Credit Crunch is the new word of the year.

Channel 4’s Countdown word expert Susie Dent is the author of a new book published by Oxford University Press titled “Words of the Year”.

The book lists and comments on words phrases that have started to become widely used over the past year.

Many phrases made up by media and marketing people to describe the global economic downturn feature. ”Credit Crunch” tops the list, which must have been used a million times by the press and media over the past year. Other new related terms include:-

• NINJA LOAN
  a loan or mortgage made to someone who has ‘No Income, No Job, No Assets’
• JINGLE MAIL
  the practice of sending back one’s house keys to the mortgage company because of negative equity, or the inability to keep up with payments
• EXPLODING ARM
  variable rate mortgage with rates that soon rise beyond a borrower’s ability to pay
• GOING UNDERWATER
  falling into negative equity
• STAGFLATION
  stagnant growth and rising inflation
• IPOD
  acronym for ‘insecure, pressured, overtaxed, and debt-ridden’
• HOMEDEBTOR
  homeowner with a very large mortgage, particularly one that they are unlikely to ever pay off
• SPEED MENTORING
  a style of career- or life-coaching modelled on speed dating, in which each participant has a few minutes to seek advice on career-related questions
• FUNT
  someone who is Financially UNTouchable

The originators of “Funt” is Andrew Smith of ClearDebt and Richard Rubin, founder of Reallyworried.com. Their “official” definition is:-  

- noun Slang: Financial untouchable

1. A person ostracized by lenders.
2. Obscene term for an ex valued banking customer.
3. Non credit-worthy person for the unforeseeable future.

ClearDebt & Reallyworried have launched ReallyWorriedAboutDebt.co.uk, online community where anyone ask questions and share their worries about their own personal debt problems.

Funts Used In Parliament
Use of this word has been made in Parliament by Labour MP Dr. Stephen Ladyman . In an adjournment debate he called for people who do their best to repay their debts to be given a chance to repair their credit rating.

The Member for  South Thanet said:
“Credit is a vital part of modern life and too many people are being treated as Financially Untouchable or Funts. Funts who do their best to repay what they owe and are responsible in addressing their debts should be treated differently to people who are feckless or reckless. I want more help and information for people who have debt problems to stop them becoming Funts, but I also want Funts who do the right thing to be treated better by the financial services sector than those who don’t. They should be able to earn a clear credit rating not punished. ”

Funts e-petition
There is a petition to the Prime Minister to introduce reforms that will require financial services organisations not to discriminate against failed debtors who have used their best efforts to repay as much of their debt as they can reasonably afford

Please add your support by signing the petition at:
petitions.number10.gov.uk/no-black-marks.

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