Just how concerned are people about this whole credit crunch/pending financial meltdown situation?

I had the unfortunate pleasure of spending last night in a pub with someone who is convinced there is going to be worldwide economic meltdown with everyone losing their jobs and money becoming almost worthless. I have never been so morbidly depressed by anyone in my whole life, and I know some negative cunts. Jesus, everyone is out drinking and socialising and laughing and joking and having a good time - and this guy is giving us both a lecture on how it's going to be every man for himself; after this weekend if will never be the same again. He says that people 'don't know what's coming' and will be like America in 1929. He's even been to Morrison's and stocked up on tinned and frozen foods, in anticipation. Apparently he has banker friends in London telling him to dig a bunker as "it will be worse than we could ever imagine".

It put the fear of god in to my mate. I had to walk away in the end and spent the evening looking around for people I know. He got smashed as if it was the end of the world.

Heavy shit. I'm sure there is a problem, but even so.

I'm not overly concerned because I'm not directly feeling the effects.

In a way I'm kinda glad of it since house prices are coming down, so I may be able to afford one when I come to want to get one, but.... will anyone give me a mortgage at that point? Probably not so it means nothing I guess.

Like Greg, my only debt is Student Loan, and the £5k I currently owe my parents for tuition fees, but that's all. I've not really got any of my own savings to worry about. Parents don't have a mortgage anymore so there's no issue there.

I'm surprised it's taken this long to be mentioned here. I have to say I'm fairly worried, mainly due to the share price of just about every company dropping so catastrophically, as when that happens it invariably means joblosses aren't far behind. That, plus my mortgage now makes up a much larger percentage of the value of my house.
I'm not in negative equity, but if prices keep dropping then I could potentially be in another year.

Not overly - I don't own house, have no savings and the only real debt I have is mostly tied up in the VW so I could sell it if I end up in dire straits.

As most of you know, I work in RM so our customers shouldn't be too heavily affected. So my job seems safe.

I am noticing the petrol prices, though. Just need to nab a company car and fuel allowance, though!

The only thing that worries me is energy prices - as i'm looking to rent next year.

It's not going to be THAT bad, really. People may lose their jobs and obviously in America a lot of companies have gone under already. But as long as people are alive and want things, there will be an economy.

Remember the whole Y2k thing and how people were saying "Well you'd might as well buy a mule and move to the hills 'cause everything including doorknobs are going to stop working and it'll just be people killing each other in the streets over a scrap of bread"? This is the same kind of thing. People are stupid, and unreasonable fearmongers. Things may be a bit tight financially for a while but for most people it'll just be a matter of eliminating unnecessaries until the sun comes out again.

As for the economy as a whole... this is more like it just took a gigantic shit and lost 50 pounds off the waist at the same time, than it is like it's dying.