Credit Crunch

How have you been effected? Can any explain how it all works? My head doesn't understand numbers at the best of times but I don't really understand interest rates, how does it work!?

My mum is now working 7 days a week, she might have had to do this anyway but still. Finding a new job for her and me has been so hard because of all this economy stuff. When the airline XL went under my boyfriend's family had to spend more money on flights for their holiday but will probably get their money back. Worst of all today, Icesave, so my boyfriend has just lost his ISA!

You know I didn't really think it was as bad as they were making out. I felt like it was just people panicking but not being able to find a job, companies going bust and what just happened to Mike's ISA has made me realise it is actually really effecting everyone. I think it seems worse because the last time this happened I was a baby and now I'm older I pay attention to the news and see and understand what's going on.

The good news is that people are starting to become thrifty, going to the cobblers and getting shoes fixed rather then getting new ones etc, hopefully people will continue this sort of thing after it's all over because they know they can save money.

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14 replies since 7th October 2008 • Last reply 7th October 2008

Well seeing as I am living in the country where all these big greedy banks are from, it's affecting me quite a bit.
The isk has dropped in value so much that in euro I am making about 100e a week!
Everyone is offering such vastly different exchange rates that no one is sure how much the isk is worth! My bank wont send our transfer to ireland as they can't do things like that! wtf!!! I know I am not alone, all the foreigners I work with are in the same boat, they can't send money home.

I know the situation in the UK is pretty bad and lots of people have lost their savings due to the Icelandic banks collapsing and we are being made out to be the big bad guys Happy
It's the fucking banks, they are so greedy. So much shit is going down over here and I don't even understand half of it. Iceland is such a small country the money the banks owe to the various countries is probably triple or more the GDP of Iceland!

I'm sorry to hear your boyfriend lost his ISA Happy We are lucky we have no savings here or a mortgage.
Here are a few links to a few stories:
http://www.icelandreview.com/icelandreview/Daily_News/?ew_0_a_id=313363
http://www.icelandreview.com/icelandreview/Daily_News/?ew_0_a_id=313295

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I've heard that Iceland (which is about the size of Bristol, for a reference!) owes the UK alone £50billion. I've also heard that the people to blame are about 36 big suits in banks. Just 36 people have done that!

Also, isn't it that a lot of American banks were loaning customers money and not checking properly if they could pay it back or not? and thne they didn't. and then the credit crunch happened.

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Well I know a year ago, these big financial heads were saying Iceland was heading for a fall, due to the banks taking out huge loans and giving huge loans etc, and of course the government and the banks said "oh no nothing like that could happen, we are fine" ;)

" Just 36 people have done that" Roma, pretty much all of the commercial business in Iceland is owned by the same people and in Britain too! It sickens me it really does.
These guys with their lavish lifestyles and private jets bleh

It did start in the US and had a knock on effect, I am not sure of all the ins and outs of it all though.

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yeh it did start in the US, it's really annoying how they're telling us all this but not saying how it works. And if it's world wide now i don't get how nothing can be done, it's like a load of made up numbers, it's not like it's a person smiting us, it's just numbers really.

And opposites I thought of you when they had Iceland on the news, it's always the big fat cats that do fine and the 'little people' that suffer the brunt of it.

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Well I see from the news today they are trying to figure out how to pay back the money to the UK account owners as soon as possible.
So many charities and councils have money tied up in the banks, its pretty sad and I hope they can get it all worked out Happy

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Yeh I don't like that at all, what the hell is council tax going on then if they need to invest and borrow money? Employees wages? It's no good if they get paid but there's no improvement to the place, it's ridiculous how there's all this debt going on and all our governments and councils are in debt too! They should just print some more money to even it out! That's so naive of me really, it would probably make it worse!

People said on the news how the NHS and schools are suffering from lack of money and yet they can whip out what was it? 500 billion!?

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Canada is weathering it out quite well, its hard to get a loan here and we only have a few central banks. But I am worried about the US, people are predicting another crash like in 29. But in the late 80's early 90's there was a ression. But who knows if we can bounce back from this one.

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http://news.bbc.co.uk/2/hi/talking_point/7644574.stm

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I applied for a loan here a few weeks before the crash, I was denied as they brought in stricter rules(you need a guarantor who owns a house, I don't know any) so I suppose I am lucky I didn't get the loan!
Yeh it sickens me they can find all this money to bail out banks and financial institutions, but what about the bloody has petrol crisis that has been going on for yonks now!? Or like you say Queeny the hospitals and many other needy causes! bleh

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I think they need to bail the people out, not the banks

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Totally agree! Well said. There's an advert for Nationwide at the bottom of the page...I find that funny.

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We got stopped on the street today by a woman and a man with a camera! They wanted to interview us for Japanese tv about the economy! haha We said no, I was too afraid of saying something silly or wrong Happy

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what! Crazyness. Canada had our election today.

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you should have said 'MISO SAUCEY!' omg i saw that on a rude japanese themed tshirt and HAD to repeat it somewhere, I'm not racist honestly!!! Say something if it's for British tv!!!

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