Credit crunch issues have been at the fore-front of the public consciousness over the past few month, leading the phrase to land it’s first entry into the latest edition of the Concise Oxford English Dictionary (OED).

The OED contains 240,000 words, phrases and definitions, and defines the ‘credit crunch’ as “a severe shortage of money or credit”.

As debt and economic worries are a global issue, it is no surprise that the source of the credit crunch crisis in the US, ‘sub-prime’ loans, has also entered the dictionary. The OED defines it as “a credit or loan arrangement for borrowers with a poor credit history, typically having unfavourable conditions such as high interest rates”.

Project manager Angus Stevenson says that: “The new words included in the latest edition reflects the sometimes contradictory preoccupations of our time.”