The Credit Crunch

The credit crunch, how are you dealing with it?

During 2008 the UK and EU has been tackling the issue of the credit crunch.               Many people have struggled under the pressure of the impact. A millionaire banker struggled under the pressure so much he committed suicide by jumping in front of a train. Many people have been made redundant, so there is less money coming in and many homes have been repossessed.
Jordan, 17, said “The credit crunch is affecting me significantly, work is cutting my hours therefore I am not getting as much money. I would like the credit crunch to end.”
A friend of Jordan’s, Thomas, 17, said, “The credit crunch isnt affecting me at all. I am earning more money and they are hiring more people. I would like the credit crunch to end aswell, because it’s affecting my family.”
Many shops have been closed down, such as Woolworths and Zavvi. At christmas people were very angry as they got Zavvi vouchers as a gift but couldn’t spend them because Zavvi went bankrupt.
We also interveiwed Mrs Elvin, English teacher at Chantry High School she said, “ The credit crunch did affect me to start with as where I live is miles away from work. It used to cost me around £100 a month for petrol, now it costs around £300. Utilities increased outrageously, by the end of the month I barely had any money left. It affected my life majorly. I am glad prices are going down now.
Rochelle, 12, veiws on the credit crunch, “ I think that the credit crunch is out of control as prices are outrageously high and no one can afford to buy things. Shops are now slashing prices so the shops are losing income.”
Lauren, 13, said, “ The credit crunch is affecting nearly everyone I know. People are in debt and can hardly manage. It is stupid, I cant wait for the credit crunch to end.”
Only time will tell how the credit crunch will affect everyone for the rest of the year.