Credit Crunch how has it affected you?

[temi]

Even if you have been living under a stone you would have heard of the so called credit crush, how has it affect your finances?

[James]

Hi Temi,

It hasn't affected me directly yet, but I guess it is affeting the whole economy and therefore it is. For example, the there is less money around so demand for products and services goes down...

J

[Tony]

It affected my brother he had a loan application turned down as the bank decided it no longer offered the product he was after.

Tony

[Paul Carcone]

Nothing yet...although I expect a pitiful payrise this year!

As far as day to day spending is concerned, the clever shopper will be able to make the most of this period as retailers will be particularly desperate for your custom. As such, you will be able to achieve much bigger discounts as retailers try to entice you to spend with them.

I've just had another £1,000 knocked off the cost of a new VW Golf Estate that I've ordered for Mar 09...so there are definitely good bargains to be struck.

[Jez]

I think the worst is yet to come with reports yesterday in a 5 billion pound downturn in equity release from the bank of England for the quarter compared to last year. This will result in more job loses and a downward spiral.

Saw a great headline yesterdat "This isn't just another credit crunch, this is a Marks and Spencers credit crunch" Made me smile.