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It`s different this time
Pobby
Posts: 5,438 Forumite
Thinking back to the last recession it does feel different this time. For a start we had high inflation at the same time so IRs were in double digits unlike the 0.5% they are now.
I have no proof but I am told there was far less personal debt in the early 90`s.
In my own case my £58k mortgage reached around £700 a month:eek: That`s a pretty heavy mortgage by todays standards.
I have no proof but I am told there was far less personal debt in the early 90`s.
In my own case my £58k mortgage reached around £700 a month:eek: That`s a pretty heavy mortgage by todays standards.
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Comments
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Thinking back to the last recession it does feel different this time. For a start we had high inflation at the same time so IRs were in double digits unlike the 0.5% they are now.
I have no proof but I am told there was far less personal debt in the early 90`s.
In my own case my £58k mortgage reached around £700 a month:eek: That`s a pretty heavy mortgage by todays standards.
I had a 38k mortgage costing around £450 a month, you would be paying less now, even at more normal rates the costs today would not be much more, in the North anyway.'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
Yes, it is already worse than the 90s...in under half the time.
Just like we said.0 -
the early 90's as bad as they were, only Labour could make them seem somehow 'rosy'Target Savings by end 2009: 20,000
current savings: 20,500 (target hit yippee!)
Debts: 8000 (student loan so doesnt count)
new target savings by Feb 2010: 30,0000 -
Cannon_Fodder wrote: »Yes, it is already worse than the 90s...in under half the time.
Just like we said.
It was
'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
A lot of people are enjoying a cheap £250k mortgage on a posh 4-bed detached for less than rent on my studio. Nuts.0
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PasturesNew wrote: »A lot of people are enjoying a cheap £250k mortgage on a posh 4-bed detached for less than rent on my studio. Nuts.
I'm not the only one who pays more in business rent than the cost of my mortgage then :mad:0 -
Thinking back to the last recession it does feel different this time. For a start we had high inflation at the same time so IRs were in double digits unlike the 0.5% they are now.
I have no proof but I am told there was far less personal debt in the early 90`s.
In my own case my £58k mortgage reached around £700 a month:eek: That`s a pretty heavy mortgage by todays standards.
In the 90s people also had far lower expectations when it came to housing than they do now (now: 'must-have' factors are, for example, massive new kitchens with islands, gigantic fridge/freezers and naturally a separate dining area; en suite bathrooms and certainly more than one bathroom per average home). This for people in their mid-twenties...
Crazy.0
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