What effect will the credit crunch have on you guys?

[Nelly]

All a bit tongue in cheek

Nelly

 

[2004Ralli//art]

haha oh man...i love that apple phone...thats the funniest thing i've seen today...good stuff!

 

[BranNwebster]

It should bother me much. I'm renting my house now and don't plan to buy for a while, my car is an 07, my truck is an 06, my FZ is an 07, and the company I work for does it's own financing.

One thing this whole mess is done is made gas cheaper. It's also reduced illegal immigration.

 

[grommit]

More shopping at LiDLs. :thumbup:

 

[Doorag]

Hopefully it won't affect me to badly either. I'm renting as well since it's still better cash-flow wise, but if property prices keep falling I'll be able to afford a house soon! Roll-on the crash!

 

[Jadon01]

I currently work in manufacturing that is highly connected to the automotive industry...so we are feeling the pinch...layoffs and shutdowns..!:banghead:

 

[Hellgate]

It may postpone buying a house as the stock I planned to sell for the down payment has been hammered the last couple of weeks. On the flip side mortgages are going down. I was quoted 5.85 to 5.95 yesterday, and I suspect home builders will have some pretty good sales coming up so the loss of down payment may net to zero if the cost of the house drops enough. And as metioned lower gas prices. My local place drop a dime yesterday! Wow! We are now at $3.19, $3.49 just two weeks ago.

On the income side of things, semiconductors are always flaky in a down market so hopefully the employment side of things remains stable.

 

[Jman]

Smaller paychecks for the working class most likely.:thumbup::banghead::banghead::banghead:

The apple phone is hilarious, though.

 

[Steph]

We were in the middle of a consolidation loan on Friday, they told us, no problem, will be done on Moday, you are approved. On Monday the "crash" happened. On Tuesday, they told us, sorry, we are not taking on outside loans from other places. We are in Canada. Shows you how much the United States affect other countries eh?

 

[tom5796]

It will enable me to get a great deal (actually, an un-inflated deal) on a house! It is also a great time for market buying opportunities.



(this assumes the job stays around, of course)

 

[hedmisten]

its not bad yet, but it needs to bounce back soon..

 

[rbesr]

Five years left on the mortgage, all three bikes are paid off as well as the car, truck and Drew's cars. Only variable on the credit side is Drew's tuition loans to Ohio State. The drop on Wall Street is what's hitting me the most. My plan is to retire in 5.5 years at 60. May be a little bit longer til I can play full time, now.

 

[wrightme43]

Not helping me out at all. Business was already way down. I have been applying for second jobs all over the place. If I do not find one soon, I may have to file for bancruptcy. I am bringing home less money that I have to send out. That cant work for very long at all. I am down about 900-1300$ a month over what I brought home in 05-06-07. That is not totally the economies fault. I lost my two biggest customers in Jan. due to a closer service company that doesnt have to charge to drive 2 hours each way. I have not aquired a new customer all year. No big installs coming up, Two custom tanks and cabinet job estimates turned down.

Not alot I can do. If I can find a job that will let me work, and still be able to keep my business open as well, I can make it. If not things do not look very good for me. I know no matter what I will be ok. God did not drag my dumbass out of the ocean to watch me drown in a mudpuddle, but its hard right now. People pay me later, and with the lack of money on top of it. I am ending up paying fees for late payments. That keeps me from paying other bills which get late fees. Its my own fault. I bought a new truck and a new bike, thinking I had a stable relationship with two incomes, and that even if that failed my business income was enough by myself to cover it. Both of them went to poop. LOL

Thats life and there is only so much I can do. Just running out of options.

 

[necrotimus]

Sucks some for me... I should still be employeed since I just got a contract extension with my name on in through June so I should be able to afford everything I currently own. Its just the value of my home is falling and was looking to move and my 401k took a huge hit... im afraid to look at it...

