bill
New Member
Posts • 444
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November 2007
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Credit crunch, credit crunch, credit crunch, by bill on Dec 18, 2007 16:49:09 GMT 1, Mike and Amilas that is really cool. I currently trade US bonds!!! hahahahaha I may be causing the credit crunch I am now in the process of making a change into food distribution so I tip my hat to you!
Mike and Amilas that is really cool. I currently trade US bonds!!! hahahahaha I may be causing the credit crunch I am now in the process of making a change into food distribution so I tip my hat to you!
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ray
New Member
Posts • 388
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June 2007
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Credit crunch, credit crunch, credit crunch, by ray on Dec 18, 2007 16:52:09 GMT 1, I'd love to see some stats refuting what Bill has said. Argh!! I'm not for one second refuting what he said: All I have said is this: I know the US is the biggest market - I agree with Bill. BUT in the last 10-20 years more markets have come to the fore many of which are very strong. If there are problems with the US economy this will not affect us in the same way it did 20 years ago because of these other markets.
The theory recently has been that is the US economy falters then the slack would be picked up by others (China, India, etc..) because as you said, other countries have strengthened. I believed the same thing, everyone did until the data hit last week showing it wasn't happening. It took a lot of people by surprise. Myself included.
I'd love to see some stats refuting what Bill has said. Argh!! I'm not for one second refuting what he said: All I have said is this: I know the US is the biggest market - I agree with Bill. BUT in the last 10-20 years more markets have come to the fore many of which are very strong. If there are problems with the US economy this will not affect us in the same way it did 20 years ago because of these other markets. The theory recently has been that is the US economy falters then the slack would be picked up by others (China, India, etc..) because as you said, other countries have strengthened. I believed the same thing, everyone did until the data hit last week showing it wasn't happening. It took a lot of people by surprise. Myself included.
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carl
Blank Rank
Posts • 0
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September 2011
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Credit crunch, credit crunch, credit crunch, by carl on Dec 18, 2007 16:52:51 GMT 1, People will always buy fresh food, toilet paper, toothpaste etc...From an investor point of view these are the companies to invest in when the market is heading south.
Absolutely! And quite right too. We are still very busy butt i guess the point I wanted to make is that it is the high street stores that are causing that 10%. People just seem to be very scared at the moment.
People will always buy fresh food, toilet paper, toothpaste etc...From an investor point of view these are the companies to invest in when the market is heading south. Absolutely! And quite right too. We are still very busy butt i guess the point I wanted to make is that it is the high street stores that are causing that 10%. People just seem to be very scared at the moment.
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ray
New Member
Posts • 388
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June 2007
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Credit crunch, credit crunch, credit crunch, by ray on Dec 18, 2007 16:53:09 GMT 1, Mike and Amilas that is really cool. I currently trade US bonds!!! hahahahaha I may be causing the credit crunch I am now in the process of making a change into food distribution so I tip my hat to you!
I knew it was you Bill. STOP IT!
Mike and Amilas that is really cool. I currently trade US bonds!!! hahahahaha I may be causing the credit crunch I am now in the process of making a change into food distribution so I tip my hat to you! I knew it was you Bill. STOP IT!
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Credit crunch, credit crunch, credit crunch, by manchestermike on Dec 18, 2007 16:54:12 GMT 1, I'm under no illusions that the slack won't be picked up, these are new markets and as such aren't as efficient as the US / European markets, but they will pick up the slack, just not immediately had it been the other way around
I'm under no illusions that the slack won't be picked up, these are new markets and as such aren't as efficient as the US / European markets, but they will pick up the slack, just not immediately had it been the other way around
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bill
New Member
Posts • 444
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November 2007
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Credit crunch, credit crunch, credit crunch, by bill on Dec 18, 2007 16:55:55 GMT 1, The other markets are a mess right now. They are so new and full of speculation that they can't be relied on to pick up the slack. With that said they will be able to in the years to come, but just not right now.
The other markets are a mess right now. They are so new and full of speculation that they can't be relied on to pick up the slack. With that said they will be able to in the years to come, but just not right now.
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Credit crunch, credit crunch, credit crunch, by manchestermike on Dec 18, 2007 16:56:47 GMT 1, People will always buy fresh food, toilet paper, toothpaste etc...From an investor point of view these are the companies to invest in when the market is heading south. Absolutely! And quite right too. We are still very busy butt i guess the point I wanted to make is that it is the high street stores that are causing that 10%. People just seem to be very scared at the moment.
