Pity the British's youth
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The artice says "adult population" so the graduates did not manage to pay off their debts. Instead they carry on owing if they stay in London. "That temporary ride into debt is definitely worthwhile" is true only if they can work and save at the same time. The location where they can work and save at the same time is some other places outside London, such as Singapore? Feel free to correct me.Originally posted by watchdog:Indeed a lot of British students are in debt when they graduate. One of the reasons is precisely because education is free and some have the grades to enter university though not necessarily the funds. In order for places like Cambridge, LSE & Imperial College compete with top institutions in the rest of the world the charging for university is a must, else the funding drags them down. The only way to do this is to give student loans, which is perfectly reasonable. The government recognises the need for an educated workforce and hence uses taxpayer money to grant loans that will be paid back. It's an ideal situation, government & taxpayers help graduates through their studies, and graduates help contribute & repay the investment by the people.
The other thing is the fact that although we pay huge taxes, and sorely feel it throughout our university life, we come out from recognised institutions and gain crucial experience/jobs that aren't always available in a place like Singapore. That temporary ride into debt is definitely worthwhile, which is why the trend is British graduates going to Singapore for expat jobs & not the other way round.
LONDON (Reuters) - More than eight million British adults are in serious debt, an increase of 30 percent in the past year, largely due to rising interest rates, according to research published on Thursday.
Some 8.2 million people, equivalent to 18 percent of the adult population, have 10,000 pounds or more of unsecured debt -- such as credit cards, overdrafts, loans and store cards -- according to a quarterly survey by debt consultancy Thomas Charles.
The number of people struggling to meet debt repayments has also increased.
A quarter of those with serious debts --10,000 pounds or more -- concede they frequently have problems meeting repayments, up 9 percent on the year.
The poll of 2,115 British adults, conducted by YouGov, also shows that people in London are the most likely to be struggling with debt.
Around 40 percent of those living in the capital with debts of 10,000 pounds ore more say they have regular problems repaying their dues.
This compares with 20 percent in the rest of the south and just 18 percent in the Midlands and Wales. -
I am glad that you can see things this way, those new PRs who are converted in to Singaporeans, you will never ever be a true blue Singaporean.Originally posted by Gazelle:Have you guys heard of the phrase, anybody can be a British, but your can never be an English.
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Atobe, really pei fu ni.Originally posted by Atobe:If you were to read the referenced link to GCT's speech made at the National Day Rally on Year 2001, he made several goals that he encouraged Singaporeans to achieve.
Some of these which I will extract are :
1. Singaporeans to be enterprising - examples given in Kwek Leng Beng of Hong Leong Group and Sam Goi of Tee Yih Jia.
2. Risk-Taking Culture
3. Accepting Failures
4. Innovation
5. Non-Conformist Thinking
6. Structural Adjustment
7. Charity, Philanthropy and Volunteerism
8. Global vs Local Talent
9. Social and Political Environment
The first seven points are as applicable for the Government to adopt as much as it is encouraged for Singaporeans to change into.
Without the Government taking the lead in Points 1, 2 and 3 - can there be any progress for the remaining.
The Government's lead in Points 1, 2 and 3 is most applicable for Points 8 and 9 - as what was mentioned by GCT for Points 8 and 9 simply require the MIW to maintain the status quo and conduct business as usual - as had happened since 1957.
Note: Points 8 and 9 were taken before Points 6.
Honestly, all these points really too much for me. On reading through, I can only believe in a few of it.
I believe in myself more.
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Originally posted by Gazelle:Have you guys heard of the phrase, anybody can be a British, but your can never be an English.
Every man can have animal instinct but only a Gazelle can know the sniff of a woman's whiff better than every MAN. -
here we go again. m13 versus gazelle kindergarten fights.
please stop it lar. tolong tolong. -
Sometimes we try to distort the lines between financial services (private) with government policies.Originally posted by Daddy!!:The artice says "adult population" so the graduates did not manage to pay off their debts. Instead they carry on owing if they stay in London. "That temporary ride into debt is definitely worthwhile" is true only if they can work and save at the same time. The location where they can work and save at the same time is some other places outside London, such as Singapore? Feel free to correct me.
LONDON (Reuters) - More than eight million British adults are in serious debt, an increase of 30 percent in the past year, largely due to rising interest rates, according to research published on Thursday.
Some 8.2 million people, equivalent to 18 percent of the adult population, have 10,000 pounds or more of unsecured debt -- such as credit cards, overdrafts, loans and store cards -- according to a quarterly survey by debt consultancy Thomas Charles.
The number of people struggling to meet debt repayments has also increased.
A quarter of those with serious debts --10,000 pounds or more -- concede they frequently have problems meeting repayments, up 9 percent on the year.
