I want to chat about this...

[lovenut]

I'm starting to get freaked out over this whole thing and I just founf this article...

http://news.bbc.co.uk/1/hi/business/7318889.st m

What affect is this whole credit crunch thing really going to have and when will it start to take effect?

Also as a non homeowner will it really affect too that much?

Also finally I promise is no the wrong time to be applying for a personal loan to consolidate credit card debts?

[funnygirl]

Reading the article, I think you need not worry yet as they're talking about job losses.

They estimate quite a lot of losses and I must say if this is accurate, then it will have an impact on all kinds of banking.

[Hellyon]

The credit crunch is basically the same as recession, it's happened before and it usually recovers in time. In the 1980's as a single homeowner I was paying 13% interest rate on my mortgage!! I took a lodger and survived.

It won't affect you quite as much as a homeowner as there are all the accompanying bills such as Council Tax, water rates, fuel bills etc.

What WILL affect you more is that without the security of a home you will find it harder to get credit -you will also find it harder to get a mortgage.

I would recommend that get a loan and consolodating your credit card debts is a good idea BUT you must get rid of the credit cards - otherwise all that will happen is you'll run them up again AND have a loan. Jobs will become very uncertain so get yourself as debt free as possible just in case you your job comes under threat and you should be fine.

[lovenut]

Thanks guys thats the plan, to get debt free I dont see any reason why I'd get turned down for a loan but when they ask you for a reason is there anything you shouldn't say i.e. consolidation or do they actually not care what its for?

[banjobabe]

Lovenut,

If you want to get debt free, check out this website.

http://www.moneysavingexpert.com/

It's fab xx

[sense4all]

City bonus's are generally down from last year. People who spent in the face of adversity last time -some of them took a spanking when having to sort out their reckless spending- are just being a bit more cautious this year. Last year we had a bit of a splurge at bonus time - this year we are being more prudent in retaining an F.O.F ( that stands for eff off fund ) incase hubby wants to chuck it all in, for whatever reason.

If you are looking to get sort out your finances have a swizz at

http://www.moneysavingexpert.com/

to get the most competitive rates advice, and trawl the boards to see what other people have done to help themselves - it's well worth the time to look it over and interesting what others have done too.

[sense4all]

snap lol

note to self : type faster and don't answer the door mid-posting. lol.