I have to say that I think it's people who have no memory of the bad times who are the ones who have gone mad on credit. Anyone who remembers, on the other hand...in my experience tends to be a bit more circumspect. Incidentally, living memory extends back as far as WW2 (at least - there may still be one or two people who remember the civil war floating around too) during which time there were several lots of "bad times" or economic downturns. What we haven't had is a total property crash.kane3000 said:Exactly, there has not been a downturn in Irelands Economy in living memory- Irish people prior to circa 1995 were so used to being poor that when all this cheap credit became available they went mad.
But there are so many people who think that if it all goes bad they will just throw the house-keys back at the bank....no risk involved.
The only way is up anyway..things work different here.
whizzbang said:On one hand we hear that we have loads of savings and on the other we hear that our personal debt is climbing at record rates. The questions is are the people getting into debt the same ones as have all the savings?
microsquid said:Does this mean that the Joe Soaps who HAVE been sensible and been salting away their savings into the bank are inherently at risk from the behaviour of the grasshoppers fiddling in the sun?
LexLuthor said:How exactly would they be at risk?
I am pretty sure that there is some sort of protection against that happening. If things get so bad that people will loose their savings then we will be in a Mad Max type scenario and only the strongest will survive. I will have the high wall built and the guns in the basement.Neffa said:I assume the poster meant that if the banks faced a major problem in the event of a property collapse, then some savings could be at risk if the collapse caused widespread instability in the banking sector
CN624 said:Debt doesn't matter to people at the moment, keeping up with the Joneses is all important.
But the competitive consumption between people has to be seen to be believed. When your neighbour/friend/enemy is driving an 06 and you are still plodding along in the old 03 people will talk. Its the same with plasma tvs, holiday homes, holidays & weddings. If your friends engagement ring cost €4000 yours must €5000. If they have bought a holiday home why haven't we??
Neffa said:I assume the poster meant that if the banks faced a major problem in the event of a property collapse, then some savings could be at risk if the collapse caused widespread instability in the banking sector
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