The credit crunch is a load of bull****. It should only affect major banks and the stock markets, and guess what guys when you gamble there is a chance you will lose.
There is no sympathy for gamblers and thats what stock brokers are.
Everyone should stop panicking unless you are involved in either the banking or stock industry and even that would have just been a slight hiccup nothing like what the media has made it.
Personally I believe the government should have shouted panic! panic! cos sitting at home hearing my brown tell me 'not to panic' made me jump out of my seat.
Yes the Bankers and Stock Market Traders are firmly to blame, loaning people 200% mortgages, but it wont be them that suffer.
It's not a credit crunch anymore it's a global recession and if it hasn't hit you yet, be patient, it will!
The service industry is propping up the economy at the moment but it wont last.
I am a manufacturer and orders have stopped, period! Once I have finished my current orders I will be looking for something else to do.
The service industries I support both directly as sub contractors and indirectly through car servicing etc will lose my trade as I wont have the buttons to pay with!
Sure houses will get cheaper and thats got to be a good thing but you will need at least a 25% deposit to get a mortgage.
If you don't owe money and your jobs secure you will be fine for the present, maybe you could even look to buy a second home when signs of recovery appear, but be aware, it's going to get a whole lot worse before it gets better!