The poll of 2,115 British adults, conducted by YouGov, also shows that people in London are the most likely to be struggling with debt.
Around 40 percent of those living in the capital with debts of 10,000 pounds ore more say they have regular problems repaying their dues.
This compares with 20 percent in the rest of the south and just 18 percent in the Midlands and Wales.
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The same thing is actually happening in other welfare society, like australia and USA. The subprime issue which hit USA recently is a sign that people in these countries are living way beyond their means and living on debt is now a way of life.Originally posted by Daddy!!:The artice says "adult population" so the graduates did not manage to pay off their debts. Instead they carry on owing if they stay in London. "That temporary ride into debt is definitely worthwhile" is true only if they can work and save at the same time. The location where they can work and save at the same time is some other places outside London, such as Singapore? Feel free to correct me.
LONDON (Reuters) - More than eight million British adults are in serious debt, an increase of 30 percent in the past year, largely due to rising interest rates, according to research published on Thursday.
Some 8.2 million people, equivalent to 18 percent of the adult population, have 10,000 pounds or more of unsecured debt -- such as credit cards, overdrafts, loans and store cards -- according to a quarterly survey by debt consultancy Thomas Charles.
The number of people struggling to meet debt repayments has also increased.
A quarter of those with serious debts --10,000 pounds or more -- concede they frequently have problems meeting repayments, up 9 percent on the year.
The poll of 2,115 British adults, conducted by YouGov, also shows that people in London are the most likely to be struggling with debt.
Around 40 percent of those living in the capital with debts of 10,000 pounds ore more say they have regular problems repaying their dues.
This compares with 20 percent in the rest of the south and just 18 percent in the Midlands and Wales. -
and you bring in another interesting global phenomena, with USA leading ; the traditional business cycle is no longer valid, a new cycle emerges. Behold the Credit Cycle !Originally posted by Gazelle:The same thing is actually happening in other welfare society, like australia and USA. The subprime issue which hit USA recently is a sign that people in these countries are living way beyond their means and living on debt is now a way of life. -
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Then you have to decide for yourself, whether the subprime is a commercial issue or a political issue.Originally posted by Gazelle:The same thing is actually happening in other welfare society, like australia and USA. The subprime issue which hit USA recently is a sign that people in these countries are living way beyond their means and living on debt is now a way of life. -
economy is always a major factor, top 3, in politics, around the world.Originally posted by maurizio13:Then you have to decide for yourself, whether the subprime is a commercial issue or a political issue. -
The government does not have DIRECT control on how the central bank makes it's policies. Neither does the government has a hand in TELLING the banks who to lend the money to.Originally posted by Daddy!!:economy is always a major factor, top 3, in politics, around the world.
It is purely a commercial transaction.
Unless if you are talking about banking in Singapore, then that's a totally different situation, because MAS (our central bank) is under the control of the Minister of Finance and MAS controls all the banks in Singapore. -
looks like i mis-read your post.Originally posted by maurizio13:The government does not have DIRECT control on how the central bank makes it's policies. Neither does the government has a hand in TELLING the banks who to lend the money to.
It is purely a commercial transaction.
Unless if you are talking about banking in Singapore, then that's a totally different situation, because MAS (our central bank) is under the control of the Minister of Finance and MAS controls all the banks in Singapore.
yes, you are correct and i agree from your angle that bailing out the sub-prime mortgage market in the USA is a central bank's business and hardly political. -
Have your Gazelle tribe been hunted into near existence by Western hunters that cause you to be so skewed in your attitude to sniff at the Westerners so hard ?Originally posted by Gazelle:The same thing is actually happening in other welfare society, like australia and USA. The subprime issue which hit USA recently is a sign that people in these countries are living way beyond their means and living on debt is now a way of life.
How much do you seriously understand about the sub-prime issues that warrant your disdainful views towards those caught in the sub-prime saga ?
The Sub-prime scandal is not about people in the USA living beyond their means but more of a bungle by the US Banking Regulators in letting the Commercial Banks to be lax in the credit evaluation as they try to make more money for the huge amount of cash that they are flushed with.
''Subprime lending refers to loans to people who have poor credit histories and low incomes. These high-risk housing mortgages thus come at high interest rates. Over time, these mortgages have come to be bundled into other forms of securities and sold in the global credit markets.''
Many Home Buyers were misled by creatively designed loan schemes with floating interest rates simply to allow the banks to make their huge amount of accumulated cash to get some returns.
Singaporeans have also been exposed to dubious loans with interesting interest rates to entice Singaporeans to long term home purchase mortgages; and some even encourages existing mortgages to switch banks with even more aggressively packaged loan plans at even more attractive rates - with even legal fees and stamp duties being absorbed by the banks.
