The credit crunch - Best thing to happen? (How has the Credit Crunch affected you?)

Member Name: daadr

Product:	How has the Credit Crunch affected you?
Date:	30/03/09 (97 review reads)
Rating:

Advantages: Everything is cheap

Disadvantages: The interest rates are down

The credit crunch for me has actually worked in my favour. In August, just before the credit crunch kicked in, it was on the verge of happening. We were all well aware what was going to happen and i found a nice little 2 bedroom flat for my first time buy. I got quite it abit below the asking price as the lady who owned it was desperate to sell and not alot of people were buying at the time. The prices of propertys kept falling but they never went as low in the block of flats as what i paid for my flat so im still in a good position. I did the flat up with some paint and carpets etx and then went to rent the flat out. I couldnt have choose a better time, people were scared to buy and within 1 week of it being on the market i manged to rent it out for £55 more than my mortage costs each month while i was living with my girlfriend and her parents.
We are due a baby in 2 months time so next month we are moving out of her parents house and into the flat on our own. We need to buy sofas, tvs, washing machines etc and just look at the deals available in the shops at the moment. We found a 3 seater and a 2 seater recling leather sofa for £800. With the money for my rent saved up we can get some nice things for it at a discount price.

My work has also been effected by the credit crunch but again quite oddly for the better. My job pays commision by the amount of people who watch the tv channel i work for and use the services available on it. More people are at home these days, more people watch, more people use the services, more money for the company. More money for me. Recently the company changed, the previous boss got into some money trouble for another buisness he had and had to sell up. We got new investors on board which means a new name for the company and it has been busier than ever lately which is another great thing.

The only downside to the credit crunch is the intrest rates. I did sign onto a fixed rate mortage, which at the time was a good thing as it carried on going up when i first took it out but then went right down, so i am paying a couple of percent more than if i was on a tracker, but i know with my wage i can comfortably afford it.
Bank account intrest rates are down too, so i had to switch my bank accounts about to get the best deal, which the best deals now are not as good as 12 months ago but this is the way the world has gone and i just have to live with it.

Summary: Its worked in my favour