Jump to content
House Price Crash Forum
interestrateripoff

The Spoilt Generation: What They Want Is What They Get, Even If It Plunges Them Further Into Debt

Recommended Posts

http://www.dailymail.co.uk/femail/article-2047260/The-Spoilt-Generation-What-want-plunges-debt.html

Jasmine in 25 and takes home £1,900 a month, yet in the past four weeks, she's bought a £1,200 handbag and an £800 dress. She says she'd rather pay now and worry later. And she's far from alone...

You’ve just treated yourself to a gorgeous new pair of high heels, booked your third foreign holiday of the year and there’s a pamper night for you and your closest friends in the diary for next weekend.

Who cares that there’s still three weeks to go until payday or that your overdraft is perilously near the limit?

As for talk of another recession, that has nothing to do with it.

This week, Prime Minister David Cameron came under fire for a draft of his speech which proclaimed ‘the only way out of a debt crisis is to deal with your debts. That means households — all of us — paying off the credit card bills.’

It caused a furore, not only because a privileged, Eton-educated man with no money worries was saying it, but also because of the inference that those of us in debt have the option to pay back what’s owing. Doesn’t he know, thought the masses, that we’re in debt because we have no other choice?

But she hasn't paid, someone else paid and she now has to pay them back.

In fact we need more people like this for the UK recovery to happen, in a consumer based economy debt is the golden egg.

Share this post


Link to post
Share on other sites

Isn't the age of the most indebted 50-55?

serious? how does that work out... I would have thought that age group would have paid off their mortgages, be sat on a pile of free HPI as well as presumably some savings and better pensions than anyone in future will ever have? have I got that wrong :blink:

Share this post


Link to post
Share on other sites

serious? how does that work out... I would have thought that age group would have paid off their mortgages, be sat on a pile of free HPI as well as presumably some savings and better pensions than anyone in future will ever have? have I got that wrong :blink:

MEW.

Share this post


Link to post
Share on other sites

But she hasn't paid, someone else paid and she now has to pay them back.

And she never will pay if her job goes pear shaped as I'd bet good money she has zero in reserves.

Credit Cards and Credit Agreements needs to be abolished, people would be much better off saving up for stuff and would also appreciate it much more when they finally go and buy it.

Still scratch that, debt is wealth, jokers like the one above have sadly outsmarted us prudent fools in this world of spend today and worry tomorrow.

Share this post


Link to post
Share on other sites

MEW.

if they've all MEW'd their way into NE then we really are all ******ed. I can't believe thats the case, I'd imagine its a small minority and that most from that generation would have questioned the free money printing machine and instead paid off their mortgages.

Not saying it hasn't happened obviously, but surely not to the extent that the majority are in NE when we have a crash :o

Share this post


Link to post
Share on other sites

http://www.dailymail.co.uk/news/article-541791/A-generation-debt--Britains-pensioners-owe-age-group.html

The study by the Consumer Credit Counselling Service covered only "unsecured" loans, which means total debts could be larger because many pensioners still owe tens of thousands of pounds on their mortgage.

Those over 60 who had contacted the charity for help with their money problems owed an average of almost £30,000.

By comparison, the 18 to 24 age group owe £9,656; the 25 to 39s £21,876 and those aged 40 to 59 £28,903.

In the past, it was always the 40 to 59 age group who had bigger debts than any other age group.

No surprise that the OP was also an article from the Wail

Edited by jaspers

Share this post


Link to post
Share on other sites

And she never will pay if her job goes pear shaped as I'd bet good money she has zero in reserves.

Credit Cards and Credit Agreements needs to be abolished, people would be much better off saving up for stuff and would also appreciate it much more when they finally go and buy it.

Still scratch that, debt is wealth, jokers like the one above have sadly outsmarted us prudent fools in this world of spend today and worry tomorrow.

In Browns Britain(which is still in place because Cameron and co are too scared to put a stop to it), the clever thing to do (assuming a career in banking is impossible) would be to pretend to bankrupt yourself with debt while in fact stashing it abroad, then go bankrupt. You could do this repeatedly and build up a largeish fortune over a few years.

Share this post


Link to post
Share on other sites
Jasmine in 25 and takes home £1,900 a month, yet in the past four weeks, she's bought a £1,200 handbag and an £800 dress. She says she'd rather pay now and worry later.

So that's £22800 a year after tax. A decent wage north of Watford.

More proof that Income and intelligence has little or no correlation. I hope she isn't an accountant.

Share this post


Link to post
Share on other sites

serious? how does that work out... I would have thought that age group would have paid off their mortgages, be sat on a pile of free HPI as well as presumably some savings and better pensions than anyone in future will ever have? have I got that wrong :blink:

The average age of a FTB is late 30s. Some FTBs are 15+ years below average. Others are 15+ years above average, and taking out new FTB mortgages in their 50s.

Generalisations about age groups can never be (or even come near) universal. What we can say about certain generations is that they enjoyed a whole lot of things that noone had before. There are two such generations alive today: the hippy generation who were teens/early twenties in the 1960s, and the gap year generation who were that age in the noughties.

One could suggest hints of a 40-year cycle, with the 1920s being another fine time to be young (until it went titsup).

Share this post


Link to post
Share on other sites

And she never will pay if her job goes pear shaped as I'd bet good money she has zero in reserves.

Credit Cards and Credit Agreements needs to be abolished, people would be much better off saving up for stuff and would also appreciate it much more when they finally go and buy it.

Still scratch that, debt is wealth, jokers like the one above have sadly outsmarted us prudent fools in this world of spend today and worry tomorrow.

