L00b Posted February 5, 2009 Share Posted February 5, 2009 The problem with your stance is that everything is relative - and subject to change. O-RLY?!? I work, I earn money, I have outgoings, I have a mortgage, I live within my means (up to my means, I have to confess - I have little real savings, despite my best efforts; having three young children is, I'm afraid, expensive). Now, if I lose my job, I lose most of my income and, within a single stroke, I suddenly cannot live within my means (through no fault of my own bar being expendable and a drain on my employers). In such circumstances, therefore, I should just accept the situation, lose my home and everything I have worked for over the last 20+ years and 'learn' my lesson (so that I don't do it again). <rant> Absolutely not what I posted or suggested. From the personal situation you have depicted, it does not appear that you answer the profile suggested by my post, so what's eating you? If you care to re-read my post (indulge me, pretty please) in the context of the quote I used, you should hopefully realise that my 'stance' is not directed to people faced with unexpected hardship through economical/sudden events (been there a few times myself), but to people who -indeed- adopted the 'I'm alright Jack attitude' insofar as financing their lifestyle by debt (income<lifestyle) was concerned during the boom years... and which, incidentally, is one of the main drivers behind the present situation. If you can see yourself in this latter position, to the point of being aggrieved by my post... then indeed I will take comfort from knowing how much of a lesson you've learned If not, then again I don't understand you, so that's that. Link to comment Share on other sites More sharing options...
WarPig Posted February 5, 2009 Share Posted February 5, 2009 Interest rate cuts are the future! My tracker mortgage had reduced by over £300 in the last year. And yes, my name is Jack, and Im alright. Link to comment Share on other sites More sharing options...
ukdobby Posted February 5, 2009 Share Posted February 5, 2009 What I don't understand is the pound/Euro thing,last couple of times rates dropped the £ crashed,all and sundry shouting its dropped cos of the rate drop,rate dropped today and £ picks up over a cent against the Euro,whats it all about:loopy: Link to comment Share on other sites More sharing options...
Ghozer Posted February 5, 2009 Share Posted February 5, 2009 Pardon me if I'm feeling midly offended by this scheme, having opted to save and live within our means, rather than keeping up with the Joneses at any cost. Why should I bail out those who threw caution to the wind, however fully or partially, with my tax dollars? Right now, I should be lording like a one-eyed king in the land of the blind, same as should any other person who chose to exercise a bit of financial common sense in the past few years. Thanks to our imbecilic overlords (whom I never welcomed!), I'm not and, in fact, feeling rather punished for it just likebrianthedog above A lot of people would be best advised to dust off their classics, and read up on Jean de la Fontaine, particularly the fable of the ant and the grasshopper. Written in the 18th Century, and already all there for anyone with a modicum of common sense to understand: live within your means, live with the consequences if you don't. in that case, means test it... people like us who are skint, not because of debt, but simply as a result of this 'recession' - should get extra £££, or a chunk of debt wiped off.. (to put our situation in context, we have a mortgage, and thats it... no car, no other loans, my g/f works but is on mat leave (that's only £117 per week), i was made redundant last year, and am struggling to find work... and with a 3 and 1/2 month old baby aswell, its not easy) Link to comment Share on other sites More sharing options...
L00b Posted February 5, 2009 Share Posted February 5, 2009 in that case, means test it... people like us who are skint, not because of debt, but simply as a result of this 'recession' - should get extra £££, or a chunk of debt wiped off.. That works better, than just a 'here's my total debt, it's about here on the scale, please write me off x%' and a proportion of the beneficients effectively avoiding taking reponsibility for their own actions And I fully sympathise. Really. Some years back, my wife and I were both unfairly dismissed within 1 week of one another, by the same company. With mortgage still to pay, thankfully nothing else. About 1 week later, I learned I was going to become a Dad. Keep up the good fight, Ghozer Link to comment Share on other sites More sharing options...
Grandad.Malky Posted February 5, 2009 Share Posted February 5, 2009 That is so short sighted and brainless i cant belive anyone is stupid enough to come up with that! what happens after everyone spent the 5k? About as short sighted as printing more money, they could print loads of it and give everyone a bag full Link to comment Share on other sites More sharing options...
Bago Posted February 5, 2009 Share Posted February 5, 2009 ... Those who sold the advantages of globalisation didn't mention the disadvantages. The politicians, those in power and those in opposition, bought into the myth and reaped the rewards of the boom. Now we've found that the Emperor really isn't wearing any clothes we're stuffed. It matters not one whit who is in power, be they Conservative or Labour. They both would have done pretty much the same things and both would have been equally unable to do anything, because there is nothing that can be done except to try and stabilise things and hope. ... Same as those who wish to see one single united Democratic World. It isn't going to happen, and nor should it happen. I just remember that Clinton talking in an interview of how he perceived the world to be. I never knew that behind a politician, is such a vision. When this happens, then there will be a fight to see who gets the top position or the top ruling group. As bad as it sounded, but the fight by Iraq was all about not having to conform under those that are in power. The view looks different depending on where you stand. Link to comment Share on other sites More sharing options...
libuse Posted February 5, 2009 Share Posted February 5, 2009 Surely the banks won't pass this one on to borrowers as well? I have a 1% below base rate tracker mortgage; they've passed the other cuts on, but I can't comprehend that my mortgage lender is going to charge me no interest? I'm paying the capital via other investments, so effectively my mortgage lenders are not going to be getting anything from me. I'm no economist and so to me it seems incomprehensible Link to comment Share on other sites More sharing options...
PK80 Posted February 5, 2009 Share Posted February 5, 2009 Is anyone actually going to stop saving, or spend their savings because of the interest rates? I have a small amount of money saved that I pay into on a regular basis. I do that so a) I have the money I save and b) it earns a bit of interest. Ok, it's not earning as much as it was a few months ago but I'm not going to suddenly take it all out and spend it at Woolworths. Does low interest rates actually encourage spending? Link to comment Share on other sites More sharing options...
Conker2 Posted February 5, 2009 Share Posted February 5, 2009 Is anyone actually going to stop saving, or spend their savings because of the interest rates? I have a small amount of money saved that I pay into on a regular basis. I do that so a) I have the money I save and b) it earns a bit of interest. Ok, it's not earning as much as it was a few months ago but I'm not going to suddenly take it all out and spend it at Woolworths. Does low interest rates actually encourage spending? Well, you'd need a time machine to spend it at Woolworths. During the 70s there was high inflation and I've heard that according to economic theory, people should have spend their money instead of saving it, as it would just lose value sitting in a savings account. But instead they saved more to compensate for the fact that its value was going down. I imagine low interest rates could have a similar effect - you know that the value of your savings won't be as much now, so put a few extra pounds in if you can. Link to comment Share on other sites More sharing options...
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