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It's Time to Bite Back against the Credit Crunch
12:00am, Thursday 10th July 2008
Remember when you didn’t have to take out a mortgage to fill up your car? Petrol prices are up more than 5p a litre in the last month alone. Even basics like eggs and bananas have rocketed 30% in the last couple of years. And, with the Bank of England warning that inflation will hit 4% before the end of the year, it’s time to take action.
No wonder more and more people are helping themselves cope with the credit crunch by selling their clutter. Gird your loins and root about in the attic and under your bed for the birthday present Auntie Jane gave you last year that you’ve just never used. Then stick it up online and wait for someone local to you to give you a bit of pocket money for it.
Free classifieds website itsmymarket.com has seen a 16% increase in new adverts placed since the beginning of April. Managing Director Tom Probst suggests that this growth ties with tightening pockets.
“The growth itsmymarket.com’s seen in recent months we believe is down to people tightening up their spending but still want a bit of free cash to socialise”
Earlier this month brewer, pub and restaurant owner Greene King reported a 5% rise in sales despite facing what it describes as “unprecedented set of challenges”.
According to research carried out by Price Comparison website savebuckets.co.uk, one in five Brits have cancelled their plans to go on holiday (20%) this summer as the credit crunch snaps harder still.
Possibly more worryingly is an estimated 52% of people are having to raid their savings to pay household bills and one in ten are paying their council tax on credit cards.
However, it’s not all bad, if your super rich that is. The Arts and Antiques markets are booming fuelled by Russian and Middle Eastern Investors. The Royal Institution of Chartered Surveyors (Rics) suggests that the industry has remained stable between April and July kept “buoyant” by worked priced at over £50,000.
Unfortunately for the average population the report suggests that lower priced items such as furniture, ceramics and clocks are showing signs of a slowdown.
Is it really time to raid the attic in search those old toys from our younger years or sell that unused vase? I think so, particularly if the market for these everyday items is slowing. Maybe we should all be building websites like itsmymarket.com.
Published by itsmymarket.com. Last updated by Tomo, on Wednesday 1st October, 2008.
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