Poll - What do YOU THINK the MPC should do on 7th Feb?

free4440273

Originally Posted by free4440273
Ditto. And I have no problem with people living beyond their means, so long as their 'stupidity' does not impact upon my financial prudence: rates should be going UP, not down. We need people to save (it's not a dirty word) more.

wolvoman wrote: »

There's a bit of a nasty undercurrent in these threads that somehow borrowing is bad and saving is good. As if there's some sort of 1950s moral crusade at the heart of it.

It's a fact - 99% of people cannot buy a house without borrowing.
It's a fact - 99% of businesses need to borrow to expand and grow. The very same growth that enables us all to have employment and perhaps save

I never said borrowing was 'bad'; I'm talking about discipline, prudence, proportion and plain-old common sense: Is it 'bad' to borrow 6/7x one's salary?? Uh, Yes. (And yes, I do have a mortgage like everyone else here).

Paul_Herring

wolvoman wrote: »

There's a bit of a nasty undercurrent in these threads that somehow borrowing is bad and saving is good. As if there's some sort of 1950s moral crusade at the heart of it.

It's a fact - 99% of people cannot buy a house without borrowing.
It's a fact - 99% of businesses need to borrow to expand and grow. The very same growth that enables us all to have employment and perhaps save

87.2% of statistics on the internet are made up. Do you have some citations for those 99%'s?

And do you have the percentages for unnecessary overspending currently residing on credit cards earning interest for the institutions they're with?

There's sensible borrowing and not so sensible borrowing. Mortgages do not fall into the same category as 'I'll just stick my Christmas shopping on my credit card, and hope I can pay it off by next Christmas.'

pr33tz

I had to borrow 10x my annual salary to buy my first home. I must be really "bad"!! :rolleyes:

aardvaak

wolvoman wrote: »

And you have got yourself to blame for only saving and not investing - why are you anymore entitled to reward than someone who borrows?

I have borrowed in the past and now I own my property outright - now my savings are my only source of income!

free4440273

pr33tz wrote: »

I had to borrow 10x my annual salary to buy my first home. I must be really "bad"!! :rolleyes:

I borrowed 20x my salary; I must be insane :rolleyes:

free4440273

^^^^^Spam.

Paul_Herring

freddribble wrote: »

Analysis of the interest rate cut

:spam: reported

firsttimetom

I think there is one thing we can all agree on.

That Freddribble and other spammers go away and leave us alone!!!

wolvoman wrote:

There's a bit of a nasty undercurrent in these threads that somehow borrowing is bad and saving is good. As if there's some sort of 1950s moral crusade at the heart of it.

Wolvoman, I don't think borrowing is bad, not in any way. I run a business and have credit accounts whereever I can, all paid off by direct debit on a set date. This is a very short term interest free way of borrowing and it improves cashflow.

What I really gets to me (and I mean really gets to me) with is:

1. People borrow more than they can realistically afford (mostly talking about the 10 credit cards brigade here) and then expect the governemnt to bail them out. Failing that they simply declare themselves bankrupt and everyone on the MSE debt board sympathises with them (I know it must be hard, but a little common sense would have stopped them getting in that posiition) adn their debts are cleared and they don't have to pay back what they owe.
2. House prices are so ridicolous that people are having to borrow 8 or 9 times their annual income to get a foot on the ladder. I live in a small town and i don't think I'm asking too much that me and my partner could afford to buy a 2 bedroom semi detached house (there are very few terraces and none for sale at the moment). The cheapest is currently £162,500. assuming a 10% deposit you would still need to borrow over 6 times the average local income (according to the district councils wage figures). I would hate to be trying to buy in London right now.

Turnbull2000

I see the BBC Have Your Say is as embarrassing as ever. Practically the entire first page of recommendations are from those who've been suckered by a wind-up merchant. Any worthwhile comments are shunted to the end.

I have 3 properties with mortgages but don't make any money because I can't rent them out for the same as my mortgage payments. 1/4% means little I need a cut of 3% then I can breath again.

adr0ck

cheapest 2 bed terrace round my way is £75K

cheapest 3 bed semi is £80K

prices dont seem that bad here in comparison