Is the credit crunch beginning to bite?

THE credit crunch may have begun in America, but the effects are being felt across the globe.

And combined with soaring commodity prices that have forced up food and energy bills — causing families to think twice before spending their hard earned income — it has created the perfect recipe to push the economy to the brink of recession, the first since the early1990s.

With this in mind, reporter USMA RAJA went to Oldham town centre to hear people’s views about the economic meltdown.

WHILE some people admitted to being a bit cautious when opening their purses and wallets, others said the credit crunch and the threat of recession had not yet affected them.

Nora Harris (67), of Rochdale, said: “It has not affected me yet and I haven’t made any changes in the way I spend because I have always been careful.

“I don’t think I’m worried about it yet.”

Anthony Delamara (21), of Oldham, added that it hadn’t affected him either, adding: “I am a car mechanic so I get paid every day and get enough to feed myself.

“I have been watching the news but we’ll have to see what happens.”

Pauline (66) and Ian Royle (70), of Shaw, said: “We are not borrowing money but have just seen our savings go down.

“We would like to see a strong lead by our Government. We have always been careful in the way we spend but can only hope the credit crunch doesn’t get worse.

“We will have to keep our fingers crossed.”

Mike Ellis (65), of Oldham, said: “It has affected the cost of living. My freezer which used to be full at one stage is now half empty.

“I am being very careful now as I’m buying less food and I have stopped using the Internet.

“I needed new carpets but I’ve scrapped the idea. I have had to cut a lot of corners.

“I get a fixed pension. Many people have had to suffer because of the banks and it makes you wonder what they are doing.”

Mary McKintosh (70), of Oldham, added: “I’m not worried about the credit crunch.

“I am just getting on with things as I live off my pension. I don’t see it go as far as it did.”

Suleyman Hussain (16), a student at Oldham College, said: “The credit crunch hasn’t affected me and I don’t know what it means.

“I am still buying my expensive trainers and clothes.”