Is it just relatives who own a mortgage who get effect my the credit crunche ?
Answers:
To the average person, it only affects those who are actively seeking credit or financing for a big ticket item.
However, it's trickled down to the point that businesses (maybe the one you work for, even) are have trouble lining up their usual short-term loans to cover day to time operating costs.
But if your basic finances are in lay down and your job isn't affected, afterwards life pretty much goes on as usual.
It's much more difficult to achieve any type of credit now. Credit card limits are person reduced. Larger downpayments are required for most cars.
Related Questions:
My husband's pet name is on the mortgage loans and house goign through foreclosure will it hurt my credit too.
We are married, but my husband's name is the only first name on the foreclosure, but I think my name is on the work. Is it going to hurt my credit too? Hi,...