pessimistic Report post Posted February 17, 2006 Hi all, This is my first post. I don't own a house and i'm not going to insult your combined experence and ask you when I should buy one (I have been lurking). I am in the military and have been serving overseas for three years living rent free . "Not bad" you say but the flat was shit by anyones standards. Ok, I'm moving back home in a month and I've now got a kid. As I said I am not an economist but I figure this. If everyone is stretched for repaying a mortgage that thay cannot possible afford, then how can these people carry on proping up the economy in the high street. One day the banks will pull in the credit cards and the middle class will have no more money to to spend. Result total economic meltdown. I know i'm being pessimistic but i'm not an expert in being a bull or a bear. Quote Share this post Link to post Share on other sites
200p Report post Posted February 17, 2006 no you re right. A lot of people are living a lie at the moment. Quote Share this post Link to post Share on other sites
Bingley Bloke Report post Posted February 17, 2006 Totally correct. Some of the so-called experts are so bogged-down in details that they fail to see what's obvious to someone who takes a relatively casual view from outside. Irresponsible mortgages taken out when interest rates were at rock-bottom are coming to the end of their 'low for the first few years' deals and utility bills are soaring at many times the rate of inflation. People have to pay their mortgages and they need gas and electricity and are forced by law to pay for their water and council tax... So it's everything else, mainly the high street, that suffers because the first thing folk do is stop buying stuff they don't need and buy cheaper versions of life's little necessities such as soap, washing-up liquid, bathroom cleaner, etc. Quote Share this post Link to post Share on other sites
A Fool & His Borrowed Money Report post Posted February 17, 2006 . If everyone is stretched for repaying a mortgage that thay cannot possible afford, then how can these people carry on proping up the economy in the high street. Reason why retail is currently being upset at lack of sales is mostly to do with all disposable incomes being disposed of in Bricks & Mortar Ball & Chain Mortgages Go Figure! Quote Share this post Link to post Share on other sites
Guest Winners and Losers Report post Posted February 17, 2006 Welcome to HPC. Although I have had some recent experience that points to at least a downturn, I'm going largely on my woman's intuition. Quote Share this post Link to post Share on other sites
Guest muttley Report post Posted February 17, 2006 Reason why retail is currently being upset at lack of sales is mostly to do with all disposable incomes being disposed of in Bricks & Mortar Ball & Chain Mortgages Go Figure! The retail figures for January 2006 represent the biggest slump SINCE RECORDS BEGAN in 1945!! Why are prices falling? Because people aren't spending. Why aren't people spending? Because prices are falling. Quote Share this post Link to post Share on other sites
?...! Report post Posted February 17, 2006 (edited) You've been away three years? You will be shocked to hear people you went to school with talking about how the owe £10,000 on credit cards and have a £30,000 loan taken out against their house after they MEWed so they could buy a new TT. But it's all OK because they bought a nice semi last year for £160,000, and they're really happy. What they will not tell you, is that they pay the bank over twelve hundred quid a month, and every time interest rates go up 0.25% it will cost them another £100 per month. There's an old phrase about mortgaging your childrens future... well everyone seems to have done it. You may not believe me, and I may be wrong. But by going when you did, you may just have saved £150,000. Do not rush to buy when you get back. Take a front seat and watch the wheels coming off. Jobs are not safe at home this year. Edited February 17, 2006 by ?...! Quote Share this post Link to post Share on other sites
Red Baron Report post Posted February 17, 2006 The UK economy is exhausted; exhausted by criminally lax lending criteria which has created a wall of money which has been soaked up like blotting paper by unproductive bricks and mortar and a binge on imported goods from the Far East paid by credit card. Domestic debt is catastrophically high and exceeds the annual national GDP. Repossessions and bankruptcies are running at record levels. High Street sales, corrected for inflation, are the worst since records began in 1945. Debt-junky householders owe over £1 trillion in debt. The outcome? Well, figure it out for yourself................ Quote Share this post Link to post Share on other sites
Guest horace Report post Posted February 17, 2006 >> pessimistic. Many posters to this website say `I`m no economist` so I was pleased to see you said ` I am not an economist`. Perhaps good English usage is not dead afterall. horace. Quote Share this post Link to post Share on other sites
Ferret Report post Posted February 17, 2006 Perhaps good English usage is not dead afterall. horace. So true when some dont know their rooves from their roofs. Quote Share this post Link to post Share on other sites
Guest horace Report post Posted February 17, 2006 >> fedupwaiting Ah! Half. Would that be `halves` or `halfs`? horace. Quote Share this post Link to post Share on other sites
Perfectionist Report post Posted February 18, 2006 If the sh1t hits the fan as many predict ...... being in the military is gonna be a hell of a lot more secure than being an economist !! Looks like you lucked out dude Quote Share this post Link to post Share on other sites
beerhunter Report post Posted February 18, 2006 Why aren't people spending? Because prices are falling. I agree, but also perhaps they are worried because most people work in the "service" industries.. which rely on... If there is ever an official HPC t-shirt produced, it has to be a one that says "Assume the crash position" Quote Share this post Link to post Share on other sites
