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DEBT
Jul 23, 2018 9:15:57 GMT
Post by Deleted on Jul 23, 2018 9:15:57 GMT
scary what's going here in sweden..because rates are 1.8% these dickheads here loan money day and night...new cars on hire purchase...new houses interest only. all pretending they're rich yet own nothing but the clothes on their backs. is this going on in the uk? back in the 1990's u wanted a new car you'de pay 18% interest on the loan..today here it's about 3%...and they buy them over 10 years lol  our tw@t neighbours are buying things day and night..car on hire purchse ofc, so have no money yet loan loan loan non stop to buy junk.. they will be their own downfall here i tell ya..when rates return to normal say about 8% they will be stuffed. i hear what many here do is, because their houses they rent off the bank have gone up in value they top the mortgage up to the new increased value...DONT THEY REALISE WHEN RATES RETURN TO NORMAL they will be left with a huge mortgage on a house worth half the previous value... happening a lot here i tells ya |
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DEBT
Jul 23, 2018 9:24:05 GMT
Post by Deleted on Jul 23, 2018 9:24:05 GMT
when rates return to normal about 8% i can point and laugh at them all..as we owe nobody nothing..zero debts i would love about 20% rates asap please so we get a nice return on our savings
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DEBT
Jul 23, 2018 9:27:59 GMT
Post by antonio on Jul 23, 2018 9:27:59 GMT
Too many tv ads for these pay-day loans and you can see how they afford it at over 1000% apr. One even as much as 1700% apr.  |
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DEBT
Jul 23, 2018 9:30:59 GMT
Post by Deleted on Jul 23, 2018 9:30:59 GMT
morning ant.
used to be over 4000% apr before the government banned them.
only money we have ever loaned since we moved here was our 180k mortgage..that is no longer now..if only our neighbours knew our finances lol..very very few swedes ever own their houses even when they retire.
i know one couple that are 65 and still have a 100k mortgage lol..
how can you work non stop for 50 years and still owe that much on retirement
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DEBT
Jul 23, 2018 11:28:35 GMT
Post by macca on Jul 23, 2018 11:28:35 GMT
There doesn't look to be any sign of interest rates even getting to a couple of percent neither mind 8%. What is 'normal' for interest rates changed a long time ago.
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Bigman80
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The HiFi Bear/Audioaddicts/Bigbottle Owner
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DEBT
Jul 23, 2018 11:45:10 GMT
Post by Bigman80 on Jul 23, 2018 11:45:10 GMT
There doesn't look to be any sign of interest rates even getting to a couple of percent neither mind 8%. What is 'normal' for interest rates changed a long time ago. I have to agree. I guess you can’t rule out short term hikes in unusual circumstances, but economies seem to be happier with nomrewards for savers and only mildly extortionate rates for borrowers. |
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DEBT
Jul 23, 2018 12:55:04 GMT
Post by Deleted on Jul 23, 2018 12:55:04 GMT
rates need to rise asap here..too many idiots with colossal mortgages..easy when u only pay interest ffs...loan 400k for just 700 quid a month..many many swedes are just living luxery life off the back of record low rates when instead they should be paying off their mortgages asap as we did.
foolish to go interest only..VERY FOOLISH
life can go badly very quickly..ok say rates go to 10% ok..then you and ya wife get cancer and have to live off 1k a month and u owe 400k...
GOODBYE HOUSE..you cant sell it coz it's only worth half the 400k debt you have on it..so you loose your home and go bankrupt on top of getting cancer...last thing u want too worry about is money if you get seriously ill..these tw@ts are putting their homes at risk by not paying them off asap.
your most important asset you MUST make sure it's safe as good as you can..
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DEBT
Jul 23, 2018 15:00:57 GMT
Post by macca on Jul 23, 2018 15:00:57 GMT
I'm all for paying off your debts. But you have to admit when it is so cheap to borrow money you can't blame people for doing it.
There's a chance it could all go badly wrong for them but I suspect the odds are against it happening, especially in the next 10 years or so.
seems to me they have to start paying back the capital on the loan at some point or they will never be able to retire?
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DEBT
Jul 23, 2018 15:04:41 GMT
Post by Deleted on Jul 23, 2018 15:04:41 GMT
pensions are good here
u get about 1.5k each if you have both done the full 40 years service
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Bigman80
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DEBT
Jul 23, 2018 17:02:14 GMT
Post by Bigman80 on Jul 23, 2018 17:02:14 GMT
I'm all for paying off your debts. But you have to admit when it is so cheap to borrow money you can't blame people for doing it. There's a chance it could all go badly wrong for them but I suspect the odds are against it happening, especially in the next 10 years or so. seems to me they have to start paying back the capital on the loan at some point or they will never be able to retire? Just occurred to me when I read this. No mortgage I ever had was a repayment one. Always interest only. When you move as often as I have there was never any point. Bad thing to do if you stay put though. |
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Jul 23, 2018 17:22:56 GMT
Post by macca on Jul 23, 2018 17:22:56 GMT
I agree, if you just pay the interest you've got nothing after 20 years.
First 5 years I had my mortgage I was on a very low wage, rate was 7.5% and so it was almost a third of my salary. I couldn't really afford it but I managed somehow. No holidays, no big spends, basically just worked for 5 years. Then I started to earn a bit more and got ahead for the first time ever.
The house has not gained any in value, if you allow for inflation it's worth the same as what I paid (less interest). I've actually lost money on it in real terms. I reckon I'm down about £15K if I add up what I've paid over 20 years and allow for inflation.
