From 'haves' to 'have-nots': how Covid-19 is swelling UK's subprime ranks ...and Gov covid support ££ is running out

[Saving For a Space Ship]

From 'haves' to 'have-nots': how Covid-19 is swelling UK's subprime ranks

https://www.businesstimes.com.sg/banking-finance/from-haves-to-have-nots-how-covid-19-is-swelling-uks-subprime-ranks

 

....and presumably covid support money is running out, like in the US, but now being sub prime, borrowers do not have access to new

credit or if they do it is at much higher interest rates  

 

The State of the American Consumer: Free Pandemic-Money Runs Low

https://wolfstreet.com/2020/11/25/the-state-of-the-american-consumer-free-pandemic-money-runs-low/

Edited November 26, 2020 by Saving For a Space Ship

[frrich11]

 

From 'haves' to 'have-nots': how Covid-19 is swelling UK's subprime ranks

https://www.businesstimes.com.sg/banking-finance/from-haves-to-have-nots-how-covid-19-is-swelling-uks-subprime-ranks

 

....and presumably covid support money is running out, like in the US, but now being sub prime, borrowers do not have access to new

credit or if they do it is at much higher interest rates  https://date-milfs.com/ mature milf dating

 

The State of the American Consumer: Free Pandemic-Money Runs Low

https://wolfstreet.com/2020/11/25/the-state-of-the-american-consumer-free-pandemic-money-runs-low/

Actually these news are really bad, I'm surprised that nobody responded. 

[Saving For a Space Ship]

 

Actually these news are really bad, I'm surprised that nobody responded. 

Give it time ...its early 🙂

[Social Justice League]

Being in debt never made anyone wealthy. 

I'm still amazed that most of the public commit to 20/25/30 year mortgages and their only repayment vehicle is an insecure job that they could lose at any time.

[shlomo]

I have a friend who trades in second hand Rolexs he has 3 units in Hatton Garden he is converting all his savings into them as he says in a few years the price will shoot up

He picked a pre-used one last weekend for £500, that he reckons is worth about £2000 from someone who was desperate for the money 

We have a new poor group coming

 

[PeanutButter]

That's hideous, but yes. People will be pawning their valuables to get through the next year. 

 

[Riedquat]

 

He picked a pre-used one last weekend for £500, that he reckons is worth about £2000 from someone who was desperate for the money

"Pre-used" - hah! Why not just say what it is - second hand? Although I suppose most watches have a second hand.

[shlomo]

 

That's hideous, but yes. People will be pawning their valuables to get through the next year. 

 

He must have had some very good times to have been able to afford a Rolex in the first place.

People like him have no future the well paying jobs are not coming back.

Oh by the way did you hear about Elon Musk

[shlomo]

 

"Pre-used" - hah! Why not just say what it is - second hand? Although I suppose most watches have a second hand.

Branding, names have power.

[PeanutButter]

 

He must have had some very good times to have been able to afford a Rolex in the first place.

People like him have no future the well paying jobs are not coming back.

Oh by the way did you hear about Elon Musk

I try to avoid hearing about Elon Musk. 

But you mentioning Hatton has made me crave Tongue & Brisket. Damn this lockdown. 

[DiggerUK]

 

1. Being in debt never made anyone wealthy. 

2. I'm still amazed that most of the public commit to 20/25/30 year mortgages and their only repayment vehicle is an insecure job that they could lose at any time.

1. Selling debt never made bankers poor.

2. It amazes me that when the question "Should I clear the mortgage early or invest more in my S&S ISA" is asked you get some responses that say go with the ISA and others who point out they got rid of their mortgage in 10/12 years.

30+ year mortgages are the norm now; how long before they are provided on the same basis as personal bank loans.....i.e., there is no benefit to early redemption.
Pay tIll you die suckers..._

[Trump Invective]

 

That's hideous, but yes. People will be pawning their valuables to get through the next year. 

 

Ha yes oversupply of tat and bad taste might be an issue going forward...

[hotblack42]

 

I have a friend who trades in second hand Rolexs he has 3 units in Hatton Garden he is converting all his savings into them as he says in a few years the price will shoot up

He picked a pre-used one last weekend for £500, that he reckons is worth about £2000 from someone who was desperate for the money 

We have a new poor group coming

 

Why? Just why? Under all that bling there's a handsome watch.. somewhere.

Topic should be:

"From thought-they-were-haves to know-they're-have-nots"

Never mind Rolexes.  Half price SL / SLK / E / GLC / Land Cruisers / RAV4 next spring?  Been a long wait since 2008, but its so good being a buyer when the built to last stuff crashes.  Also a signal that quality housing stock will wobble down road a bit..

 

 

 

Edited November 26, 2020 by hotblack42
Speling

[GregBowman]

 

Being in debt never made anyone wealthy. 

I'm still amazed that most of the public commit to 20/25/30 year mortgages and their only repayment vehicle is an insecure job that they could lose at any time.

Tell that to Richard Branson and Gordon Ramsey

After a series of disagreements with his business partners over the restaurants' future, Ramsay instigated a mutiny by walking out with his colleagues in 1998. Two weeks later, he started his his first restaurant – Gordon Ramsay at Royal Hospital Road – with the help of a £1.5 million bank loan.

Nonsense statement

 

[winkie]

 

I have a friend who trades in second hand Rolexs he has 3 units in Hatton Garden he is converting all his savings into them as he says in a few years the price will shoot up

He picked a pre-used one last weekend for £500, that he reckons is worth about £2000 from someone who was desperate for the money 

We have a new poor group coming

 

He will require people with money ready and willing to buy them.....people for whatever reason that like to impress others....look at me, look at what I've got, don't you wish you had one, not......any £5 watch can tell the time, nobody will nick it, doesn't have to be insured, a gross extravagance for special people......fewer have a need to wear a watch these days anyway.

[shlomo]

 

He will require people with money ready and willing to buy them.....people for whatever reason that like to impress others....look at me, look at what I've got, don't you wish you had one, not......any £5 watch can tell the time, nobody will nick it, doesn't have to be insured, a gross extravagance for special people......fewer have a need to wear a watch these days anyway.

We are going to have a very tough time but we will come out of it.

In a few years Covid 19 will just be a memory

[Social Justice League]

 

Tell that to Richard Branson and Gordon Ramsey

After a series of disagreements with his business partners over the restaurants' future, Ramsay instigated a mutiny by walking out with his colleagues in 1998. Two weeks later, he started his his first restaurant – Gordon Ramsay at Royal Hospital Road – with the help of a £1.5 million bank loan.

Nonsense statement

 

For 99% of people borrowing money is retarded.

[steve99]

 

I have a friend who trades in second hand Rolexs he has 3 units in Hatton Garden he is converting all his savings into them as he says in a few years the price will shoot up

He picked a pre-used one last weekend for £500, that he reckons is worth about £2000 from someone who was desperate for the money 

We have a new poor group coming

 

There was a thing a few years ago when people were getting their hands chopped off for their Rolex.  I bought a £10 one a long time ago and within a week it started running backwards,  it was a mechanical watch not a digital drive. It also gave me a rash on my wrist. I now think it was not real gold nor a real Rolex, but either way not worth getting your hand chopped off for.

Ive had Casio ever since, no one wants to pinch them. One every 5 years when the strap breaks.

Edited November 26, 2020 by steve99

[Sprrite]

Very interesting article, there's only so much the state can do to support everyone.

Those loans will be turning sour sooner or later, its one of the reasons I've avoided bank stocks during the stock market crash.