RSSWhen Will the Credit Crunch End?
September 12th, 2009 by Adam | Filed under Credit Score, Credit Score Advice, Credit Score Tips.|
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This credit crunch is starting to bite. Recognised companies are going to the wall unable to continue and compete in the current downturn. Rock solid firms are also folding after being unable to borrow the money that they have become accustomed to lending. Unemployment rates are going through the roof, doom and gloom is starting to set in up and down the country. So when will this credit crunch end?
Before I continue I should really point out that I am by no means a financial expert and that I do not work within that particular business sector. I am personally involved with offering online guitar lessons for beginners; I also work with a company offering a DVD duplication service and I help people to stop stuttering.
2009 is going to be one hell of a tough year so hold onto your hats! If you can keep your job then you should feel quite privileged and proud as this should the number one priority at this current time. At the moment there seems to be far too much chatter going on and not enough action - this is something that needs to change and change fast if we are going to emerge from this mess any time soon. In the UK we had a reduction in the rate of VAT tax, what a waste of time that proved to be.
What we need is the government to start underwriting some of the lending. The banks seem unwilling or unable to offer people credit so what is the point in keeping pumping money into them. Small and large businesses, individuals and corporations, should be able to apply to a central government department for their required funding. Yes I understand that this would or could be a burden on the tax payer but this, for me, is the only solution.
As for the question of when things will improve, I actually believe that in the early part of 2010 we will see the start of the recovery. I also feel that the UK government will adopt a similar idea to the one above and that that could be the catalyst for things to improve. Gordon Brown will be desperate to succeed in this massive test and if he is able to he will go down in history. I for one wish him all the best.
Tags: credit crunch, financial expert, Gordon Brown, Unemployment rates, VAT