Past Recessions - what were your experiences?

drbeat

jm28cardiff wrote: »

Huh? Crazy quote!

I was in High School when Thatcher went, a teacher sent a kid round to each class in school, he came in and said "Thatchers gone", and the whole class cheered!

Well I would expect nothing else of the Welsh! She still kicked Kinnocks @rse! So thank god for Thatcher!

wymondham

credit_crunch_victim wrote: »

the wife and i bought our first house in about 1990-91 after renting for a couple of years
within 9 months the mortgage had trebled and we lost the house we were young and nieve looking back
we got hit with a bill 6 years later for just over 30k the house lost 20k in value in a year plus the acumilated interest
we bought for 60k and they sold it for 40k
we since paid off the debt and bought our next home and have been here for 17 years
it taught us a lot about money and what to expect this time around

.... from someone who knows what negative equity is... to all those who say 'as long as you want a home and not an investment you'll be fine' .... digest. I'm sure 90% of new buyers don't know these scenarios are even possible, and if they do it's for other people....

space_rider

fc123 wrote: »

I
Mind you, teen daughter feels her life is empty as she doesn't own a pair of GHD's.

That`s the first thing my daughters have bought when they got a job at 16. My 19 year old burnt the carpet and I didn`t see it until she left for uni:mad:

115K

I was too young or I had no financial responsibilities during the last economic recessions but I remember a family member losing his home when interest rates went up markedly.

I'm already worried about the situation we will be in in a few years time when our mortgage is up for renewal as I'm scared it will be 15% or something. I don't really care about negative equity as we aren't planning on moving house anytime soon.

jm28cardiff

I worked out on a mortgage calculator that I could afford up to 9% interest rates, beyond that I would struggle.

115K

jm28cardiff wrote: »

I worked out on a mortgage calculator that I could afford up to 9% interest rates, beyond that I would struggle.

Sorry to be stupid but where did you find the calculator. I need to scare myself more.:o We probably could cut down on non-essentials if push comes to shove.

[Deleted User]

Here's a calculator: http://www.bbc.co.uk/homes/property/mortgagecalculator.shtml

I think if rates went past 9%, we'd be out on the streets (or, move in with parents). I am enjoying my 4% at the moment, and making sure to put more into savings to cover an eventual increase in rates

115K

Thank you.:A

jm28cardiff

I used a spreadsheet in work.

Coolfonz

In no way were miners greedy. You had face workers on pittances. She started 30 years of insane political ideology masquerading as economics, carried on by Labour. And this is what weve got...