25 Mar 2015, 10:33am
personal finance rant
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  • how Britain fell back in love with borrowing

    In the Ermine world, people clearing their unsecured debts sounds like A Good Thing in general, after all, when I was growing up there was no unsecured personal debt 1 and people survived, the sun rose each day and they seemed to have fewer financial crises… In the Through the Looking Glass world we have now that’s all bunk. Apparently, more unsecured borrowing is a good-news story. Let’s hear it from PriceWaterhouseCoopers

    Just as daffodils herald the beginning of Spring, it’s a sure sign that people are feeling better about their economic prospects when they dust off their credit cards. […]

    In the five years after 2008 people worked hard to reduce their debts and managed to clear almost a quarter of their unsecured borrowing. But the latest report shows a sudden and sharp return of unsecured lending

    […] In cash terms, that’s more than ever before and a reflection that many people feel more confident about their finances than they have in a while.

    Matthew’s Moronic Money Muppetry

    On the radio I hear such a stupendously moronic statement from a mouth-breather that makes me  ask WTF is going on here? Did I stick shift somewhere and end up on a different planet rather than a different lane?

    The man-child Matthew tells us something at 16:44 that informed me that the fight is futile, the good guys lost and the bad guys won.

    Q: Are you spending money you don’t have:

    Err, yes, people do these days, things are expensive, you have big outgoings, …Christmas, I put things on credit card… then you get into a cycle of just paying the minimum amount…transfer the balance again…hopefully that won’t run out

    I definitely use credit cards to pay for major times like …Christmas… I’ll spread that over the year, won’t be gone by the end of the year…you wanna have a good time, wanna have nice food and things…it’s important for me to keep a good credit score

    Q: when was the last time you were credit free?

    6 or 7 years ago

    Q: is there any end in sight?

    when those interest-free offers run out, and I do pay interest on some things; when that all comes on top of me I will eventually get a loan, and then it will stop..until then it works for me.

    Fundamentally my lifestyle revolves around exceeding my income and I think that’s a normal thing

    There are times that you weep for all the previous life-forms that struggled their way across the geological aeons, the fish that left the sea, and indeed our own human forebears who endured desperate privation to produce the pinnacle of wisdom delivered by Matthew encapsulated in

    Fundamentally my lifestyle revolves around exceeding my income and I think that’s a normal thing

    Live intentionally, Matthew. Christmas should be about gratitude, not spending to make corporations rich

    Go on Matthew

    Go on Matthew. In the unthinking stir-fry that occupies that cranium of yours, ever look at things like this and ask yourself if there’s more to life that rolling over your Christmas consumer debt from year to year?

    Now I know you’re not a fellow who’s given to deep thought on the meaning of life and all that jazz, but Matthew, has it ever occurred to you that the purpose of your life on this sparkling blue planet may not be totally summed up in doing as you’re told and buying shit you can’t afford to make other people rich? Let’s take a look at that Christmas thang, for starters. What is Christmas? Why is it there? Ever thought about that, y’know – why do you want to have a good time, drink yourself stupid on wifebeater and pig out? Let me tell you a story

    more »

    Notes:

    1. this isn’t strictly true, there were ways and means but usually associated with the threat of violence for defaulters. What we know as consumer credit to buy Stuff was regulated hire purchase secured on the goods
     
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