I'll also second that, but I know a few high street names in the food business who are dealt with through another company, and one has just had it's best year they can remember and are projecting huge growth in 2008.
PS Carl... Is all your produce from Europe or do you deal with the Middle East/Far East/Africa (anywhere else basically)?
People will always buy fresh food, toilet paper, toothpaste etc...From an investor point of view these are the companies to invest in when the market is heading south. Absolutely! And quite right too. We are still very busy butt i guess the point I wanted to make is that it is the high street stores that are causing that 10%. People just seem to be very scared at the moment. I'll also second that, but I know a few high street names in the food business who are dealt with through another company, and one has just had it's best year they can remember and are projecting huge growth in 2008. PS Carl... Is all your produce from Europe or do you deal with the Middle East/Far East/Africa (anywhere else basically)?
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bill
New Member
Posts • 444
Likes • 0
November 2007
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Credit crunch, credit crunch, credit crunch, by bill on Dec 18, 2007 16:57:43 GMT 1, LET IT BE KNOWN THAT I AM RESPONSIBLE FOR THE WORLD MARKETS CRASHING!!!!! HAHAHAHAHAHA
LET IT BE KNOWN THAT I AM RESPONSIBLE FOR THE WORLD MARKETS CRASHING!!!!! HAHAHAHAHAHA
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ray
New Member
Posts • 388
Likes • 0
June 2007
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Credit crunch, credit crunch, credit crunch, by ray on Dec 18, 2007 17:03:08 GMT 1, The other markets are a mess right now. They are so new and full of speculation that they can't be relied on to pick up the slack. With that said they will be able to in the years to come, but just not right now.
Right. I was talking more of the slack that was expected (priced in) now. Didn't happen.
The other markets are a mess right now. They are so new and full of speculation that they can't be relied on to pick up the slack. With that said they will be able to in the years to come, but just not right now. Right. I was talking more of the slack that was expected (priced in) now. Didn't happen.
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bill
New Member
Posts • 444
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November 2007
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Credit crunch, credit crunch, credit crunch, by bill on Dec 18, 2007 17:04:19 GMT 1, Oh, got ya!
Oh, got ya!
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ray
New Member
Posts • 388
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June 2007
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Credit crunch, credit crunch, credit crunch, by ray on Dec 18, 2007 17:04:56 GMT 1, LET IT BE KNOWN THAT I AM RESPONSIBLE FOR THE WORLD MARKETS CRASHING!!!!! HAHAHAHAHAHA
Just curious, why would you want to get out of bond trading now? I'd imagine you're having a field day playing this market.
LET IT BE KNOWN THAT I AM RESPONSIBLE FOR THE WORLD MARKETS CRASHING!!!!! HAHAHAHAHAHA Just curious, why would you want to get out of bond trading now? I'd imagine you're having a field day playing this market.
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angryboy
New Member
Posts • 366
Likes • 1
October 2007
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Credit crunch, credit crunch, credit crunch, by angryboy on Dec 18, 2007 17:06:03 GMT 1, I think the important part of slowmo's post wasn't the 7% drop in his house price but the point about not being able to renew mortgages and transfer credit cards. Most folk that got into mortgages 18 months or 2 years ago assumed that come now or 6 months time they'd just remortgage to a lower rate again and so would never have to make the higher payment. As he's just found out that isn't the case and a lot of folk are going to have to make do with the higher payments come in. I don't reckon everyone's so lucky that a) they'll only have to find an extra £200 a month (when my mortgage moved out of fixed period in October it went from £1900 to £2600 a month) and b) they have a grand of disposable income to start with. A lot of professionals (not journailsts, people that actually understand the issues) say for some folk it's not going to be a case of not being able to remortgage as cheap as you could 5 months ago but full on not going to be able to remortgage at all and just have to live with the new higher payments from your current mortgage. In that instance it could be a lot more than £200 a month they have to find when there mortgage jumps up from, say, 5% to 7%.
That could have a big effect on UK spending and the UK housing market.
