View Full Version : Profiting from the credit crunch
We hear nothing but gloom and doom these days. Am I unique in being much better off than I was a year ago? My mortgage interest rate is little more than half of what it was then, my salary is about 5% higher and inflation is falling rapidly.
I almost feel guilty. :confused
you are lucky....
We hear nothing but gloom and doom these days. Am I unique in being much better off than I was a year ago? My mortgage interest rate is little more than half of what it was then, my salary is about 5% higher and inflation is falling rapidly.
I almost feel guilty. :confused
Boo! Hiss! :lol: Don't see that you have any reason to feel guilty, it's not as if your luck has been because you have done something to make other people worse off.
Must admit, I seem no better or worse off, at least not so it makes a noticeable difference. It’s a matter of swings and roundabouts. Sometimes a few people have bad luck and a lot have good and sometimes a lot have bad luck and a few have good.
My attitude is that provided those having the good luck are not getting it because they are knowingly giving somebody else a good kicking to get it then they have done nothing wrong.
Bad Manners
18-Jan-09, 10:17
We hear nothing but gloom and doom these days. Am I unique in being much better off than I was a year ago? My mortgage interest rate is little more than half of what it was then, my salary is about 5% higher and inflation is falling rapidly.
I almost feel guilty. :confused
no need to feel guilty you have saved money through no fault of your own however like the rest of us as the prices go up for the basics and the choices become more limited the credit crunch my well catch up with you as well.
No need to feel guilty Crayola -you're not a banker, are you? :eek: [lol]
I'm a little worse off than a year ago, and I expect to get worse off still in the coming year.
Though the rate of inflation has fallen, it makes no difference to me really. The cost of electricity for my all electric flat is more than it was a year ago, and many quite basic foodstuffs still seem to be increasing in price almost weekly.
I have no debts, but depend on the interest from my very modest savings for part of my equally modest income. As the interest dwindles, I'll be forced either to cut back even more on my spending (not sure it's possible!) or to dip into what savings I have just to keep going.
I honestly don't begrudge you the fact that you're feeling better off though! :)
Just as I always suspected crayola, your not who you claim to be.
Are you a government minister planted on the org to create a feelgood factor amongst concerned orgers?
ShelleyCowie
18-Jan-09, 11:46
Ach dinna feel guilty! Its great that u have got a saving account behind you (dont look behind you cos its not actually there) and debt free.
I would have to say me and the OH are slightly better off than this time last year! And we dont feel guilty! Probably most people have a morgage but we dont. Dont intend to for another few years either! We are just lucky he is in a good paid job that covers everything and a bit extra! With a new baby i thought we would go downhill, but it costs slightly less than i thought.
So dinna feel guilty! ;)
Don't feel guilty about being better off just now. As sure as hell there will always be someone waiting in the wings to grab what little you have from you, whether it be the utility companies, mortgage provider or taxman. Enjoy your little extra wealth and damn those I've mentioned.
I think we're all worse off. The real cost of inflation is around 15%, so 5% doesn't cover it. The only reason the top line inflation figures are so low is due to house prices falling and the decline in the price of oil.
brokencross
18-Jan-09, 13:50
I feel sort of "guilty" but along with a self satisfied smugness.
The credit crunch was really hitting my wife and I badly; we were struggling for years before the credit crunch reared its ugly head; usually we were broke by the 26th of the month; that was just to live, very few luxuries. Every penny was allocated for months in advance.
HOWEVER on the 1st January 2009 I became eligible for my deferred pension so took a tax free lump sum with a reduced pension. Have managed to pay off a large credit card bill, our mortgage and get new doors and windows fitted.
You cannot imagine how relieved we feel to own our own home, and be debt free except for monthly utility bills and suchlike.
My advice to youngsters setting out in a career is don't put off setting up pension provision. It may seem like a waste of good money now but you will reap the benefits eventually as I am doing now.
Maybe "guilt" is the wrong word!!?? but I do have a strong empathy with those that are being hit by the crunch
Bobinovich
18-Jan-09, 17:23
To those not yet feeling hit by it I simply say "Enjoy it while you can". It's likely to get worse before it gets better so, just like businesses, there are going to be some households who are going to fall by the wayside :(.
