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Jargon Buster
Here we look at words and concepts that have recently been in the news and suggest ways in which they can be used in your classes.
Credit Crunch
What is it?
Credit Crunch is an informal expression to denote when it becomes difficult to obtain loans.
Why is it in the news?
The huge number of borrowers defaulting on their mortgage repayments in the United States has led to many banks having to write off huge debts. Consequently banks are much less likely to lend money and so it becomes increasingly difficult to obtain loans, making investment difficult and leading to instability in the global markets.
How can I use it in class?
This can be a filler for those five minute holes in your class. You won't need handouts or lengthy explanations. To put the expression in context write the following headlines on the board:
Credit crunch going to squeeze UK growth
Credit crunch sends loan rates higher
Now, have the students brainstorm possible meanings of 'credit crunch' and then use these suggested follow-up questions to engage your students in a discussion on a contemporary issue i.e. the housing market.
- What is the interest rate at the moment?
- How easy is it to get a mortgage today?
- Do you think that house prices will continue to rise? Why or why not?
- Prioritise the main influences on house prices: location / amenities / transport / interest rates.
If you have any words or expressions you would like us to cover in future Jargon Busters, email Eric using the form below.
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Links
Credit crunch going to squeeze UK growth
uk.reuters.com
Credit crunch sends loan rates higher
uk.reuters.com
How a credit crunch went global
www.time.com
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