I must admit I'm really feeling the pain of the credit crunch one year on. When I took out a mortgage with my friend back in June 2006 it was a 4.9% two-year fixed rate with the Bank of Scotland. At £250 a month each it was easy to make the repayments.
Then the credit crunch took hold last August - fixed-rates start to shoot up, my friend who I bought my home with moves out (leaving me responsible for the mortgage), and despite most analysts predicting it would last for six months tops - it looks as if it's here to stay.
As most lenders didn't want to touch me with a bargepole I was forced to revert onto the Bank of Scotland's standard variable rate last month - my mortgage shot up from £500 to £648! And as the bank can chop and change its standard variable rate at any point my bank balance is on a knife-edge.
Should the Bank of England choose to increase interest rates on Thursday, which I think they will do due to inflation spiralling out of control I'll be stung even more this month. So if that's not the credit crunch right there, I don't know what is.
Oh well, I guess I'm just going to have to continue to tighten my belt to make ends meet. I only hope some light is at the end of the tunnel soon - or else I may have to wave goodbye to my home.