Interest Rates

[VLC86]

7 minutes ago, yorkie1999 said:

What, in 1990.

Yeah, heard Jesus was around then as well.

[foxoffderby]

2 hours ago, Babylon said:

Fingers crossed for more... from a savers perspective.

Paid my mortgage off last year. Got some money in the bank now would like some interest on it now. The higher the rates go the better 

[Realist Guy In The Room]

35 minutes ago, Innovindil said:

Eh, keep thinking about it. But such risky ground. 

The rate of growth its experiencing, even £5k investment is well worth it.

 

I did read that they’re expecting other cryptocurrencies to come out that will outstrip it.  Bitcoin is currently Myspace and the market is waiting for Facebook.

[James.]

48 minutes ago, sk3since03 said:

I read that by 2020 1 bitcoin could be worth a million 

 

 Broke past the $7,000 mark today

 

Fingers crossed because I own 0.29 of one. Bought it at $4,400 in August so am pleased so far although terrified it will become worthless overnight at some point.

[sk3since03]

4 minutes ago, James. said:

 

Fingers crossed because I own 0.29 of one. Bought it at $4,400 in August so am pleased so far although terrified it will become worthless overnight at some point.

That’s the thing with it, your either going to wake up laughing or wake up crying one morning 

 

I hope it doesn't crash anytime soon in all honesty  

[Babylon]

1 hour ago, sk3since03 said:

I read that by 2020 1 bitcoin could be worth a million 

 

 Broke past the $7,000 mark today

Did someone with a few bitcoins write that.

 

I've heard tulip bulbs could be worth a billion one day.

[sk3since03]

3 minutes ago, Babylon said:

Did someone with a few bitcoins write that.

 

I've heard tulip bulbs could be worth a billion one day.

Bloomberg i believe 

[VLC86]

4 minutes ago, Babylon said:

Did someone with a few bitcoins write that.

 

I've heard tulip bulbs could be worth a billion one day.

Even Ahmed Musa may be worth £17m in £10 years or so.

[Babylon]

2 hours ago, toddybad said:

Unfortunately many borrowers are borrowing to survive this time around.

Seems alien to me, the only people I've ever come across in those situations are mostly there because of terrible financial decisions or attempting to live a lifestyle they can't afford.

 

Of course I'm not suggesting there aren't people with valid reasons for having to do so, people who've had serious illnesses, lost jobs etc it can be the only way to survive. But I do wonder whether that group only really accounts for a tiny fraction.

[Realist Guy In The Room]

2 minutes ago, Babylon said:

Seems alien to me, the only people I've ever come across in those situations are mostly there because of terrible financial decisions or attempting to live a lifestyle they can't afford.

 

Of course I'm not suggesting there aren't people with valid reasons for having to do so, people who've had serious illnesses, lost jobs etc it can be the only way to survive. But I do wonder whether that group only really accounts for a tiny fraction.

Completely depends on the circles you run in I suppose.

 

I’ve seen some horrendously shit situations people are in and it doesnt seem to be down to anything.  No overspending, not bad investments, redundancy etc.  For some people it just seems like they’re ****ed.

[Guest]

7 minutes ago, Babylon said:

Seems alien to me, the only people I've ever come across in those situations are mostly there because of terrible financial decisions or attempting to live a lifestyle they can't afford.

 

Of course I'm not suggesting there aren't people with valid reasons for having to do so, people who've had serious illnesses, lost jobs etc it can be the only way to survive. But I do wonder whether that group only really accounts for a tiny fraction.

 

3 minutes ago, Realist Guy In The Room said:

Completely depends on the circles you run in I suppose.

 

I’ve seen some horrendously shit situations people are in and it doesnt seem to be down to anything.  No overspending, not bad investments, redundancy etc.  For some people it just seems like they’re ****ed.

I can't understand why somebody had to know somebody to believe that there might be people struggling. Over a million food parcels were given out by the trussell trust alone last year.

[Babylon]

Just now, toddybad said:

 

I can't understand why somebody had to know somebody to believe that there might be people struggling. Over a million food parcels were given out by the trussell trust alone last year.

