http://tinyurl.com/yup2cj
The link above provides a neat summary of the problems facing people looking for credit to funs, say, a course of flying training.
Homeloans have fallen by 40% in the last few months. Credit card lending is getting much much tighter and unsecured loans are being clamped down on.
And this is the current situation resulting from conditions prevalent months ago. Things have got much much worse since.
I doubt many of you are aware that on Friday Barclays Bank (3rd largest in UK = MASSIVE) shares were suspended from the stock exchange after a 9% fall in 3 minutes based on a rumour of their losses.
It may all be nonsense and they may well be doing very well. Nevertheless $90 BILLION was wiped off their value in 3 minutes. These are big numbers and they spell big trouble. Big trouble for Joe Wannabe who wants £60k, £30k or even £15k to spend on learning to fly.
Be under no illusion. Nobody is going to want to give credit to some 22yr old with no history, no assets and not too much hope of getting a good job at the end of a £70k spendfest. Self funded non sponsored training looks unappealing at this point.
WWW