I too am better off now!!! Why should we feel guilty? Just because you are in a financial better place than you were before the credit crunch hit doesnt make you a "robber" or have to feel guilty.I was unemployed for 8 months and I did feel guilty then, so now that I am back in full time employment I am going to enjoy every hard earned penny off it!!:Razz
Its those that milk the system and REFUSE to work that should feel guilty.(Not the ones actively seeking work)
Just as I always suspected crayola, your not who you claim to be.Sorry to disappoint you gleeber but I'm exactly who I claim to be.
Are you a government minister planted on the org to create a feelgood factor amongst concerned orgers?How dare you suggest such a thing? I shall tell Gordon about your insubordination.
Love and kisses,
Jacqueline (Smith)
The only thing I'm worried about is my savings. I have a small amount in a high interest account that was guaranteed for a year and it's up this month. I haven't got a clue what to do with it now.
I think we're all worse off. The real cost of inflation is around 15%, so 5% doesn't cover it. The only reason the top line inflation figures are so low is due to house prices falling and the decline in the price of oil.I don't know where you conjured up your figure of 15% from, but my personal rate of inflation isn't even near that level.
Following the advice of the Org I shall not feel at all guilty. Thank you. :)
brokencross
20-Jan-09, 08:40
I think we're all worse off. The real cost of inflation is around 15%, so 5% doesn't cover it. The only reason the top line inflation figures are so low is due to house prices falling and the decline in the price of oil.
I don't know where you conjured up your figure of 15% from, but my personal rate of inflation isn't even near that level.
Following the advice of the Org I shall not feel at all guilty. Thank you. :)
There is a programme on BBC5Live 0530-0600 called "Wake Up To Money".
Since January 2008 they have been "buying" an inflation monitoring shopping basket. Today they disclosed their first full years inflation figure for their basket. Their annual inflation rate was 11.9% which includes rises of up to 17% on meat and fish, 16.8% on fresh fruit and veg.
It is a good programme..does in depth money matters seriously but simply with a light hearted slant when appropriate.
There is a programme on BBC5Live 0530-0600 called "Wake Up To Money".
Since January 2008 they have been "buying" an inflation monitoring shopping basket. Today they disclosed their first full years inflation figure for their basket. Their annual inflation rate was 11.9% which includes rises of up to 17% on meat and fish, 16.8% on fresh fruit and veg.
It is a good programme..does in depth money matters seriously but simply with a light hearted slant when appropriate.What is in their basket? Is it food only? I can believe food has gone up by about 10% but don't forget clothing and many other items have gone down by about 10% on average. Petrol has gone down by about 30% since the summer and housing costs are falling too.
My personal inflation rate is negative because my monthly mortgage payment has dropped so much.
brokencross
24-Jan-09, 10:11
What is in their basket? Is it food only? I can believe food has gone up by about 10% but don't forget clothing and many other items have gone down by about 10% on average. Petrol has gone down by about 30% since the summer and housing costs are falling too.
My personal inflation rate is negative because my monthly mortgage payment has dropped so much.
Yes it is a supermarket shopping basket.
Thanks for the confirmation.
I've just received a text from British Gas telling me they're reducing gas prices by 10% next month. Deflation really is on the cards. This is a new game for us in this country.
wish i was better of, far from it in fact, was made redundant when woolies went down, therefore lost my working tax credits, so nope way worse of, delighted that some folk are gaining though, no need for anyone to feel guilty.
percy toboggan
24-Jan-09, 17:13
We've lost a few grand in bank shares...but these might come back by 2016 which is a crucial date for me.
Interest rates have slumped on savings but careful juggling should keep our noses in front - ahead of any devaluation anyway.
The crucial thing is staying work .... and in the medium term this looks unlikely for me..Mrs.T might be okay.
Don't feel guilty Crayola...it's a marathon not a sprint...if these are good times for you make the most of them.
Thanks for the confirmation.
I've just received a text from British Gas telling me they're reducing gas prices by 10% next month. Deflation really is on the cards. This is a new game for us in this country. What is hardly ever mentioned, except occasionally in passing when other matters are being discussed, is that the price of Gas, regardless of the cost of supplying it, is linked to the price of crude oil. When the price of crude shoots up so does the price of gas automatically regardless of either the costs or it's market value, when it comes to the price to the consumer.
That was a political decision made way back in the past and has never been altered. One thing I will guarantee though is that if the price of crude oil ever drops below the cost of producing the Gas then that particular link will soon be disposed of.
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