Bank of England DERANGED?!

nobby24

I suppose the Government think they have done enough for us savers by guaranteeing our assets up to £50k?

:mad:

emmalt

john_s wrote: »

Absolutely it is! Assuming the house you're upgrading to has gone down by the same amount (or more) than the house you're selling.

If you sell a house for £200K and buy a house worth twice as much (for £400K) then you need to find £200K to make up the difference.

But if prices crash and both houses halve in value:

You sell for £100K and buy for £200K. But you only need to find £100K

You want to downsize when prices are at their peak.

This is all on paper of course. A house is for living in and not an investment. But after living in a small flat with my wife and two kids for the last 17 years I'm certainly keeping a keen eye on the market!

And you pay less stamp duty, solicitor fees and estate agent fees as these are all often based against the value of the house you are buying all selling.

If you are moving up the ladder falling house prices are great as long as you are in postive equity!!:T

emmalt

Reverbe wrote: »

I always did that. I dont believe in credit cards.

Don't forget that credit cards can have their advantages if you are disciplined and pay them off every month.

1. Protection if the item bought is over £100
2. Cash back

You just need to be sensible.

isofa

emmalt wrote: »

Don't forget that credit cards can have their advantages if you are disciplined and pay them off every month.

1. Protection if the item bought is over £100
2. Cash back

You just need to be sensible.

Exactly. I've been using credit cards for many years, but never ever for their credit facility, I don't believe in credit and living beyond your means. I always pay the balance off in full every month (you can set it up as a direct debit).

I never, ever use a debit card, the risks are too great IMO: online, or with skimmers in shops, or general fraud. Debit cards also list your bank sort code and account number on the physical card, leading to more potential ID theft issues. Credit cards aren't linked at all, nor display any current account information, only showing the number of the credit card account.

1. You have much more protection for purchases with a credit card, compared with a debit card.

2. You aren't spending your money, so if there is fraud on the account, providing you can prove you weren't at fault, you don't need to recover the money, the amount can just be wiped off your next balance before you pay the account - with a debit card, a fraudster could potentially empty your account of your "real" money, which you then have to recover.

3. I get points and cashback depending on the card used. I have a John Lewis one at present as my main card and I get £100+ of John Lewis vouchers to spend each year, some cashback cards offer better rates, such as American Express.

There are many more benefits depending on the bank/card company you use too.

Reverbe

emmalt wrote: »

Don't forget that credit cards can have their advantages if you are disciplined and pay them off every month.

1. Protection if the item bought is over £100
2. Cash back

You just need to be sensible.

Yes they can Emma. I guess as they are alien to me and my beliefs I didnt think to mention that. My philosophy is never get into debt of any kind. I am talking as low as when friends used to offer to pay for me on a night out when I couldn't afford it when I was younger. I would rather stay in then go out at someone else's expense and then have to pay them back.

parcival

I agree with the original post.

Thanks to gormless Brown and his chums the minority of sensible people who live within their means are getting screwed.

The thick workshy idiots who don't know what the word budget means simply get bailed out time and time again.

Only a few years ago all the banks were being critiscised for making exessive profits. What have they done with it all - lent 5 or 6 times peoples incomes on the basis of a rising property market. Why?

And as for the value of the pound - well I ask you!! The country could not be in a worse state.

st

parcival wrote: »

I agree with the original post.

Thanks to gormless Brown and his chums the minority of sensible people who live within their means are getting screwed.

The thick workshy idiots who don't know what the word budget means simply get bailed out time and time again.

Only a few years ago all the banks were being critiscised for making exessive profits. What have they done with it all - lent 5 or 6 times peoples incomes on the basis of a rising property market. Why?

And as for the value of the pound - well I ask you!! The country could not be in a worse state.

:T :T agree interests rate reductions have done nothing except increase import costs due to exchange rates they need to be at least 5% as McBroon sais in 1992 weak currency means a weak government too true McBroon time to go NOW

parcival

Gormless needs to go and the sooner the better.

kengillam

I think this is only the start of this country's woes, we are now dependent on outside resources for both food and energy. When Russia decides to charge more for the gas on which we have become dependent or the oil dries up, and Joe Blogs can't afford a loaf of bread it could start getting nasty.

We are all so reliant on our current infrastructures providing life's neccessities, they say we are only three meals away from Anarchy. Ask yourself these questions. If the shops were not replenished what would you eat and where would you get water to drink if the water companies fail without power. Makes you think!

john_s_2

nobby24 wrote: »

I suppose the Government think they have done enough for us savers by guaranteeing our assets up to £50k?

:mad:

D'oh, I pressed the Thanks button by mistake! What I meant to do was quote you and say that it's better than a kick in the teeth.

They didn't have to bail out Icesave customers either.