The Credit CrunchDid you score a bargain in Woolworths?
Meet someone nice in the queue to withdraw your 10p from Northern Rock?
Get made redundant from the job you hated enough to spend all day on b3ta?
How has the credit crunch affected you?
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chthonic, Thu 22 Jan 2009, 12:19)
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So very trueMy house was bought for £70k in 2000. Upon divorce, it was sold for £124k eighteen months later. Aside from a general tidying up, nothing had changed. Not the walls, doors, roof or garden.
What changed?
Lending. The banks loaned more to people who couldn't afford to pay it back. Everyone became wealthy on paper....
It happens so often you'd think the government would learn lessons and impose lending restrictions.
But they didn't. Instead we'd "beaten boom and bust".
(, Fri 23 Jan 2009, 22:16, Reply)
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