Meaning of “credit crunch” in the English Dictionary

"credit crunch" in Business English

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credit crunchnoun

uk us also credit crisis, credit squeeze ECONOMICS, FINANCE

[ 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.

(Definition of “credit crunch” from the Cambridge Business English Dictionary © Cambridge University Press)