credit crunch
noun
ECONOMICS, FINANCE ukus(also credit crisis, credit squeeze) [ C ]
economic conditions that make financial organizations less willing to lend money, often causing serious economic problems:
Japan experienced a major credit crunch in the late nineties.
the Credit Crunch
[ S ]
the economic situation during 2007-2009, during which there were serious economic problems all over the world relating to financial organizations being unwilling to lend money:
Most politicians agree that the Credit Crunch was originally caused by irresponsible lending by banks.
The credit crunch has led to a sharp fall in the number of home loans.