How has the Credit Crunch affected you?

[cdude1034]

DOATS1 said:

Words Of Wisdom said:
What is the "Credit Crunch?"

 

 basically the reduction of availibilty of credit and loans because of the state of the economy.

 

In America. Last year a lot of banks made a bunch of high-risk loans to people who couldn't repay them. They started to default at the same time and a lot of banks lost a lot of money, reducing the available credit and capital in America.