Recession 100% official now

Dithering_Dad

Any wrote: »

No, the problem is that it isn't the case for everyone.
All those people who run up their credit cards by their pure irresponsible spending found themselves paying double percentage or found it difficult to get new 0% deals thanks to the bank collapse - and now even though they still have the same job paying the same money they cannot afford to keep up with the repayments...

Yes it is the case for everyone (being OK unless they lose their jobs), even more so for those who are living beyond their means. With a job they can at least carry on paying for the important things such as their mortgage, food, clothing even if they have to default on their credit cards and get some fo their stuff reposessed. They can go on DMPs or IVAs and pay back their debts. Without a job they won't be able to do thease things and will be in fear of having their home reposessed.

Generali

dopester wrote: »

It doesn't sounds like a real paradise, set to continue prospering, according to some of the HPCers recent discussion - but I don't know much about Aus myself.

TBH, they're pretty 'behind the curve' on Aussie attitudes to the economy. There is a widespread realisation that the economy is in a lot of trouble, not just in the papers but among ordinary Australians.

You have to remember that Perth prices have fallen by 20% and that's probably an accurate figure, perhaps even an understatement. However, Perth has a population of a little over a million and there's very little else in Western Australia apart from mines and a few miners. Prices there have been shooting up due to the commodities boom over the past couple of years. You could say it's the Northern Ireland of the Aussie property market - shot up recently and clearly riding for a fall.

Prices in Sydney have probably dropped by about 5-10% from peak (depending on the suburb), taking us back a couple of years I reckon. Prices have a lot further to fall in all of Aus - in ordinary times a 20% deposit is required on a house. Commonwealth Bank are still offering 0% down mortgages in some cases.

As an aside, I hate that website. The single voice with which they all sing, the nastiness and gloating tone towards people suffering genuine hardship really grate.

Definitely a better class of person on this site!

chucky

Generali wrote: »

As an aside, I hate that website. The single voice with which they all sing, the nastiness and gloating tone towards people suffering genuine hardship really grate.

it seems that they are drifting on here now... the site is a funny read though

Generali

chucky wrote: »

it seems that they are drifting on here now... the site is a funny read though

I find HPC like The League of Gentlemen. I could see the humour but for me it's just too weird and horrible.

WTF?_2

RainMaker wrote: »

Quite right. Infact, if you keep you're job you're probably alot better off than you were before this recession started. Question is, can you keep your job ?

Indeed - most people by now have cottoned on to the insecurity of future employment prospects. That said, most people will keep their job.

Personally, I'd be more worried about losing my savings due to a bank bust or seeing them inflated/devalued away.

There will always be other jobs and I have plenty of savings to fall back on in that event - but losing wealth you had already 'banked' (mentally and literally) is a killer IMO.