Serious question guys, ive been checking the intelligence on this board and im impressed so honest opinion please.... I m not bragging but i havnt noticed a difference at all in my spending habbits and can buy what i want (not on credit though because thats ****ed)
Sometimes, when I read replies on GC - I think that it is the state of some people's minds that is in recession.
Well the technical definition of a recession is 2 consecutive periods of negative economic growth. Therefore as the uk economy has grown or remained the same for the past year or so we are not in a recession. The term recession is just bounded around by those with no economic knowledge at all and scaremonger. We care currently suffering the after effects of a recession and may be heading back into one, but we are certainly not in one!
Well done. You are quite correct. It will be a shame that there will be too many people with their heads buried in the sand to appreciate your wisdom. And, of those that remain, I hope that you don't suffer as some get bored when they are a couple of lines into your post. ( as they are with mine by now ! )
Recession to a degree is self inflicted as people stop spending their money which in turn leads to people losing jobs.. The current recession really has been down to the banking system buggering everything up.. As an Estate Agent I was employed when all this **** started and my earnings fell by £1000 a month... I am now self employed and still not making anywhere near what i was..
Was it their money ? or money / credit taken without any thought or ability to repay. Yes, there are a number of different factors for a recession - but on an individual basis, we can go a long way to protecting ourselves from its' effects if we spend only what we can ultimately afford to repay.
Bank lending forms the basis of our economy.. Without it everything grinds to a halt. As to how people choose to spend their money is irrelevant and only becomes a problem if they lose their job. Irresponsible lending to a degree is what has gotten us into the mess we are in. If the banks were to start lending more then I believe we could to some extent spend our way out of recession. To buy a house at the moment you need 10% minimum deposit and you get a ****e rate of interest in the region of 6.9% which is ridiculous considering what the base rate is. first time buyers who say have a combined income of 30k and live in rented cant afford to save enough money to buy until the banks do a 100% mortage or at least a 95% would help.. As these are the people who bought the little houses and flats which are difficult to sell now as there aren't many first time buyers. Also small business need to borrow money from banks to counter balance cash flow problems or indeed to expand without this they wont create jobs.. I had massive problems trying to borrow money to set up on my own. the banks didnt want to know as a business loan... so i ended up lying and told them it was to get married and they lent it me..
Estate agents provide a valuable service to the public.. admittedly some agents are ****.. The ones that go on the apprentice always seem to be complete ****s.. but we are not all bad.
most agents are **** or scumbags. Moving home last summer has totally put me off letting again! I think im going to stay here and work on my credit rating (help + advice needed there) and deposit for a mortgage!
You dont need a perfect credit rating to get a mortgage.. just a decent deposit. Which is what is **** about mortgages.. people who are on decent money with a perfect credit rating no debts cant buy due to not having earnt enough to save for a deposit or rich parents to bung them 10k.
I note your points. I have a lot of empathy with you regarding issues relating to commerce - that is why my response was loaded towards individual circumstances. I appreciate that these can be affected by 'unforeseeable' factors such as unemployment, but in the main, our own individual financial circumstances can be controlled - by spending only what we can earn to repay any lending along the way. It sounds fairly simplistic - and I suggest that the greater majority of us can be accomodated if we follow the principle.