Do you thinks that Singapore Banks have not been exposed in the US Sub-Prime saga - when our major banks have operating units in the various financial centers in the USA ?
Even Hongkong Shanghai Bank had to carry a heavy load of sub-prime losses with its CEO announcing that : ''HSBC had reduced the size of its US subprime book by $8bn to $41.4bn''. -
Quoting from Atobe's post:
''Subprime lending refers to loans to people who have poor credit histories and low incomes. These high-risk housing mortgages thus come at high interest rates. Over time, these mortgages have come to be bundled into other forms of securities and sold in the global credit markets.''
I want to add it in that "Over time, these mortgages have come to be bundled into other forms of securities and sold in the global credit markets" by investment bankers (sales). Looking at the amount of money that ECB injected into the system, one can deduce that the most hit is Europe.
Surprisingly, other than HSBC, the other British banks are not in the news (meaning they proved themselves prudent.) FYI, Lion Capital in Singapore got hit badly, something like 18% of their assets under management, thats huge.
this is our world guys. A mortgage problem out of nowhere in USA hitting the rest of the world, and US is not the worst hit ! -
It's only affecting the stock markets, some countries are not affected.Originally posted by Daddy!!:Quoting from Atobe's post:
''Subprime lending refers to loans to people who have poor credit histories and low incomes. These high-risk housing mortgages thus come at high interest rates. Over time, these mortgages have come to be bundled into other forms of securities and sold in the global credit markets.''
I want to add it in that "Over time, these mortgages have come to be bundled into other forms of securities and sold in the global credit markets" by investment bankers (sales). Looking at the amount of money that ECB injected into the system, one can deduce that the most hit is Europe.
Surprisingly, other than HSBC, the other British banks are not in the news (meaning they proved themselves prudent.) FYI, Lion Capital in Singapore got hit badly, something like 18% of their assets under management, thats huge.
this is our world guys. A mortgage problem out of nowhere in USA hitting the rest of the world, and US is not the worst hit ! -
i am starting to understand how to communicate with you, m13.Originally posted by maurizio13:It's only affecting the stock markets, some countries are not affected. -
Well, if you think otherwise, maybe you should state your reasons for thinking so. Instead of passing useless remarks. Is that how a MIW agent reacts to responses?Originally posted by Daddy!!:i am starting to understand how to communicate with you, m13.
State your reasons, rebut to the points, don't end up like another Gazelle your subordinate. -
AahOriginally posted by maurizio13:Well, if you think otherwise, maybe you should state your reasons for thinking so. Instead of passing useless remarks. Is that how a MIW agent reacts to responses?
State your reasons, rebut to the points, don't end up like another Gazelle your subordinate.
Again the MIW Agent thingy...... 
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Originally posted by Atobe:
subprime load are not free money, they are loans that come with very high interest, targeting at people who can barely afford what they are buying. Just like how credit card target the young and hoping they will roll over their outstanding.
Have your Gazelle tribe been hunted into near existence by Western hunters that cause you to be so skewed in your attitude to sniff at the Westerners so hard ?
How much do you seriously understand about the sub-prime issues that warrant your disdainful views towards those caught in the sub-prime saga ?
The [b]Sub-prime scandal is not about people in the USA living beyond their means but more of a bungle by the US Banking Regulators in letting the Commercial Banks to be lax in the credit evaluation as they try to make more money for the huge amount of cash that they are flushed with.
''Subprime lending refers to loans to people who have poor credit histories and low incomes. These high-risk housing mortgages thus come at high interest rates. Over time, these mortgages have come to be bundled into other forms of securities and sold in the global credit markets.''
Many Home Buyers were misled by creatively designed loan schemes with floating interest rates simply to allow the banks to make their huge amount of accumulated cash to get some returns.
Singaporeans have also been exposed to dubious loans with interesting interest rates to entice Singaporeans to long term home purchase mortgages; and some even encourages existing mortgages to switch banks with even more aggressively packaged loan plans at even more attractive rates - with even legal fees and stamp duties being absorbed by the banks.
Do you thinks that Singapore Banks have not been exposed in the US Sub-Prime saga - when our major banks have operating units in the various financial centers in the USA ?
Even Hongkong Shanghai Bank had to carry a heavy load of sub-prime losses with its CEO announcing that : ''HSBC had reduced the size of its US subprime book by $8bn to $41.4bn''.
[/b]
If you have the mean to buy, why do you want to go for subprime? -
Originally posted by Gazelle:
So you are back to talking to someone whom you have no interest to talk to - and not even a word of contrition ?
subprime load are not free money, they are loans that come with very high interest, targeting at people who can barely afford what they are buying. Just like how credit card target the young and hoping they will roll over their outstanding.
