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Guest Charlie The Tramp

Britons Are Mortgaged To The Hilt

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Guest Charlie The Tramp

Now who said the majority had small mortgages or is the headline just spin ?

The number who risk losing their home has returned to levels not seen since the dark days of the early 1990s.
The number of bankrupts found guilty of 'reckless' spending has risen by 3,732 per cent to 843. These are people who are made insolvent because they are living an extravagant lifestyle.
Many are in their mid-thirties with jobs and young children, which is why they try fear losing their homes more than anything else. She said: 'They try to cope and then they just get to a point where they say, "I can't cope any more. Have the house. I'm out of here".'

Daily Mail

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Love the way they contradict themselves with each new paragraph, but being the Daily Mail, everything has to be black & white...

Loosing home = bad

Going bankrupt = evil

Hard working families with children = good

but...

Hard working families going bankrupt and loosing home = ?

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I've read so many people stating that a 0.25% rate rise is nothing to worry about, and I agree that it shouldn't be, but coupled with the years of cheap credit and 'reckless' spending it's going to seem at least double that (if not more!) to many ... headlines like this so soon after the event only highlight that fact further! It still amazes me that people have believed for years that they can just borrow more and more money, without having to worry about paying it back at any time soon, but the reality of it all is now starting to dawn and it's going to be a very bumpy ride over the next few years! Don't get me wrong, I don't wish ill upon anybody, but I've managed OK without spending above my means and if my debt shares now allow me to buy that new (repossesed!) car ... fair enough!

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The ceiling on affordability was probably reached in 2002. Since then it has all been irrational exhuberance fuelled by cheap credit that is not so cheap anymore. Its why crashes happen. :( *

___________________

* :lol:

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The question I've been mulling over for a long time now is ... if when the bubble does burst, what measures are going to be put in place to stop it happening all over again? It doesn't look as if many people learnt much from the previous time(s) this happened, so how long before they forget again and we're all back on here in 10/15/20 years writing these same sentences all over again?

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  • 301 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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