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Guest muttley
This may sound hard but...

You guys are wimps.

I finished university in America with about $15,000 debt,

and that was decades ago when that was a serious amount of money.

Enough to buy 50% of a small flat.

It took a bit of sacrifice: over 4 years I paid 25-30% of my salary as debt

service.  But once I paid it off, I started saving for a flat, and my lower-than-

colleagues lifestyle meant that I had mastered the savings habit, and it

piled up quickly, and I learned to be clever with money.

So what do you want, the taxpayers to shoulder the burden for YOUR

university education.  No thank you.

The trouble is that some British graduates are entering the employment market with 18k debt and a degree in "Media Studies" from S****horpe University.

I finished college 21 years ago,and there were plenty of "soft" degrees back then.( The oft quoted one was " Peace Studies" at Bradford University,though this looks scholarly by todays standards )

The political parties of today all seem intent on sending as many 18 year olds as possible on to further education, I believe that the target is 50%. Employers are increasingly sceptical about graduates qualification,and the only advantage to having a degree would seem to be that everyone else has one.

How many graduates are taking jobs that they could have started at 18? Instead they get themselves a huge debt with which to begin their career.

What did you graduate in Dr Bubb? If you tell me it's " Golf Course Management" then I'm heading for the vodka.

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Degree in Electronic and Electrical Engineering

Finshed my phd, 6 months ago in researching novel digital architectures  i.e designing new circuits for computer chips to get more performance, lower power etc

Best of luck to you in your future career. Your experience as a student sounds similar but tougher than mine some twenty years ago.

In those days we had grants and no fees to pay... but even then I was famous for my special cheap cookery (a tin of tomatoes warmed up on brown toast, or a curry made from pilchards or liver) and I only saw the inside of a student bar or a pub once a week. The main difference was that I didn't need to work at weekends, but I did work all summer long.

But hey, make sure you spoil yourself occasionally. ;)

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From the website...

Should I Worry About... Spending?

As a nation, we're £1 trillion in debt - that's £17,000 of debt for every man, woman and child.

Where's it all going? It seems that we could literally be pouring money down the drain: a recent survey found that the average person wastes £1,725 in unused products each year.

Here are some tips to help you spend less without compromising your lifestyle:

In the supermarket

Make a list.

Avoid end-of-aisle supermarket danger zones - promotions may not be the bargains you think they are.

Look around and compare prices within a product range - premium goods are often at eye level.

Mix and match your brands. Think about where it counts for you and don't necessarily go for the leading brand.

Think about what you actually need - promotions are used to sell products supermarkets want to make you buy.

Shopping centres

Shopping centres are pleasure palaces designed to stop us thinking and keep us spending.

Know what you can afford, always look at the price tag and shop around - it might be cheaper elsewhere.

Try using cash instead of plastic. This will help give you a handle on exactly how much you're spending.

Stay focused on what you actually want to buy. Avoid impulse buys and extra purchases.

If you really can't afford it, steer clear of the shops.

Credit cards

Don't choose a financial product based on gimmicks - it's the finance that counts, not the freebies or the image.

Read the small print. If necessary, ask questions and don't buy a product until you're satisfied you understand it.

Compare your card with other products on the market. Choose the card that best suits you and the way you use it.

Retail therapy

Think about what you'll gain from not spending - i.e. less worry and a healthier bank balance!

If you like to treat yourself on payday, why not do this at the end of the month instead of the beginning. That way you'll have a better idea of how much you've really got to spend.

There are certain occasions that come around every year so we can all budget for them - holidays, Christmas, birthdays. Put aside a little each month and you'll avoid paying for it all at once.

If you never seem to have enough money to take advantage of seasonal sales, why not put money aside for it? As long as you spend the money on things you need, you could save yourself hundreds in the long run.

Cardinal rules

Shop around. Can you get it cheaper elsewhere?

Think before you buy:

Is it worth it?

Do you need it?

Will you use it?

How many people actually follow these rules to save money?

One rule that I use is if I like something, I make it my challenge to wait a couple of weeks/months until it appears in the sales at half price - therefore saving my hard earned cash...and still get what I want.

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So what do you want, the taxpayers to shoulder the burden for YOUR

university education.  No thank you.

Yes, I do, just like I want to be able to shoulder the burden for others to follow suit, just like I want to shoulder the burden for school education, for hospital care, for elderly residential care, for police, for prisons...and so on.

I don't want 50% going to Uni, just the best candidates, not the richest, the most able, the ones who are able to use their degree to the betterment of society. The only way to make sure that only the most able go, is to make sure that they are paid to go, the current system favours the rich and the stupid...the intelligent look at the debt possibilities and wage possibilities and decide that they will be better off going onto a work experience scheme instead! The only reason that uni costs are unbearable by the tax system is the silly desire to push everyone through the system and undermine the value of a degree.

Students who get good degrees are able to move on to good jobs, provide good research and generally provide a slowly improving society and on top of that should demand a better salary and therefore higher taxes anyhow, and so the money is returned into the system that way!

This is definately off-topic now.