I think the important part of slowmo's post wasn't the 7% drop in his house price but the point about not being able to renew mortgages and transfer credit cards. Most folk that got into mortgages 18 months or 2 years ago assumed that come now or 6 months time they'd just remortgage to a lower rate again and so would never have to make the higher payment. As he's just found out that isn't the case and a lot of folk are going to have to make do with the higher payments come in. I don't reckon everyone's so lucky that a) they'll only have to find an extra £200 a month (when my mortgage moved out of fixed period in October it went from £1900 to £2600 a month) and b) they have a grand of disposable income to start with. A lot of professionals (not journailsts, people that actually understand the issues) say for some folk it's not going to be a case of not being able to remortgage as cheap as you could 5 months ago but full on not going to be able to remortgage at all and just have to live with the new higher payments from your current mortgage. In that instance it could be a lot more than £200 a month they have to find when there mortgage jumps up from, say, 5% to 7%.
That could have a big effect on UK spending and the UK housing market.
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bill
New Member
Posts • 444
Likes • 0
November 2007
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Credit crunch, credit crunch, credit crunch, by bill on Dec 18, 2007 17:06:35 GMT 1, hahaha thats what you would think, but with the market swings it all works itself out. I am moving into something I love. Right now I just have a job if you know what I mean....
hahaha thats what you would think, but with the market swings it all works itself out. I am moving into something I love. Right now I just have a job if you know what I mean....
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bill
New Member
Posts • 444
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November 2007
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Credit crunch, credit crunch, credit crunch, by bill on Dec 18, 2007 17:07:51 GMT 1, angryboy- you are spot on!
angryboy- you are spot on!
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ray
New Member
Posts • 388
Likes • 0
June 2007
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Credit crunch, credit crunch, credit crunch, by ray on Dec 18, 2007 17:14:53 GMT 1, I think the important part of slowmo's post wasn't the 7% drop in his house price but the point about not being able to renew mortgages and transfer credit cards. Most folk that got into mortgages 18 months or 2 years ago assumed that come now or 6 months time they'd just remortgage to a lower rate again and so would never have to make the higher payment. As he's just found out that isn't the case and a lot of folk are going to have to make do with the higher payments come in. I don't reckon everyone's so lucky that a) they'll only have to find an extra £200 a month (when my mortgage moved out of fixed period in October it went from £1900 to £2600 a month) and b) they have a grand of disposable income to start with. A lot of professionals (not journailsts, people that actually understand the issues) say for some folk it's not going to be a case of not being able to remortgage as cheap as you could 5 months ago but full on not going to be able to remortgage at all and just have to live with the new higher payments from your current mortgage. In that instance it could be a lot more than £200 a month they have to find when there mortgage jumps up from, say, 5% to 7%. That could have a big effect on UK spending and the UK housing market.
Well stated. And throw in the fact that a lot of these people were spending twice as much as they were making because of the magic equity line.
Joe homeowner: "I'm out of money and can't pay what I owe. (ring ring)Hello? Mr. Mortgage broker? Let's refi again, how much has my property gone up and how much cash can I have?
Mr. Mortgage broker: Zero, you can't have any more money, your house is worth less than you owe.
Joe home owner: Where do I drop off the keys.
I think the important part of slowmo's post wasn't the 7% drop in his house price but the point about not being able to renew mortgages and transfer credit cards. Most folk that got into mortgages 18 months or 2 years ago assumed that come now or 6 months time they'd just remortgage to a lower rate again and so would never have to make the higher payment. As he's just found out that isn't the case and a lot of folk are going to have to make do with the higher payments come in. I don't reckon everyone's so lucky that a) they'll only have to find an extra £200 a month (when my mortgage moved out of fixed period in October it went from £1900 to £2600 a month) and b) they have a grand of disposable income to start with. A lot of professionals (not journailsts, people that actually understand the issues) say for some folk it's not going to be a case of not being able to remortgage as cheap as you could 5 months ago but full on not going to be able to remortgage at all and just have to live with the new higher payments from your current mortgage. In that instance it could be a lot more than £200 a month they have to find when there mortgage jumps up from, say, 5% to 7%. That could have a big effect on UK spending and the UK housing market. Well stated. And throw in the fact that a lot of these people were spending twice as much as they were making because of the magic equity line. Joe homeowner: "I'm out of money and can't pay what I owe. (ring ring)Hello? Mr. Mortgage broker? Let's refi again, how much has my property gone up and how much cash can I have? Mr. Mortgage broker: Zero, you can't have any more money, your house is worth less than you owe. Joe home owner: Where do I drop off the keys.
