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Question: Have You or Anyone You Personally Know Been Affected By This Credit Crisis?

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posted on Oct, 2 2008 @ 05:01 PM
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I have talked with many of my personal friends, business owners and regular employees. I have not found even one person who is not able to get credit. In fact one friend just got approval for a $100K line of credit on their house.

Now, mind you, I don't hang out with people who (afaik) don't pay their bills in the first place.

Yes many people, myself included find themselves a bit upside down on the homes right now, but we expected that when the housing bubble burst. Not happy about it, but dealing with it.

I know of 3 different business owner, personally, who have had no problem getting credit extended, for inventory and/or payroll, all within the past 10 days.

So what about you? Please share

[edit on 10/2/08 by redhatty]




posted on Oct, 2 2008 @ 05:32 PM
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No problem at all getting credit. Actually had one of the banks I do business with call me proactively to "offer" me a new loan out of the blue.

Also, no change in credit card solicitations and my wife is getting a second one with a 10 k limit just in case.


The only thing I have really seen squeezed lately is a few people I know with ARM loans. A few months ago the banks were working with them to migrate them to fixed rates but then stopped abruptly and will not even talk to them on the phone anymore. One of my best friends actually was told they were not going to honor these offers and to stop calling and hung up on him.

So as our politicians portray these banks as "working with" people to avoid foreclosures, they are forcing them as much as possible to cause a further crisis requiring this bailout.



posted on Oct, 2 2008 @ 05:45 PM
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No. In fact a buddy just bought a brand new truck for about 25,000 on a credit loan from the car lot



posted on Oct, 2 2008 @ 05:46 PM
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Well, I haven't tried to get credit, but I've been wondering the same thing... If people are being affected by it, you'd think we'd see them on the news... Businesses that can't get loans and have to lay people off, people wanting to buy a big screen TV, but can't get a loan...

Why aren't we hearing REAL stories instead of just the fear mongering? Hmmm... I wonder.



posted on Oct, 2 2008 @ 05:53 PM
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reply to post by redhatty
 


I've seen it, i have a busineess line, with great history that the bank informed me they were going to close and it cannot be drawn on any longer. Only had about $900 on a 10K line. Another buddy had his 25K line froze, same situation and payment history. he had been with his bank for over 20 years. Maybe they are finally getting a little smarter though as i own a mortgage brokerage and my buddy owns a construction company.

As far as mortgage loans go, don't believe the media. The money is still there, yes guidelines get tighter everyday but the average individual with good credit and some money down can still get a good loan.



posted on Oct, 2 2008 @ 06:07 PM
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No problem here. My paycheck went through okay, even though the company I work for is in trouble. (Has nothing to do with the economy. It's just damned poor management.) No problem using my debit card. (Don't use credit cards too much, but since I have $0.00 balance on most of them, I could probably get what ever I wanted to purchase.
I try to practice what I preach. Pay cash, or wait. If I just can't wait, for some reason (emergency) I try to limit it to what I can pay off at the end of the month. (And never more than 3 months)



posted on Oct, 2 2008 @ 06:18 PM
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The issue here is a lot of rich people are set to lose money big time and they have connections. I just bought a 35k$ 5th wheel with no questions asked. price of fuel is dropping fast and I have brodband internet on the notebook. SEEEE YA Later!

mikell



posted on Oct, 2 2008 @ 07:04 PM
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reply to post by anotherdad
 


I can't help but wonder if the news you got from your bank (and your construction friend too) is BECAUSE of the nature of your business. So far, you are the only one saying yes, you've been affected.

If you are not too uncomfortable answering, may I ask where you live / do business and if it is a major bank or a local bank?



posted on Oct, 2 2008 @ 07:08 PM
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I have noticed the number of houses for sale going up dramatically in my neighborhood, but I don't personally know any of the sellers.

I've also noticed some shops going out of business, can't say they had trouble with their credit or if it is just a trickle-up effect.

I've got a suspicion that it's difficult to say who's really in trouble because of the crisis, and who's blaming their troubles on it to cover up their own fiscal mismanagement.

