For Your Word Bank: Real English as heard and spoken by Real People

Credit squeeze (British English) - noun
Credit crunch (American English) - noun  

Informal English - period of economic difficulty when it is hard to borrow money from banks.

Meltdown - noun

1: Nuclear reactor accident. When very hot nuclear fuel melts through its container and escapes into the environment.

2: A sudden complete failure or collapse especially in Financial/Economic matters. 

3: A loss of self-control or breakdown (possibly caused by trauma, fatigue or nervous exhaustion)

Recession - noun

a period when the economy of a country is failing and conditions for business are bad 

EXAMPLES:

"It is difficult to buy or sell property during a credit squeeze."
“The recent Meltdown in the financial Markets has resulted in many sudden job losses amidst increased fears of a deep and widespread recession.”