What does the Global Financial Crisis mean to me?
Whenever the financial markets slump like they have recently in the current market, you’ll find that it becomes harder to find a job if you’re unemployed, and if you are employed then you’ll find your raises are smaller, bonuses less, and more likely to be targeted for layoffs as companies cut costs in attempts to stay afloat. As far as credit and loans go, banks currently have very little money to loan. And they’re being forced to loan much more carefully. Those with poor credit history will find getting loans, mortgages, and general credit is much harder and interest rates much higher than years past. Those with very good credit history will see a positive change, as they represent high quality loans with low chance of defaulting, which banks need desperately. Pay your bills, and work harder than the guy in the office next to you and you’ll make it through tough times without a problem.
