Have you had to re-think your budget due to the credit crunch?
The effects of the credit crunch have been far ranging, impacting on shares, mortgages, savings and annuities.
Hector Sants, chief executive of the Financial Services Authority warned of an end to cheap and easy credit and Mervyn King, governor of the Bank of England, said "the nice
decade is behind us."
Banks have called to shareholders for aid in buoying their finances and small businesses are feeling the pinch as they find they must wait longer for payments.
So how have you been affected?
If you run a small business, have you been affected by the credit crunch? If so, how?
Do you have any suggestions of ways the situation could be improved?
Perhaps you are an individual who has felt the pinch recently. Where have you been aware of the squeeze most?
We asked for your comments, a selection of which are below. The debate is now closed.
MOST RECENT COMMENTS:
The BBC ran a documentary in 2003 on the proliferation of mortgage fraud in the UK. Five years later, all round surprise at the state of the mortgage market. Press, government, banks, FSA, BOE - who thinks any of them have done a good job over the last five years? Now the government are bailing out the banks, the FSA have been left alone, the BOE continue on their mission of failing to control inflation, and the press are failing to hold the guilty to account. It doesn't improve, does it? No wonder sterling is worth only 1.25 euro.
Mike, Tauranga, New Zealand
In these uncertain days, institutions are happy to invest in gilts (government fixed interest stocks) for a guaranteed return of only around 5% per annum or slightly less. The Treasury could issue more gilts and then lend the proceeds to reduce the effects of the credit crunch. Since the government could lend the money to yield more than 5% per annum, it should also make a much needed profit for our public finances.
Chris Grey, Guildford
Can anyone at Moneybox explain why the credit crunch was "unforeseen", when for nearly two years now the internet was rampant with warnings by economists of all political persuasions that bad mortgages were prolific and being sold-on (mortgage-backed securities), and that they could bring down the US economy? Fannie Mae & Freddie Mac were constantly mentioned, and finally their value has plummeted.
Nicholas Flynn, Nottingham
The comments we publish are not necessarily the views of the BBC but will reflect the balance of views we have received. It is helpful if contributors state if they work for any organisation relevant to an issue discussed. Readers should form their own views on whether messages published represent undeclared interests, or views prompted by a common source.