Credit Crunch

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Master of Master Baiters Joined: 06 Feb 2008 Posts: 720

How is this affecting you ?

Me

Eating out less
Driving less
Sucking up to the Boss
And I had to let 2 of the Servants go Wink

Posted: Thu Oct 09, 2008 5:56 pm

I have doubts that this thread will be able to sidestep politics, but we shall see. Smile

Posted: Thu Oct 09, 2008 6:00 pm

It could be only geographics.

Here: no changes for now... I cross my fingers.

Posted: Thu Oct 09, 2008 6:00 pm

Special offer shopping for food, if non perishables are on 2 for 1 then bulk buying. Cutting down on luxuaries. Using the coal fire in the sitting room rather then turning on the central heating, and not having nor ever had a credit card (dangerous things).

Baiting Guru Joined: 11 May 2004 Posts: 2163

No changes here. It is the finance system that is screwed up. Local economy is the same luckily

Posted: Thu Oct 09, 2008 6:20 pm

Work for one of the affected banks. Could be redundant soon. Sad

Posted: Thu Oct 09, 2008 6:20 pm

While these uncertain times will be challenging, there are always opportunities. I recently purchased a 5 billion dollar stake in Goldman Sachs. Needless to say, my fingers are crossed. Very Happy

Baiting Guru Joined: 31 Jan 2007 Posts: 12237

My 457 plan is down US $30,000. Crying or Very sad

Posted: Thu Oct 09, 2008 6:38 pm

earlier this year, banks here were bidding up against each other with interest rates on saving accounts. One of them (local branch of an Icelandic bank) was offering a rate above all others (4+1+1%). This morning they were still advertising it on the radio, this afternoon they blocked all the money in people's saving accounts (clients all over Europe). I'm glad I wasn't tempted by their rates (although I did move money away from my old bank's savings account to another big) one offering better rates.
Scary for these people (although it doesn't necessarily mean they've lost all their savings).

Posted: Thu Oct 09, 2008 6:43 pm

Credit crunch?

I stick with a bowl of porridge every morning and avoid all these new-fangled cereal bars with their fancy names. Doesn't affect me at all that way.

Posted: Thu Oct 09, 2008 6:49 pm

I got a bigger mattress to keep my funds in. Wink

** Retired ** Joined: 14 May 2007 Posts: 750 Location: Air

For those of you feeling the pinch - some top tips ....

* Take huge steps to save money on shoe soles

* Avoid paying fines for using your mobile phone whilst driving by placing the handset in a large shell - police will think you are listening to the sea.

* Bird lovers - save on wild bird food by fitting a bird feeder to the inside of your window. You only need to fill it once, and will enjoy watching the birds at your window all day long

* Film fans - Save money on expensive surround sound by only watching movies when the appropriate noises are going on outside, like watching horror films when theres a storm, or an action movie when local drug gangs are fighting it out in the street

* Prevent burglars stealing your belongings and hence you having to buy them again by simply moving everything in the house into your bedroom when you go to bed. In the morning, simply move it all back again.

* Parents of twins - save money on school photographs by buying one and simply photocopying it.

Take heed.

Posted: Thu Oct 09, 2008 7:47 pm

I manage my money fairly well and don't spend that frivilously. I only use a gas/petrol credit card and a debit card. If I don't have the money I don't buy it. However, I did check one of my retirement plans last night and for the 2nd & 3rd quarters of this year I have lost $400.00. It's a sinking ship and the rats are bailing!

And, did you read where Iceland has declared bankruptcy?

Baiting Guru Joined: 07 Jan 2007 Posts: 2922

My advice... borrow this from your local library.

Posted: Thu Oct 09, 2008 8:08 pm

From the BBC website...scroll down...

http://news.bbc.co.uk/1/hi/business/default.stm

Quote:

VIDEO AND AUDIO NEWS section...
Geir Haarde Iceland's PM warns of 'painful process'

Nick Leeson on City morality.

Isn't that an oxymoron?

Posted: Thu Oct 09, 2008 8:11 pm

LOL @ smartbomb Laughing

Nothing much changing here but I am checking prices of things more before buying.

Not quite a Newb Joined: 05 Jul 2008 Posts: 64

iMike wrote:

Work for one of the affected banks. Could be redundant soon. Sad

I hear you! I am now a civil servant working on a non essential project. About to go on leave for 2 weeks and have no idea what I will be coming back to.

Posted: Thu Oct 09, 2008 8:40 pm

I've always been one to pay off my credit cards in full, with only very rare exceptions. Because of that I enjoy an excellent credit rating and have never had any trouble getting money when I've needed it (I haven't had to borrow anything since 2000).

So no, this isn't affecting me, although I plan to use this as an excuse in my baits as to why I can't make my WU payments soon.

Posted: Thu Oct 09, 2008 9:46 pm

its cost me one house already and maybe a job.
so i am not happy about it all

Evil or Very Mad

Baiting Guru Joined: 31 Jan 2007 Posts: 12237

Posted: Thu Oct 09, 2008 11:07 pm

Currently not having much effect, but is pushing the retirement age out further due to the falling Dow. See the above graph that makes me weepy.

I am certainly more cautious about what I buy, but that is more due to higher gas prices having an effect on the family budget rather than the credit crunch.

Posted: Thu Oct 09, 2008 11:19 pm

Being on Social Security Disability, I was already in a credit crunch. Sad

I can't really cut back much more. I'm on a strict diet, so I can't buy the cheaper foods that are loaded with all kinds of sodium, sugar, and preservatives. We only drive where we absolutely have to go.

But, as I say, I've been doing this for almost 4 years now. My credit crunch began the day my employer decided that the accommodations I needed weren't "reasonable."

And, of course, any able-bodied person is going to be "more qualified" than I to an employer. Crying or Very sad

Posted: Thu Oct 09, 2008 11:19 pm

Nothing too drastic here, other than the All Ord falling rapidly, causing our dollar to fall. Which will make it hard for people overseas. Our banks seem stable at the moment.

Edit: OH SHI-

That's $65bil already. Yeah, gold seems the way.

Posted: Thu Oct 09, 2008 11:23 pm

My plant closed down two weeks ago and I'm out of work. I own a house in another state from when I got laid off there two years ago. I have to rent a house where I'm at now. I'm only able to make my mortgage payments because I've got someone renting the house. My renter hasn't made his September payment yet. My savings run out in January.

Posted: Thu Oct 09, 2008 11:48 pm

I'm happy now to have grown up a paranoiac kid. That, and seeing my dad lose an arseload of money on the market many years ago. I have no 'imaginary money' (i.e. credit), I do everything in cash... spare cash goes into gold or silver (ingots, not futures!), that, I figure, will keep its value even after the current financial system totally collapses one day. Razz