But I haven't had to pay rent for 20 years = saving £70K (assuming I rented a house like mine for £350/month). So I'm actually £55K up on the deal.
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Deleted
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Post by Deleted on Jul 23, 2018 17:25:45 GMT
take on a mortgage
pay it off apap
has to be the best way really...
i have never rented..never would..
never lease a car either..laining money for a car is ok if u buy a cheap car and pay it back before the warranty is up..loaning money for some expensive german cack that the value of will drop like a stone is insanity
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DEBT
Jul 23, 2018 17:25:56 GMT
Post by macca on Jul 23, 2018 17:25:56 GMT
Actually I have put in double glazing and new hot and cold water tanks so knock off about £4K for that.
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DEBT
Jul 23, 2018 17:31:25 GMT
Post by macca on Jul 23, 2018 17:31:25 GMT
take on a mortgage pay it off apap has to be the best way really... i have never rented..never would.. never lease a car either..laining money for a car is ok if u buy a cheap car and pay it back before the warranty is up..loaning money for some expensive german cack that the value of will drop like a stone is insanity I rented for a few years because I didn't have enough money for a deposit. I worked all hours to put that together, lived in one room of a house with some blokes I worked with so I could save. Was working 100 hour weeks for a while. Took me 12 months to save the £1500 I needed. My uncle always said to me 'As soon as you are in steady work, save a deposit and buy a house. You can't go wrong if you own bricks and mortar.' Although I was a total wastrel/live for today type, and still am - I took that on board for some reason. |
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DEBT
Jul 23, 2018 17:32:10 GMT
Post by Deleted on Jul 23, 2018 17:32:10 GMT
my ideas have always been to be mortgage free by 50 years of age..i missed that by 2 years due to my ole slapper ex wife.
we repaid 1.3k a month for over 10 years on this gaff..interest was 6 percent when we built it..boy did it work out good for us with rates dropping so low..help my 2 sons now..new car for our youngest when he gets a liscence..give him say 30k for a deposit on a house if he needs it.
this is why being debt from 50 is important...in the 15 years u have left at work not only does it remove a lot of stress it means you can help ya offspring and save save save for retirement..imho after working for 50 years you should have at least paid off your mortgage and have about 100k in the bank.
if not you have fucked up big time in the last 50 years aint you
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DEBT
Jul 23, 2018 17:34:23 GMT
Post by Deleted on Jul 23, 2018 17:34:23 GMT
take on a mortgage pay it off apap has to be the best way really... i have never rented..never would.. never lease a car either..laining money for a car is ok if u buy a cheap car and pay it back before the warranty is up..loaning money for some expensive german cack that the value of will drop like a stone is insanity I rented for a few years because I didn't have enough money for a deposit. I worked all hours to put that together, lived in one room of a house with some blokes I worked with so I could save. Was working 100 hour weeks for a while. Took me 12 months to save the £1500 I needed. My uncle always said to me 'As soon as you are in steady work, save a deposit and buy a house. You can't go wrong if you own bricks and mortar.' Although I was a total wastrel/live for today type, and still am - I took that on board for some reason. good lad..your uncle was ofc right..i know a few here that are now over 50 and still paying rent lol..one just buys cars on loans..wrecks them and then loans more money to buy another...total fekin loony. how old are u macca |
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DEBT
Jul 23, 2018 17:39:29 GMT
Post by macca on Jul 23, 2018 17:39:29 GMT
I'm 49. When I was 21 I wanted to be mortgage free and retired by the time I was 35. Oh well. Did you start with nothing Rudy? I did. A few clothes from the army surplus, about 50 LPs (good ones mind) and a stereo system. That was all I owned. No money, but no debts either. And no job. It wasn't easy but I take great satisfaction from the fact that it wasn't easy. I'd hate to have been given it on a plate at 21. Obviously I would not have complained of course  |
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Jul 23, 2018 17:42:39 GMT
Post by Deleted on Jul 23, 2018 17:42:39 GMT
no mate
november 11th 2002 i walked out of my house with my clothes my 1000 records and 50k from the house sale..nothing more.
bought another gaff in essex with me new wife..sold that after 2 years jumped on the plane here with 100k in the bank..ofc had a bit of luck..but had a mass of bad luck before then.
problem is macca life can go bad real quick..as long as your prepared you should be ok..
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DEBT
Jul 23, 2018 17:46:29 GMT
Post by Deleted on Jul 23, 2018 17:46:29 GMT
problem now in the uk is it's too late for most folk
insane house prices in the south..
one of me london work mates could have bought a 4 bedroom house in enfield north london in 1996 for 90k..instead he used the deposit to buy a fekin rover mg..he still lives in a council flat lol..that house now would be worth million quid..i did try to tell him
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DEBT
Jul 23, 2018 18:58:00 GMT
Post by macca on Jul 23, 2018 18:58:00 GMT
problem now in the uk is it's too late for most folk insane house prices in the south.. one of me london work mates could have bought a 4 bedroom house in enfield north london in 1996 for 90k..instead he used the deposit to buy a fekin rover mg..he still lives in a council flat lol..that house now would be worth million quid..i did try to tell him Yeah that's nuts. |
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DEBT
Jul 24, 2018 3:02:54 GMT
Post by Deleted on Jul 24, 2018 3:02:54 GMT
sacry thing is he wrote the pos off..25k it cost him..
since then he has wasted a fortune on new shite german cars all on hire purchase..
now the idiot has some new vw tiguan on hp...
he'll be ruined come pension time..and the council may want their flat back..
BY THE TIME U GET TO 65 YOU MUST HAVE YOUR LIFE IN A NICE PLACE...
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