Letters to the Editor
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Not so easy
I've been hearing the words "credit crunch" a lot lately in regard to what the Fed is trying to fix. From a corporate point of view, a "credit crunch" is when there isn't enough money to lend available.
But on the level of the individual borrower, a "credit crunch" is when lenders -- credit cards, mortgages, auto insurance -- buckle down on borrowers when the economy starts to turn downward.
So, those ARMs might not go up so much, but they're going up at a time when every other kind of borrowing is getting more expensive as well.