ParisInAKilt Posted August 8, 2017 Share Posted August 8, 2017 3 horrible years in debt collection was enough to scare me away from needless borrowing and credit. Quote Link to comment Share on other sites More sharing options...
biffer Posted August 8, 2017 Share Posted August 8, 2017 13 hours ago, aaid said: One of the things that never gets mentioned in both this context and the wider financial collapse is the wholesale demutualisation of building societies in the 1980s and 1990s. The original idea of building societies was that they were owned by their members and their primary objective was to provide homes for their members. That meant they did two things, they provided loans(mortgages) for people to buy homes and they invested in building more homes, a real win-win. Building societies were traditionally a better deal for a mortgage as they usually offered better rates but they were more difficult to get as you had to have had a savings account with them and they needed larger deposits. When they were demutualised, their primary objective was to provide shareholders with a return on their investment. That's no different from any other public listed company but it the Building Societies suddenly became a lot less risk averse both in their lending and their investment activities and also largely stopped investing in new house building. Another example of the baby boomers asset stripping society and leaving their children to pick up the pieces. Quote Link to comment Share on other sites More sharing options...
Ormond Posted August 9, 2017 Share Posted August 9, 2017 17 hours ago, Orraloon said: I blame Thatcher and all the other Thatcherites who have followed her. For Thatcherites, read anycvnt who voted Labour after Kinnock had gone. Quote Link to comment Share on other sites More sharing options...
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