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"Any sane person should worry about what will happen when IR's rise"
Comments
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GeorgeHowell wrote: »some people will default if interest rates go up substantially.
It won't just be people defaulting in that scenario :eek:'In nature, there are neither rewards nor punishments - there are Consequences.'0 -
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GeorgeHowell wrote: »How on earth is that a U-turn ? It's two different ways of saying the same thing -- ie some people will default if interest rates go up substantially.
Whether you agree with that premise or not, which part of it is it difficult for you to understand ? We can try to help you through it, because we recognise that not everyone will possess the intellectual acuity to be able to keep up with the brightest.
Nope the first scenario was having people default and 'taking their chances', I assume 'chances' meaning they will get a bailout, benefit or some other way of paying their mortgage? Certainly 'taking their chances' makes the default sound voluntary.
The second scenario is having people default because they can no longer afford to pay their mortgage, they're not 'taking their chances' because it's not a choice, it was forced on them. They default because there is nothing else they can do.
They're no where near the same, but no doubt we'll be hearing from you with pages of discussion on semantics, and what you really meant. Good luck with that, it just digs you deeper into a hole.0 -
Nope the first scenario was having people default and 'taking their chances', I assume 'chances' meaning they will get a bailout, benefit or some other way of paying their mortgage? Certainly 'taking their chances' makes the default sound voluntary.
The second scenario is having people default because they can no longer afford to pay their mortgage, they're not 'taking their chances' because it's not a choice, it was forced on them. They default because there is nothing else they can do.
They're no where near the same, but no doubt we'll be hearing from you with pages of discussion on semantics, and what you really meant. Good luck with that, it just digs you deeper into a hole.
Some people will tighten their belts, make sacrifices and cope. Some will be so overstretched already that they won't cope. Some will be unwilling or unable to adjust their situation and will face default rather than do what it takes to avoid it. The last group are what I meant by the shorthand 'taking chances'. Feel free to come back with more flippant remarks about the choice of words. Readers might find it more interesting if you actually attempted to address the issues.No-one would remember the Good Samaritan if he'd only had good intentions. He had money as well.
The problem with socialism is that eventually you run out of other people's money.
Margaret Thatcher0 -
Like that plonker in the audience on Question Time this week. He was having an almighty whinge about how any increase in interest rates will leave him in the brown stuff. The thing is that I think he only took out his mortgage a couple of years ago and he admitted that he had been warned that rates were only likely to rise. He thought he had a right to cheap credit forever! What a clueless t*sspot.GeorgeHowell wrote: »Some will be so overstretched already that they won't cope.0 -
Like that plonker in the audience on Question Time this week. He was having an almighty whinge about how any increase in interest rates will leave him in the brown stuff. The thing is that I think he only took out his mortgage a couple of years ago and he admitted that he had been warned that rates were only likely to rise. He thought he had a right to cheap credit forever! What a clueless t*sspot.
I remembered that guy, I thought he was going to start crying at one point.
I think a property crash and a sharp rise in rates is the only thing that will get through to people like him.0 -
they're not 'taking their chances' because it's not a choice, it was forced on them. .
I don't think the laws of chance vary depending on whether you made a voluntary choice or not. You have the same chance of surviving a leap from Beachy Head whether you jump or are pushed.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
Honestly, I'm not worried in the slightest about interest rates going up.
I think the insane are those who think we should be losing sleep about it.
It'll be fine.
........
You are so unbothered about it you come on this board daily like you have for years abusing people who do not share your property ramping views, but at the same time openly fretting about your heavily mortgaged shoebox in Northamptonshire..
What a n*b
p.s Charlie Bean says your mortgage will double in the next three years as well, suppose that is nothing to worry about either.0 -
I've always wondered why homeless people living under bridges had iPhones, iPads, pet pugs and a Sky dish. They preferred to take their chances with mortgage default rather than live without this stuff.
What world do you live in??
Try working/helping out at Shelter or Crisis for a few days and listen to stories of child abuse, alchohol and drug problems, violence and severe mental health problems that many of these people have had to deal with in their lives and the negative coping patterns many are daily trying to deal with.
As usual you know f** all about a subject you have obviously taken no time to understand, and yet again your usual rant where somehow buying property is the answer to all the problems in the world.
If two working professional non drinking/non drug taking young adults struggle to get on the housing ladder in 2014, how do you expect these people to manage.0 -
Honestly, I'm not worried in the slightest about interest rates going up.
I think the insane are those who think we should be losing sleep about it.
It'll be fine.
I'm not worried either, I don't think that there is any point in worrying about something outside of my control, the time to consider when (it was never 'if') interest rates rise was before committing to a mortgage (not afterwards). Obviously some would have unfortunately suffered a change in circumstances and that is the exception.Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop0
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