How's the credit crunch biting you?
Fill up the car or the shopping trolley and it bites all right. Every one of us is affected in some way shape or form, so whether you're feeling a pinch, a squeeze or are totally suffocated by it, we want to hear from you so we can take a measure of how it's affecting Watchdog viewers, and try and help the nation get through it as best we can.
The Watchdog Credit Crunch questionnaire has now closed.
We'll have the results on our first programme on Monday 13 October.
Meanwhile this is the page to share your stories and thoughts on the current situation. If you've got any fantastic tips for beating the crunch, or pitfalls to avoid, tell us and we'll tell Britain. That would be a great result.
© MMIX~RS~q~RS~~RS~z~RS~47~RS~)
Comments
Sign in or register to comment.
This comment was removed because the moderators found it broke the House Rules.
I'm finding the credit crunch bearable - at the moment. I have no intention of selling my home so am happy to stay put and tighten my belt as and when.
However I'm worried that the mortgage rates may have rocketed by the time my fixed rate mortgage deal is up for renewable next year.
Complain about this comment
To be honest the credit crunch hasn't affected me at all. I live in rented accomodation, don't drive, share the cost of bills between several housemates and only really feed myself. As such I'm finding absolutely no difference in my life what so ever. I think that most of the problem with the credit crunch is fear or what may come rather than the current situation.
Complain about this comment
I feel you are conflating and confusing separate issues. As I understand it the rise in food prices is not a result of the credit crunch. When you ask in your survey if we are being affected by the credit crunch you should really be limiting that to things like getting a mortgage, not filling up the car at the pumps. The failure of the inter bank lending systems is not causing rising fuel and food prices, it might even have a deflationary effect as our spending decreases, driving down prices as demand falls. Maybe you should go talk to Robert Peston to get the low down on the economics.
Complain about this comment
Well other than the doom and gloom on the TV and yes petrol has gone up I've not really noticed anything yet, however, my mortage rate expires in December so I am concerned I will be paying more for my mortage than I am now. But as long as it is only a quarter to a half a percent extra I won't really be affected.
The main worry i have is that I may not have a job come the new year...
Complain about this comment
I am a single mother on benifits, studying so that I can eventually become a teacher. I find that the fixed income provided by the government hasn't gotten larger as my bills have increased and I am finding it harder to pay for the basics of food, electricy and gas. I am paying £120 a month on food for my son and I and often go without. As I am in government housing I cannot change gas or electric suppliers and therefore cannot shop around for a better deal... and as I also pre-pay for these services I am also getting ripped off comparied to those who pay by direct debit. I am in fuel poverty and it hurts... All in all I am surviving by the skin of my teeth and cannot even afford to pay for the bus to take my son to school.. we have to walk for half an hour in the driving rain. The government HAVE to do something about things... The Piggy Bank in my house has been slaughtered and we are out of meat!
Complain about this comment
Why when the price of oil has dropped greatly are the fuel companies still charging excessive amounts. They are quick to increase prices but very reluctant to decrease.Time the competition commission sorted them out.Also another thing that annoys me that whilst poverty is on the increase bingo advertisements seem to be none stop on TV . Trying to give people an escape route out of debt .? TSK
Complain about this comment
I'm old enough(57) to remember the economic difficulties of the early 1970's, when inflation rose to 25% and the labour government eventually folded, heralding the arrival of Margaret Thatcher. Times were very tough for some people then-redundancy, short-time working etc. It seems that the combination of the Thatcher years followed by New Labour have lead people to think that they (as individuals)are indestructible, times will always be good, credit is theirs by right etc. My own children in their 20's and 30's have struggled to understand the "realistic" message I have tried to convey when "society's" stonger message has been contrary. My own approach has generally followed that of the Dickens' character who was happy if his income was 20 shillings and he spent 19/6d. So today's 'credit crunch' brings me few fears. However, what is outside of my control is the potential majority view that is different from mine and, will I end up paying in some way for the excesses of others.
Complain about this comment
The Credit Cunch is not affecting me or my family but the inflation is. The things I am most worried about are: Will I be working next month. My endowment matures next year how much will I get and whether I'll be able to pay of one of my mortgages. Thirdly I have some investmet managed by Banks, how much will I get back as they are for my retirement.
Complain about this comment
Hi, am self employed and about to go under.Have a small shop with a variety of goods. Have found people are going to the big super markets instead of shopping in local shops to get their monthly shops.Wont be stopping in area as there are no jobs. Once small shops are gone we go for good.But can see peoples point in try to save money.
Complain about this comment
The problem as I see it is that nobody saves for large purchases anymore. I'm 43 and while I was growing up my parents never purchased anything unless they could pay for it in cash. I know times have moved on, but why borrow money that you know you can't easily pay back. I would have sleepless nights if I had a 125% mortgage, and who decided that self-certification was a good idea? It's madness, utter madness that credit companies have so easily doled out credit cards to people who are already in debt. I strongly disagree that as a tax-payer I have got to face the prospect of paying higher taxes to get the 'chancers' off the hook. My parents were ashamed at the thought of being in debt (apart for something like a mortgage). Today people don't feel ashamed at being in debt, they feel ashamed that they don't have the designer cars/outfits or whatever is currently in Vogue - everybody has been 'keeping up with the Jones's' and now we are all paying for it!
