Interest looks at what a ‘credit crunch’ really is in light of recent local reports of sharp falls in loan application approvals. If a credit crunch is coming, as unusual as it might be in New Zealand, it is probably wise to understand what it really is, especially as 2022 has opened with more talk about an impending hit. Brokers are squealing; politicians dodging for cover. But is it the adjustment we need to have, finally?