The generation poorer than their parents

ukcarper

zagubov wrote: »

Go back to 1970s in the UK (or at least Scotland) there was a shame of debt that nobody seems to remember.

People rented or lodged or lived with relatives until they could scrape a deposit of about 40% and then it as acceptable to get a mortgage for the rest. If they didn't gather that much together they didn't buy -and loads of people rented all their life- they may not have had property but they had the pride of not being indebted.

A major change has been the social engineering of the rental market to remove the stigma of debt ( and not just mortgage debt). All those 95% and 100% mortgages that took off over the last few decades helped fuel this HPI.

I’m not sure there was any shame in getting a mortgage in England in the 70s I got a 90% mortgage then and didn’t feel any shame.

StevieJ

ukcarper wrote: »

I’m not sure there was any shame in getting a mortgage in England in the 70s I got a 90% mortgage then and didn’t feel any shame.

I think that Barclaycard would also have well impressed the neighbours as they queued up for their HP and Provident cheques or hiding behind the sofa to escape the rent man.

ILW

StevieJ wrote: »

I think that Barclaycard would also have well impressed the neighbours as they queued up for their HP and Provident cheques or hiding behind the sofa to escape the rent man.

I think the difference now is that back then HP was generally only available on durable goods and the loans tended to be structured to be repaid whilst the item was still in service. Many now will take out a five year loan to pay for a two week holiday.

StevieJ

ILW wrote: »

I think the difference now is that back then HP was generally only available on durable goods and the loans tended to be structured to be repaid whilst the item was still in service. Many now will take out a five year loan to pay for a two week holiday.

Shameless

geneer

robmatic wrote: »

:rotfl::rotfl::rotfl::rotfl:

:rotfl::rotfl::rotfl::rotfl::rotfl:

kabayiri

ILW wrote: »

I think the difference now is that back then HP was generally only available on durable goods and the loans tended to be structured to be repaid whilst the item was still in service. Many now will take out a five year loan to pay for a two week holiday.

HP in the 70s used to mean provident loans, or catalogues.

HP now means wizards, muggles and goblins.

Strange times indeed

Ark_Welder

kabayiri wrote: »

HP in the 70s used to mean provident loans, or catalogues.

HP now means wizards, muggles and goblins.

Strange times indeed

What a sauceless world you have lived in!!

geneer

Ark_Welder wrote: »

What a sauceless world you have lived in!!

We have the internet. So plenty of sauciness.


Of course as everyone and there dog now has access to the internet, its clear that we're much better of than say a medieval king.

or not.

zagubov

ILW wrote: »

I think the difference now is that back then HP was generally only available on durable goods and the loans tended to be structured to be repaid whilst the item was still in service. Many now will take out a five year loan to pay for a two week holiday.

You're on important ground here. I've met people who thought it was clever to raise their house purchase bid to take in white goods and furniture because the rate of paying back a mortgage was the best figure they'd ever seen and cheaper than a loan.

Ignoring the fact that they pay that rate for maybe twenty-five years.

There's more people getting into deep debt now that know how to deal with it or what they'll pay back long term.

And it disturbs me to imagine how they'd cope if we ended up with the colossal house prices that Japan has and their system of 100-year mortgages that only a multi-generation family could pay off.

StevieJ

geneer wrote: »

We have the internet. So plenty of sauciness.


Of course as everyone and there dog now has access to the internet, its clear that we're much better of than say a medieval king.

or not.

That raises a very interesting question, would you accept being worse off than you are at the moment, providing you were better off than everyone else? Is financial satsfaction merely a relative concept?