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Credit crunch, credit crunch, credit crunch, by daz205 on Dec 18, 2007 17:16:04 GMT 1, never borrow more than you can afford my house is 3x my salary and i believe i can ride a storm should one occur or sell for 30% more than i purchased it for 5 years ago ( house is currently valued 50% more than my purchase price) if you do have to sell your house to ride the storm just go to auction with any profit and pick up a bargin, no use worrying just see what happens and never overstreach yourself aerospace industry is currently going through a boom for anyone looking to invest money
never borrow more than you can afford my house is 3x my salary and i believe i can ride a storm should one occur or sell for 30% more than i purchased it for 5 years ago ( house is currently valued 50% more than my purchase price) if you do have to sell your house to ride the storm just go to auction with any profit and pick up a bargin, no use worrying just see what happens and never overstreach yourself aerospace industry is currently going through a boom for anyone looking to invest money
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bill
New Member
Posts • 444
Likes • 0
November 2007
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Credit crunch, credit crunch, credit crunch, by bill on Dec 18, 2007 17:17:21 GMT 1, hahahahahahaha!!!!!!!!!!!!! Ray that is perfect.....
Add:
Joe: Well I will just pay my mortgage with my Visa card! Hell, throw in a new addition as well with a wine cellar! I make 45K a year, but next year I will probably make 250k!
hahahahahahaha!!!!!!!!!!!!! Ray that is perfect.....
Add:
Joe: Well I will just pay my mortgage with my Visa card! Hell, throw in a new addition as well with a wine cellar! I make 45K a year, but next year I will probably make 250k!
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dmandpenfold
Junior Member
Posts • 2,466
Likes • 10
December 2006
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Credit crunch, credit crunch, credit crunch, by dmandpenfold on Dec 18, 2007 17:47:54 GMT 1, stating the obvious but if you're mortgaged to the hilt and don't have any breathing room you're asking for trouble, you'll never know for certain if the rates will rise or fall or if you can get that refinance loan or if house prices will go up/down; sods law will catch you out eventually, it's like financial roulette.
stating the obvious but if you're mortgaged to the hilt and don't have any breathing room you're asking for trouble, you'll never know for certain if the rates will rise or fall or if you can get that refinance loan or if house prices will go up/down; sods law will catch you out eventually, it's like financial roulette.
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Yessir
New Member
Posts • 205
Likes • 0
November 2006
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Credit crunch, credit crunch, credit crunch, by Yessir on Dec 18, 2007 17:50:20 GMT 1, Credit crunch, credit crunch, credit crunch... Candyman, Candyman, Candyman... For f**ks sake... are people on here hoping if they say something enough it will happen in the UK? Judging by the amount of times the f**king thing is mentioned! This "credit crunch" is a US phenomenon due to the issues with sub-prime mortgages. Twenty or even ten years ago these sort of problems in the US would have had a massive affect on the UK markets. However now the World economy is totally different, it is not so reliant on the US and the distribution of worldwide wealth is much higher. I seriously think although there will be some affect on the UK it won't be anything like what some naysayers are predicting... I actually think the UK will come out of this relatively unscathed. But you never know people, if you wish for something enough it may happen, the reason things like this have a knock on affect in other countries is panic. That's all, nothing else, so don't panic, forget about it and get on with your lives as normal. Yes it's a problem in the US, but without being too blunt - let them deal with it - don't let it affect you as it has no need to...
Good post mike..
I don't necessarily think that because the USA sneezes the rest of the world has to catch a cold.
Yes we do have some issues in the UK, but we have two big advantages from the past, firstly this country's economy is not run by the inept Conservatives party anymore (Thacher/Major administrations) and secondly eventually funding for the UK will become more available from other global sources i.e. China and the Middle East.
I have a cousin in the USA who I visited about a year ago, he runs a small business which was doing well, his take home pay was just over a million dollars.
what I noticed was he never paid for anything with cash, EVERYTHING was funded with dirt cheap credit and something they have in America called TEASER LOANS (more cheap credit).
