More than one in ten people in the UK believe that they will never be free of debts ....
.... according to a poll / survey run by MoneySupermarket.com which involved 1,000 people.
While 12 per cent feared that they would never clear their debts, 7 per cent said things were so bad that they couldn't afford to have children. Of the remaining people questioned, 57 per cent said that excluding their mortgages it would take them at least 3 years to clear their other debts.
Average household debt was £60,000 which was mostly mortgages and credit cards. Perhaps the saddest figure was that 55 per cent said that they worried about money matters everyday, even though 41 per cent had never sought any advice on sorting their finances out.
I sometimes think that being poor in my teen years due to a parental marital breakdown, instilled a save, and only spend what you have saved ethic in me. I have only ever bought my house on credit terms, everything else, from cars to washing machines in cash ..... if I couldn't afford it I either never bought the item, or downscaled my purchase to a cheaper model.
Luckily, through hard work I have paid my mortgage and have no debts whatsoever .... so I sometimes fail to appreciate that debts are more of an issue to many others.
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| Debt Worries UK |
.... according to a poll / survey run by MoneySupermarket.com which involved 1,000 people.
While 12 per cent feared that they would never clear their debts, 7 per cent said things were so bad that they couldn't afford to have children. Of the remaining people questioned, 57 per cent said that excluding their mortgages it would take them at least 3 years to clear their other debts.
Average household debt was £60,000 which was mostly mortgages and credit cards. Perhaps the saddest figure was that 55 per cent said that they worried about money matters everyday, even though 41 per cent had never sought any advice on sorting their finances out.
I sometimes think that being poor in my teen years due to a parental marital breakdown, instilled a save, and only spend what you have saved ethic in me. I have only ever bought my house on credit terms, everything else, from cars to washing machines in cash ..... if I couldn't afford it I either never bought the item, or downscaled my purchase to a cheaper model.
Luckily, through hard work I have paid my mortgage and have no debts whatsoever .... so I sometimes fail to appreciate that debts are more of an issue to many others.
You worked hard to pay your mortgage but no matter how hard Millennials work, many of them will never be able to pay a mortgage. The bleak prospect of even qualifying for a mortgage today means that many don't even try and spend their money instead on stuff and holidays.
ReplyDeleteThe problem is ineffectual government and a deregulated finance industry. People should wake up and realise that industry and finance should be working for society and not against it.
Well mass immigration sure isn't going to help the housing supply. If we were 10 million less people, housing costs (both rental and for sale), would be lower, and expectations of buying a house higher. However I agree that stopping people being able to get multiple mortgages based upon them already having mortgaged property, would stop some market speculation and help make properties available.
DeleteThe almost permanent salary cap since 2008 for most people in the private sector hasn't helped the mortgage situation. I've had 1 per cent or less every year since the crash.
ReplyDeleteWe are becoming a low wage society apart from the public sector or rail workers.
I think your probably right. Thanks for the comment.
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