Wednesday, Aug 04, 2010
The new bankrupts!
Dailymail: Big homes, nice cars, luxury holidays... what their friends don’t know is that they’re Britain's new
And borrow they did. Over time and on credit, the Risbridgers acquired all the trimmings of success: a five-bedroom house in Buckinghamshire, with an Aga, bespoke kitchen and wet room, surrounded by 15 acres with stables and 14 horses.
Saving face: Charlotte says she still eats at restaurants with friends, but prays they don't ask her to go Dutch
A top-of-the-range Audi as well as a Range Rover sat on the drive. Their two children were privately educated and they holidayed in the Caribbean and Dubai.
By 2006 their incomes had dropped, but their outgoings hadn’t.
Posted by mark @ 08:31 AM (1502 views) Add Comment
14 Comments
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1. timmy t said...
Phew - I'm so glad I've had interest on my savings wiped out in order to keep the bubble inflated - these poor things would have really suffered otherwise. Probably moan at single parents living on income support whereas in reality they are just the same - living off others.
2. Simon said...
"‘...our earnings were rocketing and naively we believed it would go on for ever. "
This characterises so many people who find themselves in financial difficulty completely of their own making - they thought it was never going to end .
Having worked the in an industry which has been in decline in the UK for the 20 years I've been involved with it (Information Technology) I was under no such illusions .
Interesting that when these people start to fall behind they borrow more and more to keep up appearances .
Did they even consider when they would pay it all that money back they were borrowing ?
It disgusts me that we should have to bail them out by having our savings eroded by inflation and pay mortgage interest on 125% mortgages on houses which they would only ever be able to afford downhill with the wind behind them .
3. str 2007 said...
timmy t
Quite agree, in fact the more indebted they are the bigger the bailout they're getting.
I always find it incredible (and I'm someone who can spend money) (I've got) that people clever enough to haul in several hundred thousand a year are also so stupid as to think it'll go on forever.
It never ceases to amaze me how they fail to secure what they need (ie a nice family home martgage free) before they go on an out of control credit binge.
It's not like you have to wait very long if you're on several hundred thousand a year to lock away what you're going to need.
What drives me loopy is that this time they've been so hugely bailed out.
4. monty032 said...
Mark, of the eight articles posted so far today, you posted four of them, and only one of yours was about house prices - in China. How about giving it a rest?
5. easybetman said...
Think HPC is not really just about house price anymore but about economy in general as well. I welcome the post..
6. need-a-crash said...
This article is very relevant to house prices. As the DM comment says,
"I do not feel sorry for you or for your generation. You have ruined it for us, the next generation, we cannot even buy our first home thanks to people like you who raked up all the holiday and second homes. You made your bed, now you can lie in it."
Still the government has run out of bail-out money now and these guys are obviously still struggling so hopefully the correction is still on its way...
7. inbreda said...
"For many articles I write, I earn no more than £250 and often struggle to make £500 a week — just over what my rent is." - Hopefully this article doesn't get her more than a fiver closer to that goal.
"naively we believed it would go on for ever" - Amen. Their intelligence is really shining through now
"There was definitely a sense of shame ..." - and so there should be. Absolute failures of human beings.
"I sympathise with Deborah’s sense of shame and failure" - and so you should, you are as much of a loser as Deborah.
"When a friend invited me and my daughter to Scotland for the weekend recently, I accepted before I looked into what it would cost for the two of us to fly there and hire a car." - God forbid you get a bus or a train like the oi polloi you arrogant pr1cks!
"who’d have thought that anyone would feel sorry for a ...woman ...in designer jeans?" - I know, I know. It's really tough to beleive isn't it.
It is time for these people to pay. No more bailouts. No more thefts from the prudent. The only people I feel sorry for is there kids - skint AND a bad genetic inheritance!
8. inbreda said...
sorry "their", not "there"
9. Stevie Dee said...
I'm beginning to realise the only way of making money in this country is selling cocaine, mephadrone, heroin, smack and crack. Get a couple of young ladies and drug them up and let my father's generation pay for there time. Then i can afford a lifestyle described in this article and actually pay for the house, cars, etc. This is going on all over the United Kingdom. And the police and government are complicit in colluding with the town's big drug don's or wannabe scarface's. In short, we now live in a quasi-narco state. And this will cure this families financial woes in no time. Just being honest.
10. general congreve said...
Here, here Inbreda!
Mind you, on the bright side, while my sterling balance may be taking a kicking from artificially low interest rates and other crazy schemes like QE (that are keeping these idiots in homes at my expense), my net gains should be greater when the wheels finally come off and gold rockets.
11. mrflibble said...
If there is any justice in the world these clowns will be begging for change in the local town centre.
12. mr g said...
Proves that I was right all along, it's not just the baby boomer generation who have been greedy.
What, no comments criticising an article in the Mail?
13. tenyearstogetmymoneyback said...
An interesting article which maight explain the great mystery as to who the people in debt are.
As suggested before I would love to see the distribution curve on average debt.
A few people like this owing £100K + would have a different effect to loads of people owing
£20000 each in terms of numbers of bankruptcies, repossessions etc.
14. Arthur Kinnell said...
Have to agree with Stevie Dee: the illicit drug industry transfers money from the poor to the rich - junkies don't rob rich people to pay for their drugs. If drugs were made legal the criminals would lose a major source of income, and would be obliged to target the wealthy through kidnap, extortion etc. No reason for the wealthy to want to change the situation. There is a parallel in the Prohibition years in the USA - if you can get hold of a copy 'The Dry and Lawless Years' by Judge John H. Lyle (Prentice-Hall, 1960) is a fascinating read.