We are heading for a major credit crunch scenario by the time the new year rolls in. We have already spent much more than we did lat year, and with the rocketing prices in oil and food things are set to get a lot worse.
The housing market is at an absolute all time low, and it is near impossible to get yourself a mortgage. But in the depths of the credit crunch, there are a lot of people earning a healthy profit and I will tell you exactly who and why.
The banks are earning a lot more than they have been in the last decade, this is not in every sector, but specifically credit cards and such, are earning the banks a lot more revenue. This is simply because of the fact that where people would usually shop around, they are now sticking with there own bank and being applied the 7%+ rate.
The next on the list is the supermarket chains, an example of how these companies are earning is the way in which they are marketing themselves. The budget supermarkets are now coming out more successful then ever, stores such as Aldi and Lidl are beating there rivals Asda and Tesco in the race to be the number one supermarket. The reason that we have seen an increase in the popularity of these once redundant stores is because people can get shopping at up to 50% the price of other chains. Why would people spend double the amount? For the same quality of food, that they can get elsewhere, it just does not make sense.
At a time when people are struggling with money, people are also spending more on gambling. This is just basic human nature, people gamble to win big amounts and get themselves out of debt. So casinos, online poker rooms and other gambling sites are seeing a great increase, in the amount of people that are playing, and are making a healthy profit themselves.
Finally the biggest winner will have to be the buy to let investors. Although they may well be feeling the credit pinch at the moment, when this market starts to level out again, they will be swimming in a pool of money.
Not everything has to be classed as so negative. The credit crunch may be affecting a lot of people, but if you can sit down calmly and look through the dark cloud, I guarantee you will find a way through.
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