[edit on 2-10-2008 by asmeone2]



posted on Oct, 2 2008 @ 07:09 PM
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reply to post by redhatty
 


I think if the bank was smart then it should have, did it i dont know. I'm not upset i'm understanding with them. Just wish they gave more notice.

I'm live in the pacific NW and yes local bank.

I dont think responsable individuals have anything to worry about. I would like to hear from more small bus. owners.



posted on Oct, 2 2008 @ 07:10 PM
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Nope I'm loving it, I've made $90,000 in pure profit so far this year from short selling stocks.

Everyone knew this economic crisis was coming, which is a no-brainer that stock prices are going to plummet. This is where short selling comes in handy!



posted on Oct, 2 2008 @ 07:11 PM
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reply to post by asmeone2
 


Just because there home is for sale does not mean there in trouble. My home is for sale. Simply because now i am making alot less and need to downsize. I can still afford i would just rather sell it now and save money now. especially with other houses prices.



posted on Oct, 2 2008 @ 07:18 PM
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reply to post by anotherdad
 


Of course not. I've just noticed that proportionally speaking, there are more for sale now than I've ever noticed.



posted on Oct, 2 2008 @ 07:19 PM
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reply to post by redhatty
 


Unfortunately I know people who have been put out of work due to the crisis and even with being on unemployment people are still willing to allow them to buy things on credit. I don’t blame the people financing them though; they simply don’t have the money so I think it is mainly there responsibility to not be buying the stuff in the first place. Still I find it unsettling that businesses are willing to finance them.



posted on Oct, 2 2008 @ 07:24 PM
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Originally posted by rapinbatsisaltherage
Unfortunately I know people who have been put out of work due to the crisis and even with being on unemployment people are still willing to allow them to buy things on credit.


So you are saying that you personally know of people who have lost their job in the last 2 weeks due to the company they work for being a "victim" of the "credit crisis?"

I understand that unemployment all over the country is the highest it has been in a long time, but this "credit crisis" is supposedly something that has gone critical in the last couple weeks.

In most states, it take at least 3 weeks of being out of work to receive your first UE check, so anyone already receiving UE would have been out of work for more than 3 weeks - right??



posted on Oct, 2 2008 @ 07:27 PM
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reply to post by redhatty
 


SHe said they weren't on unemployment.

I think her point was that the credit companies are still trying to hawk up more income, even from those that have none coming in themselves.



posted on Oct, 2 2008 @ 07:29 PM
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reply to post by redhatty
 


This for us in the mortgage bus. i.e. job losses started 1.5 years ago. there are over 280 major lenders now out of business going back to the start of it all in winter 2006.

ml-implode.com...

[edit on 2-10-2008 by anotherdad]



posted on Oct, 2 2008 @ 07:39 PM
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Originally posted by redhatty

Originally posted by rapinbatsisaltherage
Unfortunately I know people who have been put out of work due to the crisis and even with being on unemployment people are still willing to allow them to buy things on credit.


So you are saying that you personally know of people who have lost their job in the last 2 weeks due to the company they work for being a "victim" of the "credit crisis?"

I understand that unemployment all over the country is the highest it has been in a long time, but this "credit crisis" is supposedly something that has gone critical in the last couple weeks.

In most states, it take at least 3 weeks of being out of work to receive your first UE check, so anyone already receiving UE would have been out of work for more than 3 weeks - right??



I’m saying that I find it unsettling that credit companies are financing people who don’t even have jobs because they can’t afford to not take the risk. That I think has a lot to do with a crisis. That’s all I’m saying.


[edit on 2-10-2008 by rapinbatsisaltherage]



posted on Oct, 2 2008 @ 07:54 PM
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So, people know that credit is still being issued, even to "at risk" clients. Okay.

And my apologies, I should have asked, "Are you saying...", rather than "You are saying...". I have had serious typing dyslexia all day


But, we are supposedly in a "credit crisis"???

Things just are not adding up here



posted on Oct, 2 2008 @ 08:09 PM
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Not yet... here's a thread on where the $700B is really going... (china)

[edit on 2-10-2008 by mecheng]





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