Comments on: Credit Crunch to Continue Getting Worse?

By: Tom Churchill

Tom Churchill — Wed, 20 Aug 2008 19:54:34 +0000

The credit crunch is getting worse almost daily. House repossessions are up on last month and will soon be higher than those of the 1990’s. It’s scary!

But there is a way to make some extra cash which would really help. Set up a home-based internet business or do a part-time job online. If you have any spare time it’s worth considering.

By: Miranda

Miranda — Wed, 20 Aug 2008 19:37:35 +0000

I agree that there is still room for further problems. Credit has become too easy. My mom was telling about how her and my dad couldn’t even get a credit card until after they had established credit by having an auto loan (co-signed, of course).

How different things are now! The credit card is now the establisher of credit, and anyone can get one. Having our entire economy based on keeping Americans in debt can go on forever. Eventually it will be too much, and individuals will finally fold.

By: Peter

Peter — Wed, 20 Aug 2008 17:30:12 +0000

@Mo Money – i agree.

By: Mo Money

Mo Money — Wed, 20 Aug 2008 15:23:49 +0000

The prudent (those who have an emergency fund) will find these times less stressful than those who rely totally on credit cards.

By: Karen Putz

Karen Putz — Wed, 20 Aug 2008 11:45:44 +0000

I can see it happening. The banks have gotten away with dishing out credit without really looking at whether people can truly afford it. People use credit like candy. In my neighborhood, we have houses for sale going on the second year now, and this is in a district labeled as a top place to live in (Money mag). The savings rate for the average family is very low with people living paycheck to paycheck. Banks no longer have a flush amount of cash to rely on from the American family.