Expressions used in Everyday Spoken English in Social and Professional contexts
1) a period of economic uncertainty in which financial institutions are less willing to lend money
How to MemorizePopularity MediumProfessional MediumSocial
I can't get a loan due to the credit crunch
This expression refers to an economically challenging period in which financial institutions, like banks, are wary of lending money due to a fear that the borrower(s) will default. A 'credit crunch' typically occurs as an extension of a recession, and/or after a period where lenders have been overly generous in providing credit. It can be used in both a social and professional context as it can have a pervading impact on people's lives.
Social Examples (Advance)
I've been trying to sell my house for a year now, but it has been scuppered by the ongoing credit crunch.
Professional Examples (Advance)
There is no way we can take the risk of expanding our business during a credit crunch. We will have to wait until the economy picks up again.
The credit crunch has hit that industry hard. A lot of businesses have gone under.
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