"Of course I'm not suggesting there aren't people with valid reasons for having to do so"

 

 

[Guest]

2 minutes ago, Babylon said:

"Of course I'm not suggesting there aren't people with valid reasons for having to do so"

 

 

Yes I realise you wrote that babs.

I was just saying I don't understand why people need cast iron evidence. Or you have people like innovindil who, based on conversions elsewhere, couldn't give a flying about anybody else.

[Innovindil]

14 minutes ago, Babylon said:

Seems alien to me, the only people I've ever come across in those situations are mostly there because of terrible financial decisions or attempting to live a lifestyle they can't afford.

 

Of course I'm not suggesting there aren't people with valid reasons for having to do so, people who've had serious illnesses, lost jobs etc it can be the only way to survive. But I do wonder whether that group only really accounts for a tiny fraction.

Spot on. Never met a single person in the shit that didn't put themselves there. Either by borrowing too much for stuff they didn't need, or buying a house they couldn't afford to sustain with their lifestyle. 

 

And like you said, of course there are exceptions, but it's far from making a rule. 

[Innovindil]

1 minute ago, toddybad said:

Yes I realise you wrote that babs.

I was just saying I don't understand why people need cast iron evidence. Or you have people like innovindil who, based on conversions elsewhere, couldn't give a flying about anybody else.

Fake news. 

 

I do care about others, what you mean is I don't care about everyone. Two separate things. 

[Guest]

Just now, Innovindil said:

Fake news. 

 

I do care about others, what you mean is I don't care about everyone. Two separate things. 

Did you really just write "fake news" 

[Babylon]

2 minutes ago, toddybad said:

Yes I realise you wrote that babs.

I was just saying I don't understand why people need cast iron evidence. Or you have people like innovindil who, based on conversions elsewhere, couldn't give a flying about anybody else.

I don't need evidence, I'm well aware there are people out there who've been dealt a really shitty hand and it's the only way they can get by. I was just musing about how many people fall into that category and how many are there through poor decision making and terrible money management.

 

I was brought up well with how to deal with money, my parents had nothing and learning the value of it has meant I'm in the comfortable position I'm in now. I've seen people with far more money than me making woeful decisions with their money. Spending like their is no tomorrow and then wondering why the shit hits the fan when something "unexpected" happens.

 

It's utterly baffling to me that there was no education based on money management, personal finances etc at school.

[Innovindil]

8 minutes ago, toddybad said:

Did you really just write "fake news" 

Yeah I like it. One of the funnier things to come from trumpet 

[Guest]

4 minutes ago, Babylon said:

I don't need evidence, I'm well aware there are people out there who've been dealt a really shitty hand and it's the only way they can get by. I was just musing about how many people fall into that category and how many are there through poor decision making and terrible money management.

 

I was brought up well with how to deal with money, my parents had nothing and learning the value of it has meant I'm in the comfortable position I'm in now. I've seen people with far more money than me making woeful decisions with their money. Spending like their is no tomorrow and then wondering why the shit hits the fan when something "unexpected" happens.

 

It's utterly baffling to me that there was no education based on money management, personal finances etc at school.

Yeah, my point was it wasn't directed at you.

I agree on your last point.

[Guest]

12 minutes ago, Innovindil said:

Spot on. Never met a single person in the shit that didn't put themselves there. Either by borrowing too much for stuff they didn't need, or buying a house they couldn't afford to sustain with their lifestyle. 

 

And like you said, of course there are exceptions, but it's far from making a rule. 

 

4 minutes ago, Babylon said:

I don't need evidence, I'm well aware there are people out there who've been dealt a really shitty hand and it's the only way they can get by. I was just musing about how many people fall into that category and how many are there through poor decision making and terrible money management.

 

I was brought up well with how to deal with money, my parents had nothing and learning the value of it has meant I'm in the comfortable position I'm in now. I've seen people with far more money than me making woeful decisions with their money. Spending like their is no tomorrow and then wondering why the shit hits the fan when something "unexpected" happens.

 

It's utterly baffling to me that there was no education based on money management, personal finances etc at school.

Whilst some people will have gotten themselves into debt in the ways you describe, the debt charity stepchange has reported that:

 

Last year, more Britons than ever sought financial help with around 600,000 people contacting StepChange, the country’s leading debt advice charity that has a host of City luminaries on its board. It says millions of families in Britain now struggle with severe financial problems and estimates 8.8m people have turned to credit to pay for everyday household expenses over the past year. More than half of these were in employment with 41 per cent in full-time work. Stagnant wages and rising inflation are making more people vulnerable to problem debt.

