Account deleted by request

I'm interested how as to how another financial meltdown would affect SN users, high interest rates, inflation up, job losses etc etc. I dont really understand all the concequences of an EU meltdown but it is worrying.

Think my job would be safe as my business involves the third sector and should be fairly recession proof.
Have no mortgage on my main residence although have investment property with high mortgage against value.
Few quid in bank but not masses
No debt apart from car that is paid by business.

Guess i am safer than some but not that confident as the last recession did hurt in terms of property values, particularly rental property.

Chop

Account deleted by request

Meant to add surely if interest rates went up by2-4% then half the country would be in massive trouble?

Chop

RobsyUK

iTrader: (2)

I should be fine.... We. Have a mortgage far less then we can afford...

J4CKO

iTrader: (1)

I think we could weather it, will have to, I know my grandparents went through a world war, survived and seemed to rather enjoy it, my grandad as a kid was wealthy until his parents died and he ended up ith his uncle who drank away all the money and kicked the kids out, he was malnourished and collected twigs from the park to sell to make money so he could eat, so, he said to me that I shouldn't think I am ever badly off if I can eat and have a roof over my head, poverty is not doing without a new car or a holiday. I have never ad to root through snow for sticks so I could eat, it sounds like it was Victorian, was the 1930's.

DYK

http://youtu.be/eDd-GXkMrJs

LegacyAdam

"Another"? When did we finish the last financial crisis?

I have a very small mortgage, both my cars are fully paid for and I work in public transport which is considered to be quite safe, so I think I'm fairly safe but you never know.

Lets hope we don't have to find out.

f1_fan

iTrader: (9)

Think Mad Max 2 ... that is where we are headed! I think it's fair to say that a post apocolyptic nightmare would have some effect on most people

DYK

Yea except beyond Thunderdome,we have beyond the Millennium Dome

Account deleted by request

From a financial standpoint we are experiencing a recession, the one around the corner is a different subject, even though the result might be the same.

Chop

Account deleted by request

Great story, gives real perspective to what is actually difficult in life.

Chop

Leslie

Good story and pretty accurate too J4CKO. People are talking about "austerity" already because their spending is becoming a bit more restricted.

Real austerity is what was experienced during and after WW2. The standard of living was extremely low compared with modern times and people found it very difficult to afford the cheapest of cars and then to buy the petrol for them. This was after petrol rationing stopped of course! The things we take for granted now such as refrigerators, washing machines,vacuum cleaners,central heating,etc. were only owned by those living in America. As an example, think about keeping the week's meat in a cabinet outside made of perforated zinc and not being too squeamish to scrape off the yellow bluebottle fly eggs before it was cooked!

We need to be concerned however about the future. After that warning from the head of the Bank of England, we have to accept that our economy is almost certainly far worse off than we imagine and we might be in for a pretty hard time comparatively in the future.

What with the failure of the Eu and the Euro, and the parlous state of our own finances after the shameful way in which NL overborrowed continuously, using the cash to make the economy look strong when it was really going down the tubes in an exercise to buy votes, we cannot but expect a long period of a poorer standard of living in order to recover from the state we are actually in and which I think we can expect to become apparent.

Whatever we think of our present leader and the government at the moment, the fact remains that they have inherited a pile of rubbish as an economy and it cannot be put right just by even more borrowing!

We have to start earning money as a country which will entail a big increase over time in the GDP supplied by the manufacturing businesses which need to be built up after their neglect over so many years gone by.

We have been converted to a vast and expensive beaurocracy of non jobs by the previous government for their own ends!

Les

kingofturds

iTrader: (1)

The butler would have to go...

paulr

Chopper, i dont think anyone knows the answer.

Chip

Whatever happens happens. Just don't worry about it and carry on your everyday activities. I for one am certainly not worried.

Chip

PaulC72

Why worry it is not as if we can do anything about it as we do not have the power to do so, all you can do it keep an eye on it all and make choices based upn what you know.

It'll all come good in the end but we may be using yen as our new currency.