Thursday, September 14, 2006

How can people be so stupid?

http://news.bbc.co.uk/1/hi/uk/5340878.stm

Hundreds of thousands of people are failing to maintain mortgage payments and risk losing their homes, according to a Citizens Advice survey. More than one in 10 of the people surveyed wrongly believed a secured loan meant they could miss repayments but their home would still be safe. A further 10% of people thought it was a loan where borrowers could pay back as little or as much as they want each month.

Posted by little professor @ 10:02 AM (605 views)
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5 thoughts on “How can people be so stupid?

  • little professor says:

    I messed up again 🙁
    The article title should read: “Thousands Risk All For Mortgages ”

    Time to give up and go home, methinks.

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  • I find it fascinating that this should come from the BBC. They should take a little bit of responsibility for things like this. For they are very fast to advertise house price rise’s. Which can lead to panic buying. But they don’t advert the other end (when houseprice’s fell in July) Also they need to stop trying to infulence the MPC (not that they can).On not raising interest rates.
    I do feel sorry for these people, I have friends in this catorgory. But i think the situation will go from bad to worse.

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  • People really don’t have a clue!!!!

    28% of mortgages taken out in June 2006 were “interest only” mortgages compared with only 12% taken out in June 2003. 22% of these “interest only” mortgages were taken out without a repayment plan specified to repay the capital.

    A recent FSA report highlighted:
    * 29% of 16-24 year olds said they would not know how to prepare and manage a weekly budget;
    * 19% of 22-24 year olds have short-term debts over £5,000;
    * 62% of young people said if they got into money trouble or debt they would not be able to name any advice or support services they could turn to for advice
    * One in five students dropped out of courses; Of undergraduates who considered dropping out financial difficulty was a strong factor for 34.4%;
    * 94% of 16 year olds believe it is important to know how to manage money; only 53% have been taught how to.

    What’s the solution? Education? Tighter gate-keeping? What? Perhaps a good old slap-in-the-face recession will do it!!!??

    More startling info – please read [and chuckle!]: http://www.in2perspective.com/nr/2006/09/latest-uk-debt-figures-.jsp

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  • To keep those little people ill-informed should be part of the bankers’ job, to realize optimum (maximum) profit to be squeezed out of those 21-century slaves.

    These days I am begining to think about the “sin of being stupid” seriously. Pitiful is the fact that the less stupid folks will not be able to escape the devastation, such as collapse of economic bubbles, war and illegal aggression sold/pushed by those smiling monsters like Bliar on behalf of and at the behest of those sick-minded billionnaire war-mongers and death marchants; I am talking not only about weapon makers and distributors, but investment bankers and financial tycoons who are making yet another billions not only through conventional investment over those war machine industries, but through future/put option transaction in the foreknowledge of those events (naturally because they engineer them in the firts place!), under the beyond-belief rotten business models they have been developing for the last few centuries. whose prototype can be traced back to Waterloo in 1815 when “someone” made stinking profit by gilt transactions by manipulating the market using monopoly of information on the consequence of the battle. Incidentally Mr. Duesenberg, governor of the European Central Bank, who declared that those parties made billions by the perverted use of the derivative market obviously in the foreknowledge of 911 must be exposed, passed away a few years ago of heat attack in the swimming pool of his Southern France villa.

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  • Agreed JU – ignorance is no excuse. But, how ignorant are Gordon B & TB and what legacy does TB want to leave?

    Shakespeare: “No legacy is so rich as honesty”

    Lord Acton “Property is not the sacred right. When a rich man becomes poor it is a misfortune, it is not a moral evil. When a poor man becomes destitute, it is a moral evil, teeming with consequences and injurious to society and morality.”

    Was nice to see the TUC attacking the re-commissioning of the TRIDENT program yesterday during their conference!

    PRESS RELEASE:
    “Congress urges the Government not to reach a final decision on Trident replacement before issuing a consultative Green Paper on all the options for replacement, including non-replacement and a policy of arms diversification, followed by a White Paper and a deciding vote in Parliament”

    What are the chances of this actually happening with B-liar and GW Bush in office?

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