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Debate House Prices
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The High Street is really suffering...
Comments
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Thrugelmir wrote: »Reality has yet to hit many.
Is that the same reality that house prices would bottom July-Dec 2011 as per your prediction?
http://forums.moneysavingexpert.com/poll.html?do=showresults&pollid=41550 -
People who rent, live at home with parents etc do not have credit cards.
No, not at all. But those with equity to splurge have splurged.
Those that havent have got hideously into unsecured debt. Unsustainable lifestyle.As i stated before the greatest worry for many debt lines is the amount of under 25's in trouble with cards etc.
Any proof of this? Personally, I would be worried about the 65 year old with the 200K mortgage than the 21 year old with 10K on the plastic. The latter can sort things out with a lifestyle change. Hard to get the formers money back with crashing prices and a debtor on deaths door.0 -
So sorry am I getting it wrong but consumer debt is mainy down to home owners!
People who rent, live at home with parents etc do not have credit cards!
Would that be correct or just what this forum wants us to believe?
As I stated before the greatest worry for many debt lines is the amount of under 25's in trouble with cards etc.
That hardly fits in with the view it is mainly home owners.
Consumer debt also takes the form of secured loans on property. All those people who have consolidated debt off credit cards and other unsecured lending. Using the capital appreciation in their homes to support their debt levels.0 -
Is that the same reality that house prices would bottom July-Dec 2011 as per your prediction?
http://forums.moneysavingexpert.com/poll.html?do=showresults&pollid=4155
I support that view, with a +-6 month timeframe.0 -
Talking of which I heard that Tchibo are to close all their outlets in the UK.I think....0
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No, not at all. But those with equity to splurge have splurged.
Those that havent have got hideously into unsecured debt. Unsustainable lifestyle.
Any proof of this? Personally, I would be worried about the 65 year old with the 200K mortgage than the 21 year old with 10K on the plastic..
Any proof on this?
When I heard it, it was some debt action woman on radio 5 saying about young peoples debt and it being worse than ever.
There was a 21 year old girl with over £30K and a 24 year old guy with i think nearly £100K.
I don't think the 65 year old's have IO mortgages and no equity worse case is they sell up.
What does the young person do?0 -
Credits Cards / Overdrafts - but people can cope with it.
People can't cope with it Dan.
Some can, but I'm afraid they're in a minority.
Credit has been far too easily accessible over the past 12 years. As a result, the levels of consumer debt are ridiculously high.
The average joe owes in excess of £25k (excluding mortgages).
Bankruptcies are escalating year on year.
Some commentator on radio fivelive yesterday was saying it is a good thing that CML have downgraded their expectations of repossessions from 75,000 to 65,000, & that is a good thing! How? 47,000 last year, so still a massive increase. How anyone can see 65,000 losing their home as anything resembling good is beyond me!originally posted by Really2
So sorry am I getting it wrong but consumer debt is mainy down to home owners!
People who rent, live at home with parents etc do not have credit cards!
Would that be correct or just what this forum wants us to believe?
As I stated before the greatest worry for many debt lines is the amount of under 25's in trouble with cards etc.
That hardly fits in with the view it is mainly home owners.
You are correct Really2. Thing is, creditors have more power over homeowners comared to those you list. However, as consumers, with this credit crunch so many now have significant debt but difficulties in paying. Further, the lifestyle to which they had become accustomed is no longer accessable due to credit withdrawal.
In addition, the number of non-homeowners out there with colossal debts really does increase the level of toxic debt out there. I mean, if they've no assets, how will the banks recover what they're owed?originally posted by Thrugelmir
Reality has yet to hit many.
Quality post! Though part of me wonders if reality is being denied by some out there.It's getting harder & harder to keep the government in the manner to which they have become accustomed.0
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