Just had to say.

[Electric_Andy]

I remember an older colleague once telling me that credit cards "take the waiting out of wanting". That's clearly the case for lots of people now. I've overheard many a young person telling of money woes etc whilst they're on their £1000 phone, driving a car that must cost upwards of £500/month. certain websites are also offering 0% interest on purchases as well, which doesn't help. But we are living in a completely different time now. I've just had new carpets, beds and wardrobes which I've been saving up for for 2 years. And I'm lucky to be able to save, I'm not denying that. I don't know what the answer is - build more affordable housing? But then lovely places become built-up commuter towns and people object.

 

[fossyant]

Most cars are now sold on leasing deals. It's upto you whether you want to commit circa £500 a month for something you don't own. If you are getting a lot of use of one, e.g. commuting etc, then that makes sense, but if it's sat on your drive it's madness - sister has just changed her PCP car again (big SUV), but she's on maternity and will be WFH - what's the point ? The car sits on the drive all week.

My SIL was having to get rid of their small, but old, van for business use for their shop due to the Gtr Manchester emissions rules coming in next year (that yet might be delayed), but looking at leasing a private car - bet they are re-thinking now with the big fuel increases.

 

[gbb]

And Gawld help lots of people if interest rates do start to go up.
It will benefit me every percentage increase but for millions may be a disaster. I remember my former colleague when the mid 90s high interest rates began to fall away significantly....over a period of rate falls, his mortgage fell by over £1000 per month
There's nothing new in any of this, it's all cyclic.

 

[bagpuss]

Credit cards "take the waiting out of wanting".
Never truer words said . It was the same phrase used by my late father . Spending money you have yet to earn!!!!!
Low interest rates of recent years have lulled many into high levels of personal debt .

During the late 80's interests rates went up to about 13% if I remember right . I had only borrowed what i could manage in worst case scenario for my first mortgage . All my furniture etc was second hand .

 

[Oldhippy]

Many things, outside pressure, marketing leads some to believe they have to have the latest thing at all costs or be left out somehow. Glad I have never been materially motivated.

 

[SpokeyDokey]

Credit cards "take the waiting out of wanting".
Never truer words said . It was the same phrase used by my late father . Spending money you have yet to earn!!!!!
Low interest rates of recent years have lulled many into high levels of personal debt .

During the late 80's interests rates went up to about 13% if I remember right . I had only borrowed what i could manage in worst case scenario for my first mortgage . All my furniture etc was second hand .

Nov 79 base rate hit 17% for 3 or 4 months.

 

[byegad]

I feel so bad for young families starting up in life today. What chance do they have with house prices out of their reach and super high rents on properties coupled with ever higher energy prices. Food prices are also going through the roof. What a crazy world we live in where profits is the only criteria.
Although I will also suffer from most of the above, I am glad I was born when I was and don't envy youngsters at all.
When will this spiral of ever increasing prices stop ? How much more can we take?
I don't have an answer to that but I am worried.

I totally agree about things being more difficult for young workers these days than in my yoof!

However....
I bought my first house in 1975, and in the next couple of years inflation let rip, reaching over 20% IIRC. Interest rates shot up too and my repayments went from 12% to 25% of our initial joint income. Luckily wages went up* nearly as quickly and we were OK. In those days 10% or even 5% deposits were all that was needed and rents were generally low. Sadly neither of these things seem to be the case today.

Retired now we have seen SFA in interest on the cash we saved up for these days and while inflation has been low, so far, inflation has been eating into its buying power since the banking crisis 14 yrs ago.

*Thanks to strong unions, remember them????????

 

[gavroche]

If it is any consolation for us, retirees, interest rates are good news if savings rates follow suite.
Unfortunately, it won't cover the ever rising cost of living.
I was talking to one of my brothers in France earlier and the same is happening over there too. A litre of petrol is now 1.54 and energy prices are on the up.
It seems to be a world wide conspiracy with only one winner.

 

[Smokin Joe]

I think a trip back in time to the sixties and seventies would be a harsh wake up call for people who think things are bad today. No central heating, few working people had a home phone let alone a mobile and computers were things you read about in science fiction books. If you owned a car it was probably an unreliable piece of crap and if you worked in a factory H&S did not exist, you baked in the summer and froze in the winter in addition to operating dangerous machinery and breathing in all sorts of crap.

Economic circumstances go up and down, but overall they have risen considerably during my lifetime. Peoples expectations are often unrealistically high to the extent that people complain about the effect on their mental health if they haven't been away on holiday. My childhood holiday was a day at Southend. Compared to at least 90% of the planet's population, most people in Britain are stinking rich.

 

[bagpuss]

In a monty python voice
"No central heating," How I remember running round my first house to get warm in winter at 0430hrs , when getting ready for the early shift .
I used to dream of central heating . Ice on the inside of my bedroon window ! The only room which had a 24hr heater was the bathroom , It had a Baxi gas wall mounted type .

 

[mistyoptic]

I think a trip back in time to the sixties and seventies would be a harsh wake up call for people who think things are bad today. No central heating, few working people had a home phone let alone a mobile and computers were things you read about in science fiction books. If you owned a car it was probably an unreliable piece of crap and if you worked in a factory H&S did not exist, you baked in the summer and froze in the winter in addition to operating dangerous machinery and breathing in all sorts of crap.

Economic circumstances go up and down, but overall they have risen considerably during my lifetime. Peoples expectations are often unrealistically high to the extent that people complain about the effect on their mental health if they haven't been away on holiday. My childhood holiday was a day at Southend. Compared to at least 90% of the planet's population, most people in Britain are stinking rich.

Or a trip to other parts of the world to make them appreciate our much maligned NHS. We did a trip to Peru a few years back with some medico-professional visits that opened my eyes. The big cities were ok but the more rural locations less so

 

[Arrowfoot]

Or a trip to other parts of the world to make them appreciate our much maligned NHS. We did a trip to Peru a few years back with some medico-professional visits that opened my eyes. The big cities were ok but the more rural locations less so

"much maligned NHS" or "taken for granted NHS"

 

[bikingdad90]

Unfortunately for me, I’m in a DB scheme and it’s done poorly at the last valuation plus a few companies in the scheme have pulled out pushing the burden onto those that remain. My rates are close to double so any inflationary pay increases will not benefit me as they’ll go straight towards the pension rate increase. ☹️

I was in a good financial position until the energy company went bust doubling my billing costs and general price increases (which I believe is indirectly due to brexit and the additional admin from ROW trade terms) and I am starting to feel the squeeze. I still earn enough to be able to save for a rainy day/enjoy the odd luxury but to a lesser degree now but fully emphasise with people who earn and then it all goes out on bills.

There are somethings like PCP, expensive phone contracts and pret coffee subscriptions which I think are ridiculous frivolous but that might be because I like in a rural location and don’t use public transport or visit coffee houses on the way to work everyday as I’m not in a city centre. In times of hardship these should be first things knocked on the head!

 

[Sterlo]

In a monty python voice
"No central heating," How remember running round my first house to get warm in winter at 0430hrs , when getting ready for the early shift .
I used to dream of central heating . Ice on the inside of my bedroon window ! The only room which had a 24hr heater was the bathroom , It had a Baxi gas wall mounted type .

...aye, but were we 'appy? No we were bloody cold and miserable.

 

[Salty seadog]

I went for a lovely 11 mile ride on my Brompton this afternoon. It seems spring has come early. The birds are happy and everything is starting to look green. Nature has a lovely way of making things good.

Did you see any magic money trees?