Topher Bear

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Thinking about the 5-7k a year debt incurred at uni - is that all living expenses? or are fees in there?

Grant used to be about 2k a year (a 700 cheque, then two 600s? ok 1900 a year for living expenses)

I worked during my holidays but not term time - I'm assuming students still do this...

If its 15k in fees then I feel sorry for anyone who wants to go to uni these days (Given how devalued the degree is) - but if its purely from having a top notch social life then I have no sympathy.

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very, very good point OnlyMe.  A little tit-bit of news that can cause chaos a little while down the tracks.

I'm thinking heavily leaveraged BTLs may find their little clause (which i found out onyl earlier tonight on another thread) being used much earlier than anticipated to force some return of funds...If the banks get worried that it may prove difficult to get their money back from someone in very serious trouble (a highly leveregad BTL) then they will use what power they can to get it back ASAP before trouble arises.  Of course they always have the propery as security and they don't charge absorbidant rates so might be a storm in a teacup.  but it could still effect those with large unsecured loans, overdrafts etc. which can only feed back into the general system.

This has got me thinking.

What about all those people with interest-only mortgages (be they owner-occupiers or BTLs)?

Do banks have the right to make a 'margin call' on these mortgage-holders to protect their interests in a falling market? If they do, then I can see the market going seriously belly-up a lot sooner than many people think.

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This has got me thinking.

What about all those people with interest-only mortgages (be they owner-occupiers or BTLs)?

Do banks have the right to make a 'margin call' on these mortgage-holders to protect their interests in a falling market?  If they do, then I can see the market going seriously belly-up a lot sooner than many people think.

They don't as far as I know, as long as you keep up your mortgage repayments they won't do anything.

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"Do banks have the right to make a 'margin call' on these mortgage-holders to protect their interests "

Yes, they DO have this right, but whether they would exercise this right or not, is open to question. BBB says they wouldn't, I think they would if the loan was sufficiently underwater.

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"Do banks have the right to make a 'margin call' on these mortgage-holders to protect their interests "

Yes, they DO have this right, but whether they would exercise this right or not, is open to question. BBB says they wouldn't, I think they would if the loan was sufficiently underwater.

You learn something new every day...I'll bet that if they did start doing this, say to BTLers first it would definitely pick up the pace of any crash!

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Thinking about the 5-7k a year debt incurred at uni - is that all living expenses? or are fees in there?

Grant used to be about 2k a year (a 700 cheque, then two 600s? ok 1900 a year for living expenses)

I worked during my holidays but not term time - I'm assuming students still do this...

If its 15k in fees then I feel sorry for anyone who wants to go to uni these days (Given how devalued the degree is) - but if its purely from having a top notch social life then I have no sympathy.

As I said earlier in the thread, my student debt is about 20 - 21K. However, I saved few grand over my 4 year degree so the real figure should be about 12K. It makes sense to max out your 2.something% student loan and stick what you don't need into an ISA ;)

I didn't have to pay tuition. It's means tested and my parents don't earn enough.

So each year my finances would look something like:

4.5K (loan) + 2.5K (summer work) - approx 5K (living expenses) = about 2K for savings

Some people might be able to get away with less than 5K for living expenses but I was in London. 5K a year is **** all.

As for my degree, 1st class Masters in Systems Engineering. And bloody proud of it!! :)

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I am, by bailing out.  The Illuminists have you by the fundamentals when you get into the credit card trap.  By any means necessary you get this monkey off your back or you are doomed.  Average English people are so dumb.  Just look around the average English high street. Babies with babies, pushing designer prams they were in only years earlier, wearing Hilfiger/Lacoste/FUBU; 16 year old girls with tatoos, metal in their faces and mouths like gutters. Rothschildian Goyim. Lambs to the slaughter. And the meedja pretend all is OK, keep spending, Lawrence Lwellyn Bowen makover-mindless-fodder units.  Carnt evun spel their naymes, with a pocket of plastic to burn and not a hope in hell of ever seeing the way out.

No wonder we are in the state we find ourselves. 

Educashun  educashun,  educashun...

God in Heaven help us.

Stop the world, I want to get on.

Ha! A brilliant and perceptive (if reactionary) assessment of high street life.

Could be you are just a grumpy old man (like me).....one minute you are a vibrant and mature member of society...the next you are a written off old fogey complaining about Babies with Babies (this gave me a good chuckle).

As for Edushan, I blame the government for persuading some of us that creating university places for those unfit or unwilling to embrace the meaning of higher education is an answer to a great cultural chasm.

As one who taught A level sometime back and saw the appalling lack of ability of students to express themselves in a simple written sentence, I am firmly of the belief that universities are not the right place for many of them.

Interesting stat: The IQ level of the UK population has remained static for the last 50 years, possibly longer. This indicates that quick fix dumbed down universities are not the answer. If you can't improve intelligence you can at least improve cultural awareness and possibly even spelling. I agree that designer/make-over lifestyles somewhat fail in this regard.

Question A: How many DVD's does the average HPC forum member have in their house? Next question B: How many books do you have in your house. If answer B is fewer than answer A then you may need help!

VacantPossession

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  • 439 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%



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