need_my_wedge
Has Now Found His Wedgie
I lost my house back in the 80’s when I was divorcing and the rate touched 16%. Don’t recommend it……
The Most Stupid Demo EVER...bar none....
- Thread starter Crazyface
- Start date
D
Deleted member 21784
Guest
I just dont get it either.. but everyones different I guess.. I like to know my finances and figures as much as I can others dont seem to mind so long as they pay their bills
spongebob59
Journeyman Pro
I'd just split up and took on 30k on negative equity so it was very bumpy times.
Luckily the works restaurant was subsidised so I got a main meal there everyday for around a quid and I was refining my home brew skills.
need_my_wedge
Has Now Found His Wedgie
When mine touched 16%, the mortgage payment was more than my income, the mortgage company told me to hand the keys back. Said it was no problem, just post them the keys and walk away, so I did back in 88. All was fine until they came back to me a few months later telling me I owed them negative equity. Proper screwed me at the time, 24, divorced, paying maintenance, rent and the negative equity. Not a good time in my life.
I remortgaged in 2017 and took a 10 year deal. Ok the % was slightly higher than for 2 or 5 years but I wanted the certainty of knowing what my payments would be
Fromtherough
Assistant Pro
I’m not sure if you’re on a wind up or genuinely dense.
chellie
Tour Winner
Crazyface
Tour Winner
Have you actually read the other responses? They are the people who know what it is like to be really struggling under the weight of p as Ying bills, and doing so without complaining. It was quite sad to read some of the replies actually. It would appear you are on the side of the people who are currently demonstrating, making you one of the idiots.
D
Deleted member 29109
Guest
I presume you’d be happy for old people to have their free prescriptions, bus passes, tv licence, OAP and Senior Citizens discounts removed?
Let’s remove the triple lock and start to tax pension payments properly too.
howbow88
Hacker
The interest rates rocketing in the eighties was clearly horrendous, but having low interest rates isn’t much good for young people today when the average cost of a home is about 8x the average yearly wage.
chrisd
Major Champion
Its certainly better to have them at very low rates than the rates shooting up and down like they did in the 70's 80's and 90's
How much a house costs is "supply and demand"
Fromtherough
Assistant Pro
Ah ok then, so you’re just dense. I’ve read the responses. Some traumatic experiences. Obviously, interest rates soaring to 15% in the 80’s/90’s will have caused extreme hardship. But how does that infer that those demonstrating now haven’t got a legitimate point or by your reckoning can’t be suffering hardship (or suffering as much)? I think context is missing from your perspective and I’m not sure you’re capable of actually rationalising the nuances to understand why demonstrations might be happening.
SwingsitlikeHogan
Major Champion
And the context you may be alluding towards is that when after paying all your bills so as to not go into debt you have about £8/day to live on, and then your power and gas goes up by £4/day…??
Fromtherough
Assistant Pro
It’s more the contemptuous way the op castigates those protesting. I’m sure times were hard for some in the 1980’s or 1990’s and that interest rate hikes made it even more difficult, impossible even for some. It’s the “they’ve never had it so good” attitude that rankled me. No consideration for the plight of normal families who off the back of the global pandemic, Brexit and already high costs of living are going to be pushed into poverty by further cost of living rises. It’s not meant to be a race to the bottom. Food banks should not be required in this day and age, but unfortunately are.
I was a child in the 1980/1990’s so didn’t directly feel the pain of the interest rate increases and with any luck will be largely unscathed by these cost of living increases. However, that doesn’t mean I can’t appreciate the plight of others. Then and now. I understand the supply and demand issue, but I also see many companies who are passing on additional costs to the consumer, despite recording record profits.
The interest rate increases in the 1980’s are an extreme issue that may have had huge impacts on some, but they only lasted a relatively short period of time. Wage increases for many in this country have not kept pace with cost of living expenses for a prolonged period of time. The increase of the price cap on energy costs will hit some already feeling the squeeze really hard.
I was a child in the 1980/1990’s so didn’t directly feel the pain of the interest rate increases and with any luck will be largely unscathed by these cost of living increases. However, that doesn’t mean I can’t appreciate the plight of others. Then and now. I understand the supply and demand issue, but I also see many companies who are passing on additional costs to the consumer, despite recording record profits.
The interest rate increases in the 1980’s are an extreme issue that may have had huge impacts on some, but they only lasted a relatively short period of time. Wage increases for many in this country have not kept pace with cost of living expenses for a prolonged period of time. The increase of the price cap on energy costs will hit some already feeling the squeeze really hard.
howbow88
Hacker
It is fairly useless for young people to have low interest rates if they can't afford to buy in the first place.
D
Deleted member 21784
Guest
one of the best decisions taken was to move the setting of interest rates from the control of the chancellor to the bank of england .. least then the political side of it is taken out and its done on whats best rather than what suits
chrisd
Major Champion
I agree, but the situation was the same in the 70's and on.
Crazyface
Tour Winner
Slightly off topic but I'll bite. The young ones that I know that have recently purchased a house, and a brand new house at that, are ALL in three bed houses. Not the two up/down terraced that we had. Now I realise that some will be struggling with energy bills when they rise, but let's hang on a minute, they haven't gone up yet! But oh no the people are already out there protesting at what may happen. And if it does turn out to be as bad as predicted, will these people cut back on luxuries like £500 phones with £30 a month tariffs. Will they nuts.
Crazyface
Tour Winner
Cont .... High cost of living?? Some food prices have gone up, but only a bit. 5%maybe. And as for food banks. The one near me, top of the road, I live on an ester that is known for being the poorest part of town with the drug takers and dealers, and when the food bank opens up people come from miles around in big cars to pick up deals. It's a quid a bag for the food. The queues are long. Yes some of the estates people are there in the queue but I , as yet, have not spotted the people I would have expected to be in those queues. Now why is that I wonder.
So don't think I don't know what is going on I can see it first hand.
So don't think I don't know what is going on I can see it first hand.
Ethan
Money List Winner
When did anyone say they thought they should get everything for free?
People have a right to protest if they disapprove of political policy throwing money at the wealthy and screwing the average person. As it is.
Are you happy with a ton of money given to cronies through PPE fast tracks for Covid, then being written off as unrecoverable? If not, why not?
It has been no secret that the affordability of getting on the property ladder has been getting more and more challenging for years, and nothing to do with interest rates.
And the 15% interest rate during the John Major days was during a time when house price affordability was much better. Adjusted for inflation, house prices now have more than doubled compared to 1992.
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