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Posted By Linda Leatherdale, Sun Media
Posted 13 days ago
The credit crunch is hitting fast and furious.
Just ask Six Pack Jack, the guy I wrote about who’d rather buy beer than invest in an RRSP, hides his money under the bed because he doesn’t trust banks and laughs at all of us who’ve worked hard to build up an investment portfolio.
Jack muses that by the time this meltdown is over, our net worth will all be the same.
Well, Monday Jack had a rude awakening. He got a call from the bike shop where his motorcycle was being repaired. The owner said,“Come and get it. I’m out of business.”
Problem is it’s not just this Burlington bike shop that’s in trouble. Two others in the area are also shutting their doors after their banks cut back on credit.
“We used to be able to get a line of credit up to 20 per cent of the cost of parts for repairs, then repay it when the work was done and we got paid,” said one owner.
“Not any more. We can’t get any credit.”
http://www.portagedailygraphic.com/ArticleDis...




