Friday, Dec 28, 2007
Sooooo, this is a soft landing then?
Telegraph Co Uk: Credit crunch set to push up bankruptcies
A short piece which highlights the plight of the sheeple. Looks like a number of properties will be coming onto the market then. I wonder how the banks/building societies will manage the flood. I assume they will seek to minimize the impact of a large number of homes coming onto the market to protect house values. How?
Posted by talking rot @ 07:55 AM (805 views) Add Comment
6 Comments
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1. alan said...
Mark Sands, the director of personal insolvency at KPMG said "Too many people have borrowings that they have no realistic hope of repaying".
This is my experience too. They couldn't care less....Amazing!
Are they expecting the card companies to "just write it off"?
2. who stole my pension? said...
It's all in the definition. Gordon no doubts defines this plane landing as soft.
http://vids.myspace.com/index.cfm?fuseaction=vids.individual&VideoID=19419708
However, others may call it a crash!
3. hpwatcher said...
Semantics: A sharp drop, specifically coupled with both a recession & a HPC is now to be referred to as ''soft''.
Simple.
4. Afrobaggie said...
Ok, so if a recession, HPC and general closure of UK PLC is referred to as 'Soft' what is the definition of a crash?
5. handle_it said...
I work with a guy who racked-up over 20k of unsecured loans. He now pays £12 a month to some collection agency. He rents a flat at £500 a month. Goes out every weekend. Has take-out food most nights. He's actually on a skiing holiday right now ! This is all on top of the other debts he's just never ever paid... He throws his rubbish all in one bag. As he says "i dunt see why i shud ave to recycle " He has no pension or savings. He always has the newest Mp3 player or the latest video game console. Money is no trouble at all. Sky Movies/Sports,full package, no less. Home games at ManU,few beers after, and some back slapping with his fair weather friends. Why worry eh ?
6. hpwatcher said...
''I work with a guy who racked-up over 20k of unsecured loans. ...''
As long as fools will lent to that guy, then he will always be happy to take the cash. There is no limit to the amount he is prepared to take.
But there are people, I know, with a lot more debt that 20k