The thrifty will inherit the earth. According to our current poll asking how the credit crunch is affecting spending, almost half of the respondents say that they have survived the crunch by saving, and avoiding the pain of borrowing.
But the next largest group says just the opposite. Those saying getting credit is “Impossible. I’m bleeding and can’t get a bandage,” was the vote of 22 percent of the respondents.
Whichever way you handle it, the credit crunch is likely to persist, according to MarketWatch, saying that the Federal Reserve reported this week that with “delinquency rates rising to a record high, banks were still clamping down on lending to businesses and consumers over the past three months, and they said they planned to keep their credit standards tight for at least a year.”