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]

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.

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.

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)

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

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]

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!

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??

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]

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