Feeling the Credit Crunch?