed off and companies go under due to low income... prices go up due to lack of customers.... wages stay the same cos employers cant afford increases.... the public panic cos they are struggling with money due to price increase.... public dont spend money.....

Basically a downwards spirral where prices go up and wages stay the same therefore people cant afford things and struggle, the distance between wages and the cost of living increases (like it has already a bit) and it becomes harder and harder for people like us to afford things we used to buy and not think about.

Savings, investments etc should be safe as the government protect those.

so lots to look forward to then...

 

[pilkers]

print some more then!!!!

finally!! someone who thinks the same as me!!!
people laugh at me when i say that money came from somewhere, just make a bit more
to my fellow money maker

I said the same at work the other day...didn't go down to well with the boss tbh

 

[kelsey]

[quote="happy_chick":5k4vri4l]The public panic and dont spend money... business's are at a loss because no money is coming in.... people are layed off and companies go under due to low income... prices go up due to lack of customers.... wages stay the same cos employers cant afford increases.... the public panic cos they are struggling with money due to price increase.... public dont spend money.....

Basically a downwards spirral where prices go up and wages stay the same therefore people cant afford things and struggle, the distance between wages and the cost of living increases (like it has already a bit) and it becomes harder and harder for people like us to afford things we used to buy and not think about.

Savings, investments etc should be safe as the government protect those.

so lots to look forward to then... [/quote:5k4vri4l]

Yep lots to look forward too. My o/h got medically discharged out of the forces through infury whilst serving and as a result had to find a job he was physically able to do but that meant taking a massive pay cut.

And now his injury is getting worse all the time but he struggles on - out of sheer pride.

Lets face it the "credit crunch" is just sugar coating what it is - a recession. Things are gonna get worse before they better and people on low wages are gonna struggle. I've tightened my belt as much as I can an worry about it loads.

 

[kelsey]

dont know how i managed to do that lol

 

[Suzie and Faith]

It scares me a little as we are poor as it is! At the moment any extra money we are using to go to meets because my OH thinks it's important for us to go out and meet people and stuff. But i know that if it gets worse we will have to cut back on everything.

We don't have central heating but we do have gas fires, but i don't want to put them on unless it is totally freezing, Faith will just have to wear a lot of clothes (as will we!)

I'm just hoping that once it's gotten to its worse it'll all get a lot better

 

[Magic Monkey]

We are trying to cut back where we can but it is difficult, I went on yesterday to compare all our household bills to see if changing providers will help, but for us it will only save us around £10 a month! I have told OH that there will be no more brand names in the shopping, Tesco own all the way! (I am going to put the cheap cornflakes in the Kelloggs box so he doesn't know!)

The only thing to think is that this all happened in the 80s and has happened before, and it always picks up again in the end - so it will be a crap few years but then things will improve (hopefully )

 

[Babylicious]

Its a joke to think how this all came about, lending to poor people in america who basically couldn't afford a mortgage. Stupid english banks invested in it and wham the economy crashes, well - well done britain - you suck big time.

For us it means about £50 -£60 on bills a month at the moment, we are lucky enough not to be struggling at the moment

 

[fifi211]

My hubby works in a bank as a financial advisor, this is bad for us as we rely on him getting bonus through investing money for people, with the markets the way they are people aren't willing to risk investing their money (who can blame them) so our money has reduced to the point where we can only pay our bills.......until Dec when our mortgage fixed rate ends and our payments will shoot up dramatically and we won't be able to cover the cost

We have always been good and tried to put money away and save but with the lack of bonus recently we have had to call on savings so we are now in a bit of a sticky wicket, just things don't get much worse.