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The UK has gone to the dogs...what does this mean?

The UK has gone to the dogs...what does this mean?

Old May 19th 2009, 3:51 am
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Default Re: The UK has gone to the dogs...what does this mean?

Originally Posted by cricket1
They do admit that they've made losses and gains. However, their main point, which I agree with, is that people are never taught financial intelligence so they never know the difference between a good or bad debt or an asset of a liability or how to handle money other than to spend it.
Their books are very timely right now. They are good people to learn from and listen to.
Agreed, I grew up in an era when the only debt people had was their mortgage. But then I am a "careful" (not tight) Yorkshireman.
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Old May 19th 2009, 3:53 am
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Default Re: The UK has gone to the dogs...what does this mean?

Originally Posted by cricket1
They do admit that they've made losses and gains. However, their main point, which I agree with, is that people are never taught financial intelligence so they never know the difference between a good or bad debt or an asset of a liability or how to handle money other than to spend it.
Their books are very timely right now. They are good people to learn from and listen to.
But for the average person (I'm not talking about buying investment products) it should be a case of if I haven't got the money then I can't afford it. Instead they just rack the debt up on credit cards. That doesn't/shouldn't need teaching, its common sense !!
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Old May 19th 2009, 3:55 am
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Default Re: The UK has gone to the dogs...what does this mean?

Originally Posted by Grayling
We are not discussing third world countries.
ha ha funny
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Old May 19th 2009, 3:57 am
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Default Re: The UK has gone to the dogs...what does this mean?

Originally Posted by Grayling
At least Wales is close to interesting places.....unlike NZ.
trouble is its full of welsh
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Old May 19th 2009, 3:58 am
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Default Re: The UK has gone to the dogs...what does this mean?

Originally Posted by BAY
But for the average person (I'm not talking about buying investment products) it should be a case of if I haven't got the money then I can't afford it. Instead they just rack the debt up on credit cards. That doesn't/shouldn't need teaching, its common sense !!
Good point, however, here in Canada we are bombarded with pre-approved credit cards and loans through the mail. If you are unemployed then that is not a problem and I am sure many people just cannot resist. And if you want to declare personal bankruptcy and have all your debts wiped out, then that is not a problem either.
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Old May 19th 2009, 4:05 am
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Default Re: The UK has gone to the dogs...what does this mean?

Originally Posted by johnh009
Good point, however, here in Canada we are bombarded with pre-approved credit cards and loans through the mail. If you are unemployed then that is not a problem and I am sure many people just cannot resist. And if you want to declare personal bankruptcy and have all your debts wiped out, then that is not a problem either.
The same thing happens in the UK. If people can't be responsible then credit card and loan companies should be stopped from offering these loans. We come back to part of the sub-prime loan problem. People being offered money that they couldn't possibly afford to pay back. In the UK this is where NULabour and Brown should have stepped in and stopped it. But the then bouyant economy was based on personal debt and NuLabour and Brown effectively encouraged it. ... giving Knighthoods to bosses of now failed banks !

Last edited by BAY; May 19th 2009 at 4:07 am.
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Old May 19th 2009, 4:08 am
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Default Re: The UK has gone to the dogs...what does this mean?

Originally Posted by BAY
But for the average person (I'm not talking about buying investment products) it should be a case of if I haven't got the money then I can't afford it. Instead they just rack the debt up on credit cards. That doesn't/shouldn't need teaching, its common sense !!
That is true but money has been so free and easy to borrow that people are now in denial especially the last generation. If you ask a lot of them what percentage rate they are paying on their credit card, they have no idea.
I think any education that teaches people to be money smart is good as is managing debt in this current climate.
I don't know how you teach people not to want so much. This seems to be the biggest problem.
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Old May 19th 2009, 4:11 am
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Default Re: The UK has gone to the dogs...what does this mean?