If a person has the biggest home/car/holiday/second home and everything else they can get on credit.... eventually the numbers will stop adding up as has happened in my cousin's case.
My point is in the UK generally someone with a £500,000/$1,000,000 plus salary does not have massive amounts of unsecured debt which eat up huge parts of their monthly salary, as per my cousin what has happened to him, is widespread and happening to many people in a similar income bracket to himself in the great U.S OF A......
Credit crunch, credit crunch, credit crunch... Candyman, Candyman, Candyman... For f**ks sake... are people on here hoping if they say something enough it will happen in the UK? Judging by the amount of times the f**king thing is mentioned! This "credit crunch" is a US phenomenon due to the issues with sub-prime mortgages. Twenty or even ten years ago these sort of problems in the US would have had a massive affect on the UK markets. However now the World economy is totally different, it is not so reliant on the US and the distribution of worldwide wealth is much higher. I seriously think although there will be some affect on the UK it won't be anything like what some naysayers are predicting... I actually think the UK will come out of this relatively unscathed. But you never know people, if you wish for something enough it may happen, the reason things like this have a knock on affect in other countries is panic. That's all, nothing else, so don't panic, forget about it and get on with your lives as normal. Yes it's a problem in the US, but without being too blunt - let them deal with it - don't let it affect you as it has no need to... Good post mike.. I don't necessarily think that because the USA sneezes the rest of the world has to catch a cold. Yes we do have some issues in the UK, but we have two big advantages from the past, firstly this country's economy is not run by the inept Conservatives party anymore (Thacher/Major administrations) and secondly eventually funding for the UK will become more available from other global sources i.e. China and the Middle East. I have a cousin in the USA who I visited about a year ago, he runs a small business which was doing well, his take home pay was just over a million dollars. what I noticed was he never paid for anything with cash, EVERYTHING was funded with dirt cheap credit and something they have in America called TEASER LOANS (more cheap credit). If a person has the biggest home/car/holiday/second home and everything else they can get on credit.... eventually the numbers will stop adding up as has happened in my cousin's case. My point is in the UK generally someone with a £500,000/$1,000,000 plus salary does not have massive amounts of unsecured debt which eat up huge parts of their monthly salary, as per my cousin what has happened to him, is widespread and happening to many people in a similar income bracket to himself in the great U.S OF A......
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Deleted
Posts • 0
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January 1970
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Credit crunch, credit crunch, credit crunch, by Deleted on Dec 18, 2007 17:53:13 GMT 1, that's a nice small business! what does he do if you don't mind me asking?
that's a nice small business! what does he do if you don't mind me asking?
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Yessir
New Member
Posts • 205
Likes • 0
November 2006
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Credit crunch, credit crunch, credit crunch, by Yessir on Dec 18, 2007 17:55:15 GMT 1, that's a nice small business! what does he do if you don't mind me asking?
that's a nice small business! what does he do if you don't mind me asking?
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Deleted
Posts • 0
Likes •
January 1970
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Credit crunch, credit crunch, credit crunch, by Deleted on Dec 18, 2007 17:57:28 GMT 1, that's a nice small business! what does he do if you don't mind me asking?
no worries, was just curious is all.
that's a nice small business! what does he do if you don't mind me asking? no worries, was just curious is all.
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bill
New Member
Posts • 444
Likes • 0
November 2007
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Credit crunch, credit crunch, credit crunch, by bill on Dec 18, 2007 17:57:51 GMT 1, I don't necessarily think that because the USA sneezes the rest of the world has to catch a cold.
But what if the US of A Farts does everyone smell it? hahahaha I think so!
I don't necessarily think that because the USA sneezes the rest of the world has to catch a cold. But what if the US of A Farts does everyone smell it? hahahaha I think so!
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Yessir
New Member
Posts • 205
Likes • 0
November 2006
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Credit crunch, credit crunch, credit crunch, by Yessir on Dec 18, 2007 18:00:03 GMT 1, Now-now.... the U.S of A would not do something as disgusting as fart would it?
Now-now.... the U.S of A would not do something as disgusting as fart would it?
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bill
New Member
Posts • 444
Likes • 0
November 2007
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Credit crunch, credit crunch, credit crunch, by bill on Dec 18, 2007 18:01:47 GMT 1, We did with the mortgage issue! BIG FAT STINKY FART!