[Innovindil]

9 minutes ago, toddybad said:

 

Whilst some people will have gotten themselves into debt in the ways you describe, the debt charity stepchange has reported that:

 

Last year, more Britons than ever sought financial help with around 600,000 people contacting StepChange, the country’s leading debt advice charity that has a host of City luminaries on its board. It says millions of families in Britain now struggle with severe financial problems and estimates 8.8m people have turned to credit to pay for everyday household expenses over the past year. More than half of these were in employment with 41 per cent in full-time work. Stagnant wages and rising inflation are making more people vulnerable to problem debt.

Doesn't really give any information on why they are in debt though does it. Household expenses? Great, why can't you afford them to begin with? If 3% inflation is enough to drive you to credit, then wtf happened? 

 

I dare say it goes some way to showing what we are on about. 59% of them aren't in full time work? I'm not an expert by any stretch, but I guess I could take a stab at the reason they are struggling with debt. 

[Babylon]

13 minutes ago, toddybad said:

 

Whilst some people will have gotten themselves into debt in the ways you describe, the debt charity stepchange has reported that:

 

Last year, more Britons than ever sought financial help with around 600,000 people contacting StepChange, the country’s leading debt advice charity that has a host of City luminaries on its board. It says millions of families in Britain now struggle with severe financial problems and estimates 8.8m people have turned to credit to pay for everyday household expenses over the past year. More than half of these were in employment with 41 per cent in full-time work. Stagnant wages and rising inflation are making more people vulnerable to problem debt.

Unless they do forensic accounting on every person it's always going to be "estimated" and guess work as to how they got there. Would be interesting if they actually delved into a selection of cases to see where the problems lie but it's nigh on impossible.

 

I'm not going to get into a battle about it, I just think piss poor education and money management has a lot to answer for.

[Guest Kopfkino]

5 minutes ago, Innovindil said:

Doesn't really give any information on why they are in debt though does it. Household expenses? Great, why can't you afford them to begin with? If 3% inflation is enough to drive you to credit, then wtf happened? 

 

I dare say it goes some way to showing what we are on about. 59% of them aren't in full time work? I'm not an expert by any stretch, but I guess I could take a stab at the reason they are struggling with debt. 

 

There's an actually an interesting piece in The Times today about research done on decision making by those struggling with money. 

 

Quote

Their conclusion: “poverty impedes cognitive function”. When you’re poor, you think less clearly and make worse decisions. It all comes down to mental capacity: poor people spend much more of their time thinking, and worrying, about day-to-day stuff (you may know what’s for dinner tonight but do you know, to the penny, how much each portion costs?) than richer ones. This leaves them with less mental bandwidth to process bigger stuff such as interest rates or loan repayment schedules.

 

[leicsmac]

3 minutes ago, KingGTF said:

 

There's an actually an interesting piece in The Times today about research done on decision making by those struggling with money. 

 

 

This makes sense. Stressors like worrying about money (which is a big stressor) are going to impair rational cognitive function.

 

Question is though...what can be done about it?

[Ric Flair]

42 minutes ago, Innovindil said:

Spot on. Never met a single person in the shit that didn't put themselves there. Either by borrowing too much for stuff they didn't need, or buying a house they couldn't afford to sustain with their lifestyle. 

 

And like you said, of course there are exceptions, but it's far from making a rule. 

Come and meet me if you'd like. I bought a new build aged 21 in 2004 on one of those help to buy schemes with the building company owning 25% of it. It was way overpriced to begin with but that only became apparent when the housing market crashed a few years later. Property is still in negative equity now all these years on, not to mentioned the extra bills had to pay on service charge etc. The building company are now charging interest on the 25% they own too. I might be lucky to break even on it in a few years hahahaaaaa. I probably ought to have gone bust on it years ago.

 

I have been lucky to get another mortgage with my current missus and there's probably enough equity now in that to shift around and dispose of the other piece of shit but I own that with an ex and it's not fair to ask my missus to do that so on I battle with it.