I'd prefer to put in limits, just as there should be for mortgages; unsecured lending should be limited to at most 50% of salary (just as mortgages should be limited to no more than 3x salary). That would still allow the above person to run up about £16k of credit card debt/car loan/etc.

It's madness that there seems to be no cross-awareness between lenders, so people can basically bury themselves in debt and no one even notices until they've hit all the limits.

Share this post


Link to post
Share on other sites

'Only the other week, she treated herself to a pair of Chloe shoes while she was out with friends. The rash purchase was justified as pay-back for a particularly heavy week at work.'

LMAO.

Share this post


Link to post
Share on other sites

The debts of people in their 20s pale in comparison to those in their 30s and 40s who took out mortgages to buy property at near peak prices. But of course, five figures of unsecured debt is 'bad' while six figures of debt secured on a building is 'good'.

Share this post


Link to post
Share on other sites

It's madness that there seems to be no cross-awareness between lenders, so people can basically bury themselves in debt and no one even notices until they've hit all the limits.

Oh there is, it's just most choose to ignore it.

Share this post


Link to post
Share on other sites

http://www.dailymail.co.uk/news/article-541791/A-generation-debt--Britains-pensioners-owe-age-group.html

The study by the Consumer Credit Counselling Service covered only "unsecured" loans, which means total debts could be larger because many pensioners still owe tens of thousands of pounds on their mortgage.

Those over 60 who had contacted the charity for help with their money problems owed an average of almost £30,000.

By comparison, the 18 to 24 age group owe £9,656; the 25 to 39s £21,876 and those aged 40 to 59 £28,903.

In the past, it was always the 40 to 59 age group who had bigger debts than any other age group.

No surprise that the OP was also an article from the Wail

Thanks. A sobering read :( makes me feel wealthy by comparison... but hang on debt IS wealth, which means I am utterly brassic ;)

Share this post


Link to post
Share on other sites

I guess most people with enormous mortgages wouldn't consider themselves debtors, even though that's exactly what they are.

Share this post


Link to post
Share on other sites

I think its extraordinarily rich of the Daily Wail to call younger generations spoilt. This is little more than a crude diversionary tactic of "Our principal readership of boomers have shafted this country's youth but LOOK OVER THERE! Hark at them!"

Share this post


Link to post
Share on other sites

Oh there is, it's just most choose to ignore it.

:angry:

OK.. Legally-binding limits, and if a card issuer lets someone spend past it, there is no need to repay. (Ditto for advancing a mortgage over 3x salary).

That would put the fear into the lenders..

Share this post


Link to post
Share on other sites

A lot of 50-60 year olds are not half as smart <Money wise> as they appear to be.

I know a few personally. They have had an opportunity to do very well out of the past few years - and when the crash came be smart about it and move to a perhaps slighly less nice area, or smaller place, pr ay off debt or whatever. The few I know didn't do this. They wanted to continue in hte manner thay had been accustomed to.

They still have pensions and some savings and some equity and all. However I think their overall 'bank balance' is far less rosy than it would appear on the surface.

I reckon there are perhaps 5 million such people in this country today. Wild guess but it is definately a huge number IMO.

A lot of young people who will be expecting their parents to' help them out' in life are going to be in for a surprise. If anything the help is going to be required in the opposite direction.

Share this post


Link to post
Share on other sites

:angry:

OK.. Legally-binding limits, and if a card issuer lets someone spend past it, there is no need to repay. (Ditto for advancing a mortgage over 3x salary).

That would put the fear into the lenders..

I agree..oh but wait...that's state intererference....

Yes to combat the negative effects of deregulation, we apparently need even less regulation to move forward. To claim otherwise is socialism. You couldn't make it up.

Edited by PopGun

Share this post


Link to post
Share on other sites

These kids were spoilt and many have become man and women childs, but their lives have by and large been funded by their parents incurring debts and now by themselves in incurring debt that may have to repaid. Though King is doing his best for them with his quantitative looting.

Contrast this with the sixty something who is enjoying a state pension from the age of sixty, an unfunded gold plated second pension, a gain in housing equity and they are still demanding winter fuel payments and bus passes as their right.

Let's face it they are the spoilt generation from a public spending perspective. The spoilt generation are not only indebted on their own lives but they are indebted by their grandparents who will not even pay for their wealth when they die as they resist any challenge to their 650K tax free estates.

Share this post


Link to post
Share on other sites

More proof that Income and intelligence has little or no correlation. I hope she isn't an accountant.

She's a 'luxury events organiser' according to the article. I shudder to think what that means. Runs a brothel, perhaps?

Agreed with the earlier point that this is yet another example of the Wail exhibiting Boomer self-righteousness towards the 20-40 generation. However, I find it interesting that they're suggesting that this is an exclusively female disease, given that I get the impression that most of that paper's readers aged below 50 are probably women.

Edited by The Ayatollah Buggeri

Share this post


Link to post
Share on other sites

She's a 'luxury events organiser' according to the article. I shudder to think what that means. Runs a brothel, perhaps?

She must work in the NHS then, I mean what kind of private sector organisation would have non jobs like that in their corporate structure?!? :)

Share this post


Link to post
Share on other sites

She's a 'luxury events organiser' according to the article. I shudder to think what that means. Runs a brothel, perhaps?

Agreed with the earlier point that this is yet another example of the Wail exhibiting Boomer self-righteousness towards the 20-40 generation. However, I find it interesting that they're suggesting that this is an exclusively female disease, given that I get the impression that most of that paper's readers aged below 50 are probably women.

Hmmm ....

Once again, we could suggest nothing new there. The woman treating herself to a life of luxury on her sugar-daddy's riches. The man twice her age getting a bit of totty.

With rich parents you can be an heir/heiress regardless of sex. But the courtesan or socialite are female indulgences.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.