The big CC (credit crunch), all thanks to credit cards, no wonder I always hated to use CC’s. We now know that banks did the big mistake of lending money to people that didnt have money, which they then sold the loaned interest to a linked bank to create profit from it. And so this second bank would then sell it to another bank and so a chain was formed of moving loans through banks at night, suddenly it all came to a stop when banks could not lend anymore money to other banks, this was the moment when cheap money was not cheap anymore and banks started to ask for the money bank from the borrowers.
And guess what the borrowers could not pay. So houses and capital have been taken by the bank from these people and now banks lose money cause they then have to auction everything at cheaper prices to try and recover the money they lost in the first place.
This situation has happened twice now but banks dont seem to confront the problem and fix it, they still keep saying that their business plan is perfect. Oh they are so wrong eh? 
I wonder if we will get to the stage were we hand to borrow money from the mafia and get our legs or arms chopped off if we dont pay back, more than likely the mafia will have much better deals right now than what the banks are offering, I am sure a lot of people would rather deal that way since its cheaper, but they never think of the consequences.
A lot of companies suffer with this problem, a good example would be the following:
An adult woman/girl loves fashion, a bank offers her a credit card for 0% interest, she gets interested and takes it, with a limit of £2000, she goes out and spends all this money on fashion. She earns £1500 per month. So she pays back £500 towards the credit card, as she has other expenses. She then falls into credit with high interests. Instead of now paying £1500 back she now has to pay £2000. But every month she can only afford to pay £500-£1000. She will never be able to get the money paid. She then issues another credit card to pay the first credit card. Once the first credit card is closed, she then falls onto credit with the new one. Repeats the action over and over again. Of course at this time the fashion companies are making a lot of money from her, money she thought it was free at first but now realises its not. She stops buying expensive fashion – Now the fashion companies lose business and start to close. She sells her house because she now has a lot of money to pay back.
Everyone is a loser. We should create a system where everyone wins.
I have seen some few People owned Banks. Not sure if this a good idea, its not really a business and you are dealing with millions of people who are greedy, for me its a no no.
I prefer to stick to the country’s bank, although they are tougher, you always know what you are getting and how things are managed.
Or get money from someone rich you now. By now everyone knows at least one rich person. Having the millions of rich people out there.
Interest rates for morgages are very low right now, but looks like no one can afford to buy a house at this money, since money is now expensive.
The banks are trying to show that they can recover the mess they did. But this takes years to recover from.
If you have been affected by the credit crunch please post your comment here.
From my experience the company I was working for closed down 
but I am still alive and working hard.