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credit crunchnoun

uk   us   (also credit crisis, credit squeeze) ECONOMICS, FINANCE
[C] economicconditions that make ​financialorganizations less ​willing to ​lendmoney, often causing serious ​economic problems: Japan ​experienced a ​majorcreditcrunch in the late nineties.
the Credit Crunch
[S] the ​economicsituation during 2007-2009, during which there were serious ​economic problems all over the ​worldrelating to ​financialorganizations being unwilling to ​lendmoney: Most politicians ​agree that the Credit Crunch was originally caused by irresponsible ​lending by ​banks. The ​creditcrunch has ​led to a ​sharpfall in the ​number of ​homeloans.
(Definition of credit crunch from the Cambridge Business English Dictionary © Cambridge University Press)
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“credit crunch” in Business English

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