RE: Sp29 Sep 2022 17:30
legache
its easy to say about small debt like student loans, but are student loans payable back based on income.
Education was not free in the 1970's and 1980 either, you had accommodation costs and low wages, no minimum wage like today.
imagine your mortgage payments doubling in 2 year period like they did, and actually they doubled in 3 days at one stage , and that mortgage was based on 3 times your income.
think about buying a house in 1989 and in 1990 its worth 40% of what it was, so an example, a £80k house with a £60K mortgage on, became worth £40,000 and you had a debt of £30,000.
There was no cell phones, no internet, you had to get in a car an drive out to a park to entertain kids, as a treat. 4 TV stations , some people had 5 .
Problem today it like rxdav said, people under 40 do not know they are born when it comes to mortgages loans , or even buying a car, a holiday abroad.
the last 15 years the UK as been running a false economy based on making people feel well off because they own a property, well , its this simple, its not easy to sell bricks , slates and etc , asset rich is all people are, they do not understand the meaning of cash rich.
We were taught to have 1 years salary in the bank, before even buying a house and that 1 year salary in the bank, was separate from any savings towards a deposit for a house.
rxdav lays out real basics people should look at, and buying a house in this economy is a 100% no, property is overvalued .
Be interesting to see how Scotland goes about its budget, as a grade 5/7 nurse in Scotland NHS earns 11% more than the same grade of nurse in England