Nigel Let's Loose.

Started by Raven, October 01, 2022, 02:36:09 PM

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Diasi

#15
Quote from: Michael Rolls on October 02, 2022, 09:20:47 AMBorrowers have been living in a fool's paradise for years - now we are seeing chickens coming home to roost. Personal indebtedness is, as I understand it, at an all time high and there are going to be some very hard cases over the next few months, probably going into late spring.
Cutting taxes has become an anathema to the political classes - even Boris was guilty despite his earlier promises - and 'net zero' has to bear an awful lot of the blame.
Mike
Too right, I was talking to a bloke in Morrisons who said that his mortgage rate was 17% at one point in the 1970s.

He went bust as he was living in the South East & moved to Lincolnshire where he could afford a house.

The home buyers in the last 14 years have had their mortgages paid by us savers who got bugger-all interest.
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"Death leaves a heartache no one can heal, love leaves a memory no one can steal".  (Cassandra)
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klondike

I'd rather be getting bugger all interest and 2% inflation than slightly more than bugger all and 12% or more inflation. Interest rates paid on savings have never matched inflation but at least the difference was only a percent or two..

Alex

I remember my mortgage rate was 17% too, but I was living abroad and the house was rented out.  I don't think the rent covered the mortgage, but can't be sure   :hmm: