Baby boomers struggle to pay off debts

StevieJ

I thought the BB's had been stealing from the young to amass great stores of wealth, mmmmm.

Pensioners are now the fastest growing group filing for insolvency as Britain's baby boomers struggle to repay debts carried into retirement.

http://uk.finance.yahoo.com/news/HOLD-Pensioner-insolvency-tele-2568787973.html?x=0

lemonjelly

StevieJ wrote: »

I thought the BB's had been stealing from the young to amass great stores of wealth, mmmmm.http://uk.finance.yahoo.com/news/HOLD-Pensioner-insolvency-tele-2568787973.html?x=0

Where ya bin Stevie?
They've mewed it all away, remember?

Nice to see Stephen Ward working well wednesday night...;)

markharding557

Looks like some of them have been on too many of them fancy holidays

Loanranger

markharding557 wrote: »

Looks like some of them have been on too many of them fancy holidays

Yep, ski-ing holidays. They're my very very VERY favourite.:D

Generali

I wonder to what extent this is borrowing for the Bank of Mum and Dad?

My In-Laws borrowed hefty 5 figures to pay off the credit cards my SAHM SiL maxed out. They also act as guarantor to my (very sensible) BiL's mortgage.

dopester

Generali wrote: »

I wonder to what extent this is borrowing for the Bank of Mum and Dad?

Or, lending by BOMAD. Some parents would say no to a request to borrow. Some children don't ask. If any of them are under strain from their lending decisions to boost children on to the ladder.. that is a situation of their own making. No violins.

IVAs, DROs, bankruptcy for them - or let them sell up their hpi glory main home and downsize. Finances of ever more baby-boomers coming under strain can't be good for house prices.

Davesnave

This one is debt-free, but yes, BOMAD is surely a serious pressure thing....for some.

Personally, I don't think I'd get any satisfaction at all from the ability to say, "Oh yes, they own a nice little semi in Droitwich," nor, I believe, would they feel that it was truly 'theirs' if the deposit came from this direction.

Anyway, they know what a tight-!!!!!d git I am, so they'd never ask!:rotfl:

markharding557

One thing is certain the next generation of pensioners will be much more indebted than the current one because they already are in much more debt than previous generations were.

lostinrates

My parents, who have experienced much more severe austerity in the past, and their friends, seem to find it much harder to cut back on stuff than many of their chiledren. Trying to rein in my mother yesterday at the sales, for example, was shocking.

edit: also us trying to buy her lunch...a night mare. Similarly a friend's retired mother offered to buy her daughter, I and my husband lunch recently, then tried to buy us Christmas decorations and Cath Kidston napkins I said ''are fun''..at £15 for 4 I did not need or want 12 of them!....: I'm fairly confident this woman is comfortable but not rolling in it, and hadn't seen me for over a decade, so can't feel that close!

martinbuckley

BBC Breakfast news had a piece this morning about an old man who was "trapped" in his house that he couldnt sell over the past 12 months.

They interviewed him, but strangely he couldnt remember how much he paid for his house in the 1960s, nor did he disclose what he was selling for, or indeed whether he had reduced its asking price to make it more attractive to potential buyers.

PasturesNew

martinbuckley wrote: »

BBC Breakfast news had a piece this morning about an old man who was "trapped" in his house that he couldnt sell over the past 12 months.

They interviewed him, but strangely he couldnt remember how much he paid for his house in the 1960s, nor did he disclose what he was selling for, or indeed whether he had reduced its asking price to make it more attractive to potential buyers.

It probably smelled of wee and old tobacco smoke.