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mustrum_ridcully

Welsh Weighed Down By Debt...but Don't Care

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In todays western mail:

"Despite 39% of Welsh adults owing anything up to tens of thousands of pounds in credit or loans, not even counting their mortgages, only 5% of borrowers described themselves as "worried" by their debts."

"As many as 70% of those who owe more than £10,000 say they are not concerned about their level of debt and some one in four (24%) said they might actually consider borrowing more;"

http://icwales.icnetwork.co.uk/0100news/02...-name_page.html

(They don't seem to care about stupidly long urls either)

Some one stop the world I want to get off...

Edit: Some more juicy bits

"A Welsh consumer expert last night said the housing boom of the past decade had given homeowners an inflated sense of wealthiness. Robin Croft, principal lecturer at the University of Glamorgan's business school, said, "The house bought for £10,000 may now be worth £120,000 and the mortgage hasn't changed much. It's like winning the Lottery - but without winning the cash."

A similar credit boom in the early 1990s led to many homeowners facing a debt crisis and the problem of negative equity - where a home becomes worth less than the original mortgage - when property prices crashed and interest rates rocketed, although experts are split on whether this is about to happen again.

Citizen's Advice Cymru, which is the first point of contact for many borrowers facing debt problems, said it had dealt with cases totalling £70m of client debt over the past year, averaging £6,000 per client. The level of debt dealt with by the charity in Wales had doubled over the previous year."

Edited by mustrum_ridcully

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I know plenty of people in wales that have spent the last 5 years using their houses as a cash machine- I have always thought that things would get very messy in wales as it has some of the lowest wages in europe.

Saying that, I was looking through the house pages of the western mail last time I was home & some of the houses in cardiff are now more expensive than down here in the south east, specifically Brighton- that really amazed me!

Never gonna last!!

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Guest Winners and Losers

Ha! They don't care YET. Let's see how long they continue not caring for.

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the truth is average people with no sense of finance have been giving something for free for the first time in there lifes

the temptation for most people is just to great not to take it ie how many of these people could honestly admit they watched there house prices triple without actually taking something outta the pot, the temptation for most is just to great, especially when they are have 20k throwing at them and most never had that kinda money in there lives.

i truly believe most people will take as much debt on as there offered

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they dont care because they smoke rocky.

and why should they care. debt is not going to remove any nice views and mountains and ruin the life they live day to day.

ah,, they just shrug it off see.

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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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