 

[NakedJ]

Less $'s for much loved mods

 

[MarinaFazer]

I'm 23. You all will hate me for this but...I see this a opportunity for me. I'll be buying stocks in a few months when they get lower still. That gives me 40 years to sit on them and keep reinvesting returns.

Home prices and thus hopefully rent will get cheaper in the next year or so and maybe provide an opportunity for my brothers and I do purchase a small investment.

I still have my job (Thanks [insert higher power name here]) and can keep my current living situation (not to say I'm living the dream being right out of college).

So basically, I see the drop as a huge investment opportunity (in whatever medium I pick) in the coming year since I have so much time until retirement. I'll also up my %-age contributed to my 401(k) to get more for my money since it's also company matched which provides a 50% return right there...

I know I know...I'm probably the only a-hole with a upbeat attitude regarding the whole thing...*flamesuit on...

 

[necrotimus]

I'm 23. You all will hate me for this but...I see this a opportunity for me. I'll be buying stocks in a few months when they get lower still. That gives me 40 years to sit on them and keep reinvesting returns.

Home prices and thus hopefully rent will get cheaper in the next year or so and maybe provide an opportunity for my brothers and I do purchase a small investment.

I still have my job (Thanks [insert higher power name here]) and can keep my current living situation (not to say I'm living the dream being right out of college).

So basically, I see the drop as a huge investment opportunity (in whatever medium I pick) in the coming year since I have so much time until retirement. I'll also up my %-age contributed to my 401(k) to get more for my money since it's also company matched which provides a 50% return right there...

I know I know...I'm probably the only a-hole with a upbeat attitude regarding the whole thing...*flamesuit on...

No flames here thats what the market is about. Its a gamble and you just hope that you retire when the economy is good. Just make sure as you get older you transfer the money over to safer investments

 

[boo68]

Let's see... with the gas and oil prices so much higher I/we all have essentially taken a pay cut. I/we started an addition for our house in May(pre-paid) hopefully the equity will go up so we can re-mortgage at a lower rate. We bought the house almost at the high, as we thought if we didn't buy now, we were going to lose our opportunity altogether. Our rate isn't terrible but with a $354k mortgage it doesn't make it easy with home owner's insurance and real estate taxes going up, anything lower would be helpful. My retirement account is down 25% YTD. We have refinanced the vehicles for lower rates less time, so we won't pay out as much over the life of the loans. I am going back to my second job (I got for some wam). I left last year due to medical problems, that I still have, but we need the extra money. I am lucky I can go back. Well, don't :spank: for whining, I am done. I don't have it as bad as some. I have a loving husband and two great sons, couldn't really ask for more.

 

[MarinaFazer]

No flames here thats what the market is about. Its a gamble and you just hope that you retire when the economy is good. Just make sure as you get older you transfer the money over to safer investments

Yea, I'm sitting on what's left of my college fund in a CD at a secure 4%. We'll see the situation in January when I can touch it again without penalties. Might go 30-50% in the market then and still keep the rest in guaranteed CDs since I do hopefully plan to go to grad school...in which case, we'll see....lots of options.

 

[boo68]

I'm 23. You all will hate me for this but...I see this a opportunity for me. I'll be buying stocks in a few months when they get lower still. That gives me 40 years to sit on them and keep reinvesting returns.

Home prices and thus hopefully rent will get cheaper in the next year or so and maybe provide an opportunity for my brothers and I do purchase a small investment.

I still have my job (Thanks [insert higher power name here]) and can keep my current living situation (not to say I'm living the dream being right out of college).

So basically, I see the drop as a huge investment opportunity (in whatever medium I pick) in the coming year since I have so much time until retirement. I'll also up my %-age contributed to my 401(k) to get more for my money since it's also company matched which provides a 50% return right there...

I know I know...I'm probably the only a-hole with a upbeat attitude regarding the whole thing...*flamesuit on...

Good for you.. glad this is not hurting your situation and glad you can keep an upbeat attitude. Timing is everything.