Complain about this comment
I am currently trying to get accepted for a mortgage to buy a property from family members from an inheritance. I am only looking for a 75% loan on the property and my income is more than sufficient to afford the payments, and I have a "squeaky clean" credit file. However, I am having great difficulty in getting someone to take my business!! I think if it was 12 months ago they would by jumping for joy for it. I feel that due to the recent financial climate I am now being penalised for their greed over the last few years.
Complain about this comment
I own a flat and need to save up several thousand pounds quickly for my share of a new roof for the building. I don't want to have to borrow the money as I'm only on a short term contract - which in the current climate is less likely to be renewed. I thought I was being sensible by moving my ISA from my bank, which pays 4.75% on cash ISAs, to icesave which pays 6.1%. Six weeks after opening my account, the bank has folded!!
Complain about this comment
I am currently jobseeking and have got a number of jobs only to be told they are now on indefinite hold...
Businesses are contracting and anyone unfortunate enough to need employment will find it harder to get.
Being a jobseeker you are vilified as lazy in society and as a result the benefits system is completely inadequate to keep a jobseeker in suitable situation to be employable.
I predict many people will be plunged into poverty by unemployment if this if it is not brought under control.
Also rented accommodation will dry up because landlords with buy to let mortgages will also end up in financial problems.
Banks have got themselves into this situation by irresponsible trading and lending. it can be argued that govt regulation is responsible but, the bankers are meant to be the professionals and to know what they are doing. That is their job after all!
Consumers need to be protected because we cannot all be financial experts but the people running our financial institutions are by their very definition- it should not be up to the FSA to baby them of govt. to bail them out.
Complain about this comment
How have I been affected by the credit crunch? Well, I paid of the mortgage last year and I don't drive. My gas bills so far this year have been less than last year - not quite sure how. Neither my bank (Co-op)nor building society (Nationwide)have been mentioned in connection with credit crunch and my savings seem to be getting a better interest rate than last year. On balance it doesn't seem too bad. Fingers crossed.
Complain about this comment
there has been a lot of talk tonight about the effects on bank shareholders. Surely the Govt should not be concerned about this because
a) the reason these banks are in trouble is that shareholders have already sold up and left- so cannot be helped or affected further by what happens to the bank
b) Major shareholders would have board representation and approve the business plans, hence they share executive responsibility for this with bank senior management
c)When small investors buy shares they are warned values go up and down, surely large institutional shareholders are aware of this also?
I guess it shows the truth of the old saying, 'if you owe the bank five hundred pounds its your problem, but if you owe then 500 million then it is the bank's problem'
Complain about this comment
I am a great believer in mutual building societies and am proud that i have all my financial needs with them, I can't help feeling that the "carpetbaggers" of the early 90's are to blame for the credit crunch - they forced the Northern Rock, BandBingley and Alliance and Leicester over the edge! I think that Halifax and Abbey decided it was the right thing to do unilaterally - where are they now? Along with Bristol and West...
Complain about this comment
I live in a very rural area which means that choices are restricted in terms of managing the effects of the 'credit crunch'. There is no public transport, petrol prices tend to be dearer and our only energy is oil. Also, our water bills are the highest in the country to ensure that the beaches are kept in good condition for visitors. Whilst it is lovely to live in the country it is also tough going when times are hard. Please don't assume that we can all make the same choices.
Complain about this comment
Could someone in the Watchdog office please ask Robert Peston what "credit crunch" actually means. It is a failure of liquidity of inter-bank lending and yet you're using the term as if it meant the same as "economic slow down" or "inflation". The terms are different and as a result quite a lot of the questions on your survey are meaningless.
I thought I was being pedantic, but I see this observation has been made a few times. It seems the viewers are pretty well clued up on things. Thank goodness for interactivity.
Complain about this comment
This comment was removed because the moderators found it broke the House Rules.
Well the credit crunch is getting me with gas and electricity. The prices dont stop and im finding things really really hard Andrew from Glasgow
Complain about this comment
Why isn't anybody referring to the Govt taxation policies? - dozens of additional stealth taxes added by Gordon Brown means we have less disposeable income, which when economic downturns happen, effectively restrict our ability to respond - thus we take on more credit just to cover basic living costs - do not let the Govt off the hook!
Complain about this comment
Im on a meter with my gas and electric. It cost me over £80 a month for both gas and electric. It is not fair that just because im on a meter it should cost me more im on benifits and its just costing me more. Its coming up to winter now and the heating will be on and that will be more money. Why should I pay more when the companys are getting their money first before I use it. None of it is fair.