We did with the mortgage issue! BIG FAT STINKY FART!
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angryboy
New Member
Posts • 366
Likes • 1
October 2007
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Credit crunch, credit crunch, credit crunch, by angryboy on Dec 18, 2007 18:02:24 GMT 1, Aren't UK and US consumer debt levels per capita pretty similar? And compared to other European countries we have nearly double the amount of personal debt.
Aren't UK and US consumer debt levels per capita pretty similar? And compared to other European countries we have nearly double the amount of personal debt.
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Credit crunch, credit crunch, credit crunch, by slowmo on Dec 18, 2007 18:02:47 GMT 1, I think the important part of slowmo's post wasn't the 7% drop in his house price but the point about not being able to renew mortgages and transfer credit cards. Most folk that got into mortgages 18 months or 2 years ago assumed that come now or 6 months time they'd just remortgage to a lower rate again and so would never have to make the higher payment. As he's just found out that isn't the case and a lot of folk are going to have to make do with the higher payments come in. I don't reckon everyone's so lucky that a) they'll only have to find an extra £200 a month (when my mortgage moved out of fixed period in October it went from £1900 to £2600 a month) and b) they have a grand of disposable income to start with. A lot of professionals (not journailsts, people that actually understand the issues) say for some folk it's not going to be a case of not being able to remortgage as cheap as you could 5 months ago but full on not going to be able to remortgage at all and just have to live with the new higher payments from your current mortgage. In that instance it could be a lot more than £200 a month they have to find when there mortgage jumps up from, say, 5% to 7%. That could have a big effect on UK spending and the UK housing market.
Thats about the nail on the head. I can take the blow without much bother, but a lot of property could be put on the market going unsold next year.
I think the important part of slowmo's post wasn't the 7% drop in his house price but the point about not being able to renew mortgages and transfer credit cards. Most folk that got into mortgages 18 months or 2 years ago assumed that come now or 6 months time they'd just remortgage to a lower rate again and so would never have to make the higher payment. As he's just found out that isn't the case and a lot of folk are going to have to make do with the higher payments come in. I don't reckon everyone's so lucky that a) they'll only have to find an extra £200 a month (when my mortgage moved out of fixed period in October it went from £1900 to £2600 a month) and b) they have a grand of disposable income to start with. A lot of professionals (not journailsts, people that actually understand the issues) say for some folk it's not going to be a case of not being able to remortgage as cheap as you could 5 months ago but full on not going to be able to remortgage at all and just have to live with the new higher payments from your current mortgage. In that instance it could be a lot more than £200 a month they have to find when there mortgage jumps up from, say, 5% to 7%. That could have a big effect on UK spending and the UK housing market. Thats about the nail on the head. I can take the blow without much bother, but a lot of property could be put on the market going unsold next year.
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ABC
Artist
Junior Member
Posts • 5,533
Likes • 1,923
August 2006
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Credit crunch, credit crunch, credit crunch, by ABC on Dec 18, 2007 18:04:32 GMT 1, i say pay by cash and deal with cash not cards and if you not got it unlucky
I would love to Burnz but how do you send cash down the internet?
i say pay by cash and deal with cash not cards and if you not got it unlucky I would love to Burnz but how do you send cash down the internet?
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ray
New Member
Posts • 388
Likes • 0
June 2007
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Credit crunch, credit crunch, credit crunch, by ray on Dec 18, 2007 18:13:09 GMT 1, Aren't UK and US consumer debt levels per capita pretty similar? And compared to other European countries we have nearly double the amount of personal debt.
Yes but nobody want's to hear about that lol....Most people need someone to blame for whatever it is they have....or don't have
Aren't UK and US consumer debt levels per capita pretty similar? And compared to other European countries we have nearly double the amount of personal debt. Yes but nobody want's to hear about that lol....Most people need someone to blame for whatever it is they have....or don't have
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Rude Copper
Junior Member
Posts • 1,048
Likes • 182
November 2006
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Credit crunch, credit crunch, credit crunch, by Rude Copper on Dec 18, 2007 19:07:25 GMT 1, true, & has'nt the uk's personal debt risen fron 1 trillion to 1.5 trillion in the last ten years?
true, & has'nt the uk's personal debt risen fron 1 trillion to 1.5 trillion in the last ten years?
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