Haha!Rise in personal loans dangerous, Bank of England official says - BBC News
This really fucking twists my melon......
We've had nearly a decade of record (artificially low) interest rates.............cheapest mortgages in history....cheapest loan rates in history.....but our society appears to be so wrapped up in greed & consumerism, folks just can't stop living beyond their means........
....surely its time to rein this in by raising interest rates.........but Carney & his mates probably won't.....
Good old Jarvis knows why......
Unfortunately people's priorities have changed over the years. Too many now think that its their right and a basic need to have sky tv, pay £40 a month for a mobile phone and go abroad for their holidays.
A mobile is essential as is an Internet connection. Might as well whine about the undeserving poor having heating and electric lights.
Longest period of wage stagnation in our lifetime. That and austerity is why personal debt goes up and business isn't investing either.
If the government wants to take in more cash than it spends, the private sector has to spend more than it takes in. Basic maths that.
Need heavy investment in upping worker productivity and raising wages (they go hand in hand). With interest rates so low, government spending is our best best at stimulating the economy and by God it'll need stimulating over the next decade.
Time we stopped chasing insane ideology written on the back of a fag packet and get back to grown up interventions in the economy to keep it ticking over.
The phone contract isn't. People simply prioritise in ways that cost them more money than necessary.A mobile is essential as is an Internet connection.
Lad at work just picked up an Audi S4. Pays over £550 a month for it, brand new phone every time a new one is released, 4 holidays abroad a year, yet complains he can't afford to buy a house. Still living with his parents at 34 and not likely to move out any time soon. Simple fact is to be able to afford a deposit and payments on a house you need to cut your outgoings elsewhere.
It really fucks me off when people who had affordable housing and guaranteed jobs say my generation can't live within our mean. We fucking struggle because everything is so much more expensive in comparison with our wages than when you were our age. Your generation is hording the wealth this country has and the rest of us are being told we can't handle money. Fuck that, stop buying houses to make money.
I'm 29How old are you?
I'm 30. Owned my home for 3 years. Left school at 15 without a single qualification. I was working 100 hour weeks for over 6 months straight to afford my deposit.I'm 29
In the last 4 years I've paid £35,820 in rent - 4 years. You're going to tell me I can't manage my money when I have to shell out that much just for a roof over my head, before bills, before water, electricity, before I put any petrol in my car, before I buy any food.
I've been working part time for years while I did my degree and my masters part time in order that I didn't get in too much student debt (Although I am still 10s of thousands of pounds in debt). I now work for an international development charity doing something I believe in, this pays me a lot less than I would earn in the private sector doing the same work.I'm 30. Owned my home for 3 years. Left school at 15 without a single qualification. I was working 100 hour weeks for over 6 months straight to afford my deposit.
I can look around at work now 22, 23 year olds own their home as they're sensible with money. Then you have near 40 year old who would rather go down the pub every night and have no chance of ever owning.
I don't know your circumstances but in most people's cases if you're willing to sacrifice then you can own.
£550 a month on a car is scandalous, wouldn't mind the S4 though
If money in is reduced then money out needs to go, if god forbid anything happened where I didn't have any money coming in then it would be work out the necessities and cut the rest as much as possible until money was coming in.
I don't want to sound like a dick here but you made and continue to make the choice of earning below what you could. You do something you love and enjoy at the expense of earning more money.I've been working part time for years while I did my degree and my masters part time in order that I didn't get in too much student debt (Although I am still 10s of thousands of pounds in debt). I now work for an international development charity doing something I believe in, this pays me a lot less than I would earn in the private sector doing the same work.
Yes you're correct, I could own a house now, all I'd have to do is give up everything I've work towards and everything I believe in and simply look at owning a house as the only priority in my life.
Like I said I will have paid over £100k in rent before I get near ownership - is that right? Of course it's not, something needs to be done with home ownership in this country to make it not prohibitively expensive and being told I can't manage my money just sets me off. Of course I'm not saying there are people that can't, as pointed out by the dick living with his parents paying £600 a month for a car. But let's not pretend it's a generational thing.
Yet I still spend tens of thousands of pounds in rent. In years gone by what I earn would have been more than enough to get me a deposit on a mortgage.I don't want to sound like a dick here but you made and continue to make the choice of earning below what you could. You do something you love and enjoy at the expense of earning more money.
Unfortunately people's priorities have changed over the years. Too many now think that its their right and a basic need to have sky tv, pay £40 a month for a mobile phone and go abroad for their holidays.
Lad at work just picked up an Audi S4. Pays over £550 a month for it, brand new phone every time a new one is released, 4 holidays abroad a year, yet complains he can't afford to buy a house. Still living with his parents at 34 and not likely to move out any time soon. Simple fact is to be able to afford a deposit and payments on a house you need to cut your outgoings elsewhere.
£550 for a fucking car! Jesus wept. It's an Audi mind so the lad is obviously a c**t.
Yet I still spend tens of thousands of pounds in rent. In years gone by what I earn would have been more than enough to get me a deposit on a mortgage.
It really fucks me off when people who had affordable housing and guaranteed jobs say my generation can't live within our mean. We fucking struggle because everything is so much more expensive in comparison with our wages than when you were our age. Your generation is hording the wealth this country has and the rest of us are being told we can't handle money. Fuck that, stop buying houses to make money.
Minimum wage now would get you something decent In the 80's. My parents paid 17k for there's. My grandparents paid 2k in the 60's.
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