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Are People Really This Stupid ?

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Had a conversation with a colleague at work, who basically has spent 20k on his house with credit cards,

and has recently bought himself a 15k car, again on credit.

Asked him if he was worried with all this debt he was taking on.

His reply: My house price will continue to rise so i am not too worried. In a few years i will sell my house

and pay off my debts.

I think it is time to name and shame stupid people. Should we publish their address

(city they live in), mobile phone numbers etc.

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Guest Bart of Darkness
His reply: My house price will continue to rise so i am not too worried. In a few years i will sell my house

and pay off my debts.

A mate of mine actually did this. It wasn't planned out in advance in any way but he bought in 2000, then realised how much the price of the house had increased by in that time, so sold in 2003 for a substantial profit (needed, I might add, to wipe out his substantial "Spendaholic" style debts).

His house had more than doubled in value in three years. The question is, can this be repeated in the next few years?

I would say not.

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Had a conversation with a colleague at work, who basically has spent 20k on his house with credit cards,

and has recently bought himself a 15k car, again on credit.

Asked him if he was worried with all this debt he was taking on.

His reply: My house price will continue to rise so i am not too worried. In a few years i will sell my house

and pay off my debts.

Then what, live in a tent in the park? Presumably after moving out of this house he'll want a bigger one.

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Can this be repeated in the next few years?

I would say not.

Yes of course it can, why not? Houses will keep going up - safe as houses is term that comes to mind. We need to lower interest rates a few times, that should get the ball rolling again. Yes, yes siree... Kirsty is right all along...

Smart money got off the merry-go-round a year or so ago. They are sitting on the sidelines with cash-in-hand ready to come in and put the latest buyers out of their misery they are now getting themselves into.

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Guest Bart of Darkness
I'm assuming this friend STR or moved in with his parents again.

He ended up lodging with a mate.

No chance of owning again at current prices. :(

EDIT: To give you an idea of his spending pattern, anyone who saw the "Spendaholics" episode with the Chelsea fan, well just add on a Yorkshire accent and it's him to a "T".

Great bloke but likes the good things in life a bit too much.

Edited by Bart of Darkness

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  • 302 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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