Whats Going to go POP!??
02 March 2005, 02:41 PM
#1
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Whats Going to go POP!??
As a nation, for every £1,000 of take-home pay that we earn, we are spending £1,100. How on earth can we continue to spend 110% of our income without paying the price at some point in the not-too-distant future?
Whats going to collapse to bring it back into balance?
Pete
Whats going to collapse to bring it back into balance?
Pete
02 March 2005, 02:45 PM
#3
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I blame Labour and the Tories. 
It'll start biting soon, more and more people are defaulting on loans, credit cards etc. house values aren't going up much anymore so there's not so much equity they can borrow against etc. However many people haven't adjusted their spending habits to suit.
It'll start biting soon, more and more people are defaulting on loans, credit cards etc. house values aren't going up much anymore so there's not so much equity they can borrow against etc. However many people haven't adjusted their spending habits to suit.
02 March 2005, 03:04 PM
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Originally Posted by pslewis
Whats going to collapse to bring it back into balance?
I dont spend anywhere near what i earn.....alllll goes in the bank.
Blame labour :
:
02 March 2005, 03:13 PM
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If that is true then there is no question that it all has to come crashing down very soon, hopefully taking the housing market with it. Might be able to afford one then 
Still I'll continue to be a saver as opposed to a spender for now, saved 20% of my take home this year
Still I'll continue to be a saver as opposed to a spender for now, saved 20% of my take home this year
02 March 2005, 03:31 PM
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Makes me laugh when i see all these newspaper articles about tighter controls on lending money,i've never had money forced onto me i didn't want,everyone that is taking out these loans and credit card's etc should think what they can afford to payback and not oooo they've put my limit up another £2000 better go and spend it quick 
.
Then they wonder why they have extortionate monthly repayments and end consolidating the loans into money borrowed against their house,so the new card balance is £0000 again with a limit of £10,000 and a slightly higher mortgage payment. Instead of lets cut the card up so we don't do that again it's wahey we've got £10,000 to spend again.
Can you see where this is going?
When i was 18 i went over my credit limit of a massive £500 and ended with £800 on my credit card,with me and my dad having nearly the same name (my initials are PG and his are GP) my mum accidently opened my statement one day,i walked in from work and got it thrown at me and a massive bollocking,i was made to cut the card up in front of my mum and she then took extra from my wages every week until it was paid off,it took bloody ages but i haven't touched credit since and although i wasn't too pleased with being treated like a kid by my mum at the time i can look back now and say thank god she did that
Nobody forces you to spend,and nobody else is gonna pay it back for you (well unless your silver spoon born).
If you havent got it don't spend it !!!!!!!!!!!
As my mum says
.Then they wonder why they have extortionate monthly repayments and end consolidating the loans into money borrowed against their house,so the new card balance is £0000 again with a limit of £10,000 and a slightly higher mortgage payment. Instead of lets cut the card up so we don't do that again it's wahey we've got £10,000 to spend again
.Can you see where this is going?
When i was 18 i went over my credit limit of a massive £500 and ended with £800 on my credit card,with me and my dad having nearly the same name (my initials are PG and his are GP) my mum accidently opened my statement one day,i walked in from work and got it thrown at me and a massive bollocking,i was made to cut the card up in front of my mum and she then took extra from my wages every week until it was paid off,it took bloody ages but i haven't touched credit since and although i wasn't too pleased with being treated like a kid by my mum at the time i can look back now and say thank god she did that
Nobody forces you to spend,and nobody else is gonna pay it back for you (well unless your silver spoon born).
If you havent got it don't spend it !!!!!!!!!!!
As my mum says
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02 March 2005, 03:45 PM
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Originally Posted by pslewis
As a nation, for every £1,000 of take-home pay that we earn, we are spending £1,100. How on earth can we continue to spend 110% of our income without paying the price at some point in the not-too-distant future?
Whats going to collapse to bring it back into balance?
Pete
Whats going to collapse to bring it back into balance?
Pete
....Answer - A government that doesn't believe mass spending equals ( = ) a strong economy.
It's all very short term, though you probably think it's great being the blind leftie pikey that you are.
02 March 2005, 03:54 PM
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Originally Posted by pslewis
Whats going to collapse to bring it back into balance?
Pete
Pete
Don't worry - the Great Realignment - that's *bust* in pre New Labour speak - is just around the corner. Soon after the election I expect.
02 March 2005, 03:57 PM
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Sooner it collapses the better. More fool them that borrow beyond their means to pay it back. Whatever happened to saving enough money, eagerly awaiting the day when you hit the magic target figure that meant you could go and buy the item? Obviously that's hard to do for houses and in some respect cars, but the stupid people who have over borrowed on them too are going to suffer.