If you have the mean to buy, why do you want to go for subprime?
As I said before to you, read carefully what has been posted before you charged blindly into offering your unsolicited opinions - if you cannot form substantive views.
If you have never committed to any long term major financial decision such as a housing loan - it is easy for you to pass judgment on others, who are in more urgent need for housing loans.
Sub-prime was a tool specially developed by sly bankers hoping to get maximum returns on idle monies that they have too much in their Banks; and in the process design a financial product that entice those who needs money desparately to use their product with none or low credit checks - as seen in the following report that was given in my earlier post:
''Andy Sobel is selling his San Diego condo for $60,000 less than he owes on his mortgage. He's six months behind on his payments, but it's all he can do to avoid foreclosure. He's also writing to Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee.
"Please don't let this happen to anyone else," Sobel, 48, says he's writing, and will explain how he was "duped" into buying his first home in 2004 with an adjustable-rate mortgage designed for him to pay only the interest each month, no principal.
Sobel, a community organizer for a non-profit, feels there was no regulation to protect him from the mortgage broker who got him a loan, then changed companies. Or from the lender who wouldn't talk about renegotiating the loan until after the interest rate increased and Sobel had missed three payments. The bank agreed to let him sell the home at a loss to save the time and expense of foreclosing on him''
Just walk into any Post Office, or any commercial banks in Singapore - and you can apply for ''Easy-Cash'' up to twice your monthly salary, and the interest payable in at a seemingly attractive rate to a lay person.
However, when you start working deeper and ask more questions, the interest on the loan is worst that any short term loans or overdrafts from the banks.
Once, you sign on the dotted lines - you are snared.
The Commercial Banks will want you to take as much as you can in an unregulated setting, and when the storm breaksout, it will start a recall of its loans without any prior notice.
Many have been pushed into bankruptcies, as in the referenced article given.
It is NOT about spending beyond one's means, but seeking the best financial deal when caught in a tight spot, and with the loan conditions loaded in favor of the banks. -
"Please don't let this happen to anyone else," Sobel, 48, says he's writing, and will explain how he was "duped" into buying his first home in 2004 with an adjustable-rate mortgage designed for him to pay only the interest each month, no principal."
so now you arguing that subprime is not an example of people spending beyond their means and you are putting the blame on the banks that is marketing subprime. -
Now that you are back to talking, is there anything to argue about ?Originally posted by Gazelle:"Please don't let this happen to anyone else," Sobel, 48, says he's writing, and will explain how he was "duped" into buying his first home in 2004 with an adjustable-rate mortgage designed for him to pay only the interest each month, no principal."
so now you arguing that subprime is not an example of people spending beyond their means and you are putting the blame on the banks that is marketing subprime.
Only you have the twisted skills to see those you think are ''white men's stupidity'' to take up easily available bank loans with no questions asked, and at interest rates that are well disguised.
As was mentioned in the referenced piece, those who fall prey to the bank schemes were the under-privileged - and are generally less educated and find it more difficulty to obtain loans under normal circumstances.
Will these lesser educated be in any position to pick-out the fine prints when even learned ones will slip up on contractural details.
With your supreme disguise as an innocent sheep, who can tell that you are a basically macho-animal that will endanger the ewes in the flock ? -
Atobe.Originally posted by Atobe:Now that you are back to talking, is there anything to argue about ?
Only you have the twisted skills to see those you think are ''white men's stupidity'' to take up easily available bank loans with no questions asked, and at interest rates that are well disguised.
As was mentioned in the referenced piece, those who fall prey to the bank schemes were the under-privileged - and are generally less educated and find it more difficulty to obtain loans under normal circumstances.
Will these lesser educated be in any position to pick-out the fine prints when even learned ones will slip up on contractural details.
With your supreme disguise as an innocent sheep, who can tell that you are a basically macho-animal that will endanger the ewes in the flock ?
Is your reference piece a master piece in which we have to believe it like it was writen by God, while every other statistic and articles we read and learn should been thrown out of the window and are irrelevant to this discussion because Atobe said so?
http://www.onenewsnow.com/2007/02/financial_advisor_americans_sp.php
http://www.taipeitimes.com/News/editorials/archives/2007/08/12/2003373835
http://www.mymoneyblog.com/archives/2007/02/our-savings-rate-is-negative-should-we-worry.html
My view of your article is nothing but some sort of get rich attemp by americans blaming the banks for the easy loan and then sue the financial institute for more money.
What is your definition of under privileged and generally less educated? Do you have a article or statistic to show us the profile of those who have defaulted payment? Or are you speculating?
PS. Get over with all the panty sniffing stuff lah. it is getting boring and stale. -
A tread of about brit youth mutating into usa sub prime mortgage tread...
But a nice read nonetheless..