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An increase in wanting to paying off debt?


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There seems to have been a shift in the financial attitudes of my family and friends. Am wondering if anybody else is noticing similar with people they know.

All are renters and up to early/mid 2016, their spending was on the freer side. This year, almost all of them have made being debt free their goal and are making efforts to achieve that. These are people that currently can't afford to buy and as much as they'd like house prices to be affordable, they don't see it happening for a long long time.

This could be them reaching an epiphany level of debt that has them do a 180 or maybe it's a kind of mood that is permeating society?  

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The herd follow the policy of the good ole b of e.

During and immediately after the financial crisis, they began to hunker down and get serious about debt.

But dropping the IRs led them back on a spending mania, fueled by a lovely surge of house price inflation.

Consumer spending will drop off a cliff as soon as house prices start to fall.

Oh hang on....

 

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The herd can be manipulated for sure but sometimes they do things en masse that isn't really a mass movement but rather a lot of people each coming to an individual decision that just happens to be the same/similar decision that is also being made by their peers. So it can look like a mass movement that has been orchestrated.

Two examples would be The Spice Girls, a text book example of controlled marketing. Then there is My Little Pony, an unexpected runaway success when first launched.

Small sample I know but these are working class people that aren't really interested in politics and believe that they'll never buy a house, independently deciding to become debt free. All within 12 months of each other.

Could there be some innate sense of what's coming next? 

 

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  • 2 weeks later...

This just makes common sense and is what dare I say it the older general have being doing for years.

It is only in recent time that having a load of debt has been considered normal.

As soon as I bought my own place I paid off the mortgage asap it is common sense

It is good to see that others have woken up to economic reality

 

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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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