Complain about this comment
Could someone explain why the prices of gas and electricity used in the home are linked to the price of oil. Surely, the price of any commodity is related to the cost of production plus delivery and an element of profit. Therefore, as electricity is generated from a number of sources - coal, wind, nuclear and gas - it should be related to the costs of these inputs. Gas is either from the north sea or imported. Both are unrelated to the oil price. I suspect that by linking home energy prices to the oil price this equates to indicating what the market will pay - which is a feature of monopolistic pricing!
Ofgen have recently reported on the workings of the energy market - did they look at this aspect?
Complain about this comment
As most of our utilities are foriegn owned would it be an idea to:-
a)Check the price in the countries of ownership.
b)With the appropriate exchange rate equate with the price that we pay.
c) Look at the excuses as to the price differences.
I can't help thinking that we are continually getting ripped off. Perhaps a little exercise for Watchdog.
Supermarkets:-
I pay 78p for 6 large eggs boxed and stamped from a local producer at my local independent store. Can anyone explain why in every supermarket I visit they are nearly twice the price or more. It makes me wonder if there is a cartel operating and how many other prices are over inflated.
Complain about this comment
hi there.i bought a leather 2 and three seater couch about three and a half years ago as i moved in to a new built house.about three weeks after moving in i started to get a very irritating itch which got so bad i started to bleed from scratching myself.this itch got so bad i could hardly stand it.i have tried all sorts of creams from my doctor but nothing helped it.the only thing that would completely wipe it out was steroud tablets but my doctor said i could not stay on these as they are too hard on the system.i bought the sofas here in ireland but not from any of the aforementioned stores.the store who i bought it from said it was made in italy so i have no idea.i have not sat on these sofas now for about a month and the rash is a lot better.today i have completely cut up one of the sofas to see if i could find these sachets with the methyl fumarate in it but no sachets were in the sofa.my daughter tells me that this chemical could also have been sprayed on to the sofas,is this true.any help would be gratefully appreciated.best regards robert.
Complain about this comment
Regarding fuel prices.
There must be thousands of forgotten people out here like me who actually pay for our gas before we even use it.
I'm talking about bottled gas. We have no choice. We have to use it and we have nobody to champion our cause against rising prices.
Complain about this comment
Me and my partner cant find work at the moment so were on benefits and its really hitting us bad, we cant even afford new clothes for our 3 year old son which is really bad were constantly looking for work but cannot find anything that suits us. Were trying our hardest to get threw this but i dont think we can survive, were borrowing money to do our weekly shopping and its money we cant even pay off, and its really doing our head because we got no money to shop or no money to get clothes for us or our kid this is really bad.
Complain about this comment
I'm very envious of those fortunate to boast no effect from the credit crunch. The recession, as it is finally and accurately being identified as, has hit us very hard. That's also bearing in mind that I went back to full time work four months ago after not working for 18 months. Even adding my salary to my husbands, we have still defaulted on four credit cards and one personal loan – these, even when cleared, will scar our credit rating for six years. We have also been threatened with court action for the repossession of our house for mortgage arrears to the point we actually received court papers. Finally, with the mortgage interest drops we are starting to clear the arrears by maintaining our higher monthly repayment amount to compensate. This, thankfully, has held the courts at bay... but for how long? The stress of it all is unbearable.
I also happen to work in a Government benefit call centre. It has been heart-wrenching hearing day-in, day-out how these people, a majority through no fault of their own, simply cannot afford the bare essentials. I have spoken with people who claim to have considered suicide, as they cannot cope anymore. There is little light at the end of the tunnel for these people with marginal increases in some benefits at the start of the new tax year in April. How does this help these people manage their ever-increasing fuel bills nearer the spring?! It's almost an insult!
Complain about this comment
Credit Crunch?
There are several sides to this as previously mentioned:-
Job security - No problem I am extremely busy on projects for the next two years minimum.
Fuel Prices - Rural = no bus service, no gas but heating oil and electricity. Then again I have been fortunate to have a wood/coal fire and a plentiful source of timber.
Food - It goes up but rarely comes down so it does affect me (I've seen cat food go up over 10% in the past 18 months for my little mouser, not to mention bread, milk, meat, etc). Then again purchasing for one is always more expensive as everything is geared up for families.
Credit/Debit - My mortgage is affordable and I have set aside my budget to overpay slightly every month to clear it within the next ten years. I was brought up to get the essentials (roof over head, payment of bills and food before any extravagances (cars, holidays, etc)- my two cars cost a total of £200 and owe me about £1500 in seven years (they are legal and well maintained by myself which cuts down some cost in labour and with a multicar policy save me about £300 a year now). Yes I have a saving scheme for the big things and have made use of Interest Free Credit to get it now and pay back with no 50% mark up in interest. I also have things to liquidate if I really needed the cash but that is also part of my retirement pot.
I was brought up on limited income so learnt from an early age to budget and when I moved to my present house was earning national average wage which daily before tax was the same as my mother got a week in minimum income guarantee (pension). I get the snide comments from some about going into debt to get a new car/builders/tradesmen to do jobs but where would I be except up to neck in debt?
Then again, you never know what is round the corner so I live pretty much for today and enjoy life - it's short enough anyway.
Complain about this comment
View these comments in RSS