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Personal debt mountain as big as it ever was.
Comments
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RenovationMan wrote: »Once again we have a VI group talking about debt and conveniently ignoring assets. Once again I provide the real-world example of my £250k of debt and £450k of assets, and that's only my house, I'm not including my pensions, savings and investments.
You really aren't that much 'real-world' RM
You have a house and income which puts you in the higher bracket.
I doubt that the DFW board is dominated by your work colleagues.
It's the people who live pretty much day to day on their income, with minimal savings. Changes in their income or expenditure can easily push them from a coping to non-coping situation.0 -
Surely the lenders would have warned them what a bad idea that was.Many took out long terms loans to pay for a holiday which lasted two weeks."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
Would taking out a 12 month loan for a 2 week annual holiday be completely unreasonable? Especially if it let you benefit from an early booking discount saving more than the loan interest. Not saying I would do it but surely it is just a different way of paying for the holiday than saving for 12 months?Surely the lenders would have warned them what a bad idea that was.I think....0
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Surely the lenders would have warned them what a bad idea that was.
The 'modern' anonymised lending phenomenon...as seen on tv.
Cue worried looking couple as they huddle around a laptop screen. A couple of clicks on the lending site later, and their faces are full of smiles.
No face to face contact with the lender; no awkward questions; no poring over their bank statements for large Sky+ outgoings; no trek to the bank/building society to conduct the loan business.
Is this the future of lending? Green lights until your credit flag goes red on your file?0 -
Would taking out a 12 month loan for a 2 week annual holiday be completely unreasonable? Especially if it let you benefit from an early booking discount saving more than the loan interest. Not saying I would do it but surely it is just a different way of paying for the holiday than saving for 12 months?
As I tell my wife regularly. If you cant afford it, you cant have it. Holidays are discretionary expenditure. They are not essential. I suggest if it takes 12 months to pay it off, you cant afford it.
Buy a tent and drive down to devon. Much cheaper.0 -
We must hope that most of the debt is secured and the people who have it do indeed have the assets.Graham_Devon wrote: »But it does not mean that those with the most debt have the assets. You can only do this on a person by person basis.
Perhaps we should never have done away with Hire Purchase."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
Buy a tent and drive down to devon. Much cheaper.
Does Graham let you pitch it in his back garden ? That's very generous of him, even if he does charge a small fee.30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0 -
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We must hope that most of the debt is secured and the people who have it do indeed have the assets.
Perhaps we should never have done away with Hire Purchase.
What they should have done in the past and what they should do in the future is simply to ban MEWing, except for improvement on the property you're MEWing from. This would save a lot of idiots from themselves.0 -
Forget camping there! Graham's house is the only place in Devon that has a black raincloud permanently above it.
Petrol's expensive too.
Harsh, but :rotfl:
However, I'm sure Graham's house does experience nice weather, and petrol is expensive everywhere.30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0
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