In the meantime I'll stick to my saving up for items
In the meantime I'll stick to my saving up for items
03 March 2005, 06:44 PM
#14
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I'm talking PERSONAL Borrowing NOT Government Borrowing!!
I am waiting the housing market collapse .... I am sitting on a pile here just burning a hole in me bum!! I want property!!!
Pete
I am waiting the housing market collapse .... I am sitting on a pile here just burning a hole in me bum!! I want property!!!
Pete
04 March 2005, 11:25 AM
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Originally Posted by pslewis
I'm talking PERSONAL Borrowing NOT Government Borrowing!!
I am waiting the housing market collapse .... I am sitting on a pile here just burning a hole in me bum!! I want property!!!
Pete
I am waiting the housing market collapse .... I am sitting on a pile here just burning a hole in me bum!! I want property!!!
Pete
The bottom will fall out, soon after an election I would say. People knock Thatcher for boom-bust. Well, this will be a big bust.
04 March 2005, 11:32 AM
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Originally Posted by pslewis
As a nation, for every £1,000 of take-home pay that we earn, we are spending £1,100.
04 March 2005, 11:35 AM
#19
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Originally Posted by ProperCharlie
if you put my mortgage debt against my take home pay, it would look as though I am badly in the red.
Your Mortgage payment is, what? £3000 ....... so, it LOOKS like you are in the RED
But you're NOT!?
Pete
04 March 2005, 11:46 AM
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Originally Posted by pslewis
So? let me get this straight ........ you take home (using the average monthly take-home pay as an example) £2750 NET
Your Mortgage payment is, what? £3000 ....... so, it LOOKS like you are in the RED
But you're NOT!?
Pete
Your Mortgage payment is, what? £3000 ....... so, it LOOKS like you are in the RED
But you're NOT!?
Pete
I find it hard to believe that our total national living expenses and credit commitments are 110% of our earnings, as this would cause economic meltdown in a very short period of time.
04 March 2005, 11:49 AM
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its all bullsh!t off course there are many people spending more than they can afford. but be honest PSL, how long have you been trolling Scoobynet saying its all gonna go bust next week someone has said it before but I'll repeat it. the amount of times you claim there will be a bust, 1 day, just 1 day you are bound to be right for once.
someone has said it before but I'll repeat it. the amount of times you claim there will be a bust, 1 day, just 1 day you are bound to be right for once.
04 March 2005, 11:52 AM
#23
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ProperCharlie - I see what you are getting at now!
Still, I think we are getting into very deep water ..... all we need is for something to happen in the world that throws the economy out and increases interest rates.
Interest rates will not have to raise much before mortgages start to really hurt some people ...... when rates were 12% a rise of 3% was only a 25% increase in repayments.
If rates went up 3% today, it would mean an increase in repayments of around 65%!!
Which would ruin a lot of peoples budgets
Pete
Still, I think we are getting into very deep water ..... all we need is for something to happen in the world that throws the economy out and increases interest rates.
Interest rates will not have to raise much before mortgages start to really hurt some people ...... when rates were 12% a rise of 3% was only a 25% increase in repayments.
If rates went up 3% today, it would mean an increase in repayments of around 65%!!
Which would ruin a lot of peoples budgets
Pete
04 March 2005, 11:58 AM
#24
This country needs a good recession to kick it back into touch.
Pity that the businesses I'd like to see to suffer (banks, telecoms, services and comerce) won't suffer badly enough to reform it.
Still, too many suited mondeo middle men out there that need to be got rid of If unemployment shoots up exponentially. The government will be forced to cut wasteful spending, will have to reform the payout system to dole scroungers, Tracey the Teenager with Triplets, and the immigrant settlement system. Everyone will blame Labour ( 
).
I could be wrong though, however I feel the only way to make this country better, is to flush it down the pan first to clense it of its current trends.
Pity that the businesses I'd like to see to suffer (banks, telecoms, services and comerce) won't suffer badly enough to reform it.
Still, too many suited mondeo middle men out there that need to be got rid of
If unemployment shoots up exponentially. The government will be forced to cut wasteful spending, will have to reform the payout system to dole scroungers, Tracey the Teenager with Triplets, and the immigrant settlement system. Everyone will blame Labour ( ). I could be wrong though, however I feel the only way to make this country better, is to flush it down the pan first to clense it of its current trends.
04 March 2005, 02:23 PM
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Originally Posted by Jye
Glad to see everyone agreeing with you these days lewis , NOT
Pete