Originally Posted by BAY
The same thing happens in the UK. If people can't be responsible then credit card and loan companies should be stopped from offering these loans. We come back to part of the sub-prime loan problem. People being offered money that they couldn't possibly afford to pay back. In the UK this is where NULabour and Brown should have stepped in and stopped it. But the then bouyant economy was based on personal debt and NuLabour and Brown effectively encouraged it. ... giving Knighthoods to bosses of now failed banks !
The point is though...........nobody made you use those credit cards except you. I don't mean specifically you but you get my meaning? People have to take personal responsibility.
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Old May 19th 2009, 4:15 am
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Default Re: The UK has gone to the dogs...what does this mean?

Originally Posted by cricket1
The point is though...........nobody made you use those credit cards except you. I don't mean specifically you but you get my meaning? People have to take personal responsibility.
Yes I agree with you on personal responsibility but when so many people obviously don't have any then the credit card and loan companies should be stopped from allowing people to have too much debt on their cards or loans
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Old May 19th 2009, 4:18 am
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Default Re: The UK has gone to the dogs...what does this mean?

Originally Posted by Grayling
Which ones?

The ones posting on this thread are in Australia
oops too much wine

yes and of course i have to drink more living in a third world country with only sheep for company
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Old May 19th 2009, 4:30 am
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Default Re: The UK has gone to the dogs...what does this mean?

Originally Posted by BAY
Yes I agree with you on personal responsibility but when so many people obviously don't have any then the credit card and loan companies should be stopped from allowing people to have too much debt on their cards or loans
But then the economy would suffer because banks make their money to invest and lend from debt. It's people's own management of debt and knowing when to stop spending that causes the problem.
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Old May 19th 2009, 4:44 am
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Default Re: The UK has gone to the dogs...what does this mean?

Originally Posted by cricket1
But then the economy would suffer because banks make their money to invest and lend from debt. It's people's own management of debt and knowing when to stop spending that causes the problem.
I'm not saying no to any debt.

Yes debt is ok and is needed, but only when it can be serviced and paid back. When people aren't able to management debt and don't know when to stop spending and then can't pay back the interest/debt that is what causes the problem.

The sub-prime loan problem has shown that many many people aren't able to management debt. Therefore credit card and loan companies need to be stopped from lending too much money to these people ... and NULabour and Brown should be taken to task for not having done anything about it before the sub-prime problem occurred.
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Old May 19th 2009, 4:49 am
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Default Re: The UK has gone to the dogs...what does this mean?

Originally Posted by BAY
The sub-prime loan problem has shown that many many people aren't able to management debt. Therefore credit card and loan companies need to be stopped from lending too much money to these people.

Are you suggesting that this does not happen in Australia?

This is not peculiar to Britain....it is worldwide.
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Old May 19th 2009, 4:52 am
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Default Re: The UK has gone to the dogs...what does this mean?

Originally Posted by love30stm
trouble is its full of welsh
Hey I resemble that remark.
Plus it's a lovely place and home sweet home to my family.

We've all been through recessions before (unless you are really young) and will again no doubt.

If you want to blame anyone for this mess, try blaming the US. They are the ones who let the mortgage companies sell junk mortgages that they knew people couldn't afford, and knew that in a set number of years they would all start to fold.
We have watched it happen all round us, we couldn't understand why the home prices in our own neighborhood were so inflated, San Francisco prices in the back of beyond, we knew it couldn't last and wondered how these young couples with a couple of kids and two new cars could afford all the new toys they were buying on move in, boats, caravans, you name it. Well they couldn't afford it, and there's now a whole lot of empty homes sitting around us. Prices have dropped in half.
Why the government here would bail out a huge insurance company that insured these crazy loans and not the car industry is amazing.
If you think it's the UK getting it worse, you are wrong. There are pockets here of 20% unemployment and the unemployment checks don't go on forever here, once you've reached the limit you are cut off.
Tent cities are springing up all over. Regular middle class families in them, two income, both lost jobs, mortgage can't be paid and they are out. No home, no health care, no anything.
It makes Britain look down right wonderful.
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Old May 19th 2009, 4:53 am
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Default Re: The UK has gone to the dogs...what does this mean?

Originally Posted by Grayling
Are you suggesting that this does not happen in Australia?

This is not peculiar to Britain....it is worldwide.
So ? we're discussing how it is in UK. Are you suggesting that because it happens in Australia that it is therefore ok to happen in UK i.e. two wrongs make a right ! ?
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