Backlash?

ZTD

ISOM - you believed the blandishments of people who something to gain from you. Most people still do.

Buffythedebtslayer

dudleyboy wrote: »

I definitely agree, rog, about the "peer pressure" aspect and being made to feel inferior and inadequate... I've felt that way for the past 6 years being a DFW (with still 2 years to go - oh joy!) ... and I think it's very difficult, as bathgatebuyer says, for people of my generation (I'm 30) because the expectation of what we must have, must do, and how our success is measured, is incredibly high.

We're told that we should travel the world while we're still young, while also getting a foot on the (unobtainable - for now) property ladder. We're told to live life to the full, while also told to study hard, train hard and work hard to establish ourselves in a good job/career. It's a world of contradictions and, with so much credit available, it's become almost possible to do it all within a few short years.

I agree that it is very tempting and the pressure is great.

That is very true, not only is there pressure on people to own an house and see the world there is this expectation from ourselves that that is what we should be doing. and of course for some being in debt is a way of life and even a badge of honour. You don't have to wait for anything anymore. most things people believe they need are a few clicks away. not real money at all. everything is instant now and then on to the next thing.

It is very hard to stop shopping/consuming when it is all you do outside of work. Even my hobbies involve spending and as for my friends who still have thedress/shoes/bag habit it is just bonkers the debts they are in

xX
edited to add

I dont think there is going to be a backlash, I look at my friends and people I work with and I know roughly what they earn and how they spend (similar to me) Now I know how much I kidded myself that I was managing between cards and loans and am fairly sre they are doing the same, they look at me like I am bonkers.

if the economy goes wrong I have no idea how people will cope.

Pobby

Hey,but it ain`t just us,the consumer.Nija loans.No income,no job,no assets.The very thing that has bought us the credit crunch.So what was in the heads of those who made these loans and the lack of understanding of the finance houses that bought them.

Another strange relationship with money!

always_amazed

This is a really interesting thread.

I feel, and this is my opinion, that the business of money and the 'lifestyle insustry' are in cahoots.... By that I mean the company we want to buy the new TV/ PDA/ Handbag from get money from our credit, and the bank makes money on that. So there really is no incentive (unless this credit crunch really goes for it) for them to stop.

I have to admit I am one of those who got into debt by buying mostly silly things and trying to live that lifestyle. However, I'm 22, and am learning the hard way that that is not the way to be happy. But I'm lucky because I'm learning early, compared to some. I did not realise the ramifications of debt until they happened to me. This is no ones fault but I do wish I'd been taught something about finance from my parents or from school; but I wasn't. I won't blame myself for not fully educating myself on everything I intend to do or ever have done, because if I did I would never live!
But I feel lucky to have had my lightbulb moment early..

Thanks for all the other posts, they are so interesting.
xxx

ZTD

Pobby wrote: »

Hey,but it ain`t just us,the consumer.Nija loans.No income,no job,no assets.The very thing that has bought us the credit crunch.So what was in the heads of those who made these loans and the lack of understanding of the finance houses that bought them.

Another strange relationship with money!

Well there's no risk involved. They borrow the money which they lend at a margin. So no inflation risk, as the money is borrowed, and if there is too much defaulting, the Government will step in and everyone exits with a golden parachute.

It always end up this way.

Pobby

Young debtors?A Godson of mine.Took out a loan and with interest it amounts to £24,000!!!

You wanna know how old he was

---

18 years old!!!!!!!!!!!!!!!!!!!!

ZTD

Buffythedebtslayer wrote: »

I dont think there is going to be a backlash, I look at my friends and people I work with and I know roughly what they earn and how they spend (similar to me) Now I know how much I kidded myself that I was managing between cards and loans and am fairly sre they are doing the same, they look at me like I am bonkers.

There will be a reversal where no one will borrow. It's inevitable.

Buffythedebtslayer wrote: »

if the economy goes wrong I have no idea how people will cope.

Benefit. The trouble is, we import most of our food. If the rest of the world will not accept our GBP scrip, then we are in for a whole world of hurt...

Hermia

There does seem to be a lot of pressure on people now to try to attain a rich person's lifestyle. I was speaking to my mum about this and she was saying that when she was young luxury goods were just not targeted at normal people. She knew that somewhere in London a shop would be selling handbags that cost more than most people's monthly wage, but they weren't featured in the sort of magazines ordinary people read and she would not have known what the 'must have' bag was. I work with a lot of youngsters and often flick through their magazines during my break. These are mags that are clearly aimed at the late teens/twenties market, but they are chock full of £40 face creams, £60 cushions and £500 bags and these items are all described as 'must have'. How many girls of that age can afford these items??

I think the problem now is that a lot of people want everything. They want lovely homes and wardrobes and all the latest gadgets. I don't think consumerism is necessarily an evil thing and I don't think there is anything wrong with spending money on something you love, as long as you stay within your means and budget in other areas of your life.

lesley1960

I think a lot of people ( maybe all ) believe it is their right to have new cars , tvs, clothes,holidays abroad etc every year ?. When the sad fact is , life isnt always fair and you cant have everything you want .

lucielle

I think this is an excellent thread. My oh and I have been talking and really want to teach our children good money habits (as you can see from my sig ours isn't great) and they don't get pocket money. Does anybody have any tips/books/ideas on how to teach them? We have 4 of the little ankle biters the oldest being 12 and youngest 7.