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Previously on "77% of graduates won't pay all of their student loan back before they die"

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  • billybiro
    replied
    Originally posted by The_Equalizer View Post
    The fear of being in someone else's pocket should be greater than the draw of shiny new things. Then again, it's good news as it'll provide an abundant supply of cheap second-hand cars, hi-fis and mobiles for those with a little more sense.
    You haven't spoken to many people under the age of 30 in the last few years have you?

    Considering these are the very people that the OP is referring to as being perpetually in debt their entire lives, almost from the moment their life starts, they really couldn't give a flying flaming f^%k in a rolling doughnut about "being in someone else's pocket". They, and rest of society it seems, are increasingly happy to trade pretty much anything (i.e. being in someone else's pocket, privacy etc.) in return for "shiny things" (i.e. social networks, streaming pacification for the cathode ray nipple we're weaned from). Hell, the government and police authorities don't even need to do any surveillance/detective work these days, everything that happens in everyone's lives is plastered all over F*cebook within seconds!

    Remember, war is peace. Freedom is slavery.

    Leave a comment:


  • Lost It
    replied
    So the debt holdrs will claim off the estate left by the student after they have taken them to court, got a charging order, issued CCJ's etc. Brilliant policy.

    Leave a comment:


  • northernladyuk
    replied
    Originally posted by BrilloPad View Post
    When I was younger credit was known as the "never never". Then governments discovered the magic money tree that could forever provide prosperity and be allowed to bribe voters. The can could be endlessly kicked down the road. And the government who provides the best deal will be voted in.

    Which is why democracy will eventually fail.
    So how did you end up with all those loans from an offshore trust?

    Leave a comment:


  • Hobosapien
    replied
    Originally posted by northernladyuk View Post
    A particular danger of credit is with manufactured goods -we are borrowing the future's productive capacity which worsens the crash. Marx had some sensible things to say about this IIRC.

    Groucho Marx had plenty to say about lots of things, but this quote seems apt:

    "Politics is the art of looking for trouble, finding it everywhere, diagnosing it incorrectly, and applying the wrong remedies."

    Spot on.

    Leave a comment:


  • northernladyuk
    replied
    Originally posted by The_Equalizer View Post
    The fear of being in someone else's pocket should be greater than the draw of shiny new things. Then again, it's good news as it'll provide an abundant supply of cheap second-hand cars, hi-fis and mobiles for those with a little more sense.
    It will be a bit awkward for the financial system when the value of the second hand cars crash and the PCP et al loans are secured on them.

    Leave a comment:


  • The_Equalizer
    replied
    Originally posted by billybiro View Post
    There may be no need to be in debt for other things but the vast majority are. How many people purchase a car outright vs sign up to the perpetual merry-go-round of "automotive finance" (which is "renting" by a different name)? How many people purchase their shiny new iPhones outright vs sign up to a "contract" by a network provider which is "refreshed" (read: perpetually extended) when the iPhone X gives way to the iPhone X+1? Even TV and music. Not so long ago, we used to buy CD's or DVD's and we'd own them. Today, and more and more as time marches ever onwards, we're signing up to Spotify and Netflix subscriptions on the basis that they open up an entire world of music/TV - more than we could ever own or even imagine - but the moment you stop paying that monthly subscription? You're left with absolutely nothing. Nothing but a sour taste in your mouth and the feeling of ultimate despair and the realisation of the pointlessness of it all.

    Have a great day!
    The fear of being in someone else's pocket should be greater than the draw of shiny new things. Then again, it's good news as it'll provide an abundant supply of cheap second-hand cars, hi-fis and mobiles for those with a little more sense.

    Leave a comment:


  • northernladyuk
    replied
    Originally posted by BrilloPad View Post
    When I was younger credit was known as the "never never". Then governments discovered the magic money tree that could forever provide prosperity and be allowed to bribe voters. The can could be endlessly kicked down the road. And the government who provides the best deal will be voted in.

    Which is why democracy will eventually fail.
    A particular danger of credit is with manufactured goods -we are borrowing the future's productive capacity which worsens the crash. Marx had some sensible things to say about this IIRC.

    Leave a comment:


  • billybiro
    replied
    Originally posted by The_Equalizer View Post
    With the exception of houses - and it's a big exception - there's no need to be in debt for anything as far as I can see.
    There may be no need to be in debt for other things but the vast majority are. How many people purchase a car outright vs sign up to the perpetual merry-go-round of "automotive finance" (which is "renting" by a different name)? How many people purchase their shiny new iPhones outright vs sign up to a "contract" by a network provider which is "refreshed" (read: perpetually extended) when the iPhone X gives way to the iPhone X+1? Even TV and music. Not so long ago, we used to buy CD's or DVD's and we'd own them. Today, and more and more as time marches ever onwards, we're signing up to Spotify and Netflix subscriptions on the basis that they open up an entire world of music/TV - more than we could ever own or even imagine - but the moment you stop paying that monthly subscription? You're left with absolutely nothing. Nothing but a sour taste in your mouth and the feeling of ultimate despair and the realisation of the pointlessness of it all.

    Have a great day!

    Leave a comment:


  • BrilloPad
    replied
    Originally posted by bobspud View Post
    Its already baked into our economy and was for many years...
    If graduates naturally earn more then they already pay more NI and Tax as a result. There does not need to be an additional tax just better use of what is collected...
    When I was younger credit was known as the "never never". Then governments discovered the magic money tree that could forever provide prosperity and be allowed to bribe voters. The can could be endlessly kicked down the road. And the government who provides the best deal will be voted in.

    Which is why democracy will eventually fail.

    Leave a comment:


  • bobspud
    replied
    Originally posted by Whorty View Post
    Personally I'd bring in a graduate tax; all students should, from day one of working, pay an extra x% on all earnings to cover student fees. This should include all of us who have ever been to Uni. What % should it be? No idea! 1%, 2% ??? I'm sure someone can work out a suitable figure.
    Its already baked into our economy and was for many years...
    If graduates naturally earn more then they already pay more NI and Tax as a result. There does not need to be an additional tax just better use of what is collected...

    Leave a comment:


  • original PM
    replied
    Originally posted by The_Equalizer View Post
    With the exception of houses - and it's a big exception - there's no need to be in debt for anything as far as I can see.
    Indeed - quite agree with that.

    Leave a comment:


  • bobspud
    replied
    Originally posted by OwlHoot View Post
    At the very least, they should reduce to zero the interest rate. I think this is currently 3% + RPI, and so at about 6% it is appallingly high even by today's mortgage standards:
    They can't do that because they sold the loan book to an external firm...

    Leave a comment:


  • The_Equalizer
    replied
    Originally posted by billybiro View Post
    We've become a nation of no ownership. Everything we have, we "rent". Houses, cars, mobile phones. Soon, even the most commoditised items will be rented to us via a "subscription". Nothing is or will ever be fully paid for or owned, and you'll spend your entire life "in debt" and dying with nothing.

    You know, they say that communism and capitalism are simply two sides of the same coin. Welcome to Soviet Britain circa the early twentieth century. Only difference is that instead of the state owning everything of "ours" it's the private corporations (who are ultimately in bed with the state anyway).

    Вперёд, Иосиф Сталин!
    With the exception of houses - and it's a big exception - there's no need to be in debt for anything as far as I can see.

    Leave a comment:


  • BrilloPad
    replied
    Originally posted by Hobosapien View Post
    I'm drawing up a will that says if it's ever proven we are re-incarnated I can reclaim all I left behind in the previous life(s), plus interest.
    Are you sure you aren't Howard Hughes come back?

    I guess if you try that it will all be eaten up in legal fees.....

    Leave a comment:


  • Hobosapien
    replied
    Originally posted by BrilloPad View Post
    A worrying thought. Nothing to take to the "after life".


    I'm drawing up a will that says if it's ever proven we are re-incarnated I can reclaim all I left behind in the previous life(s), plus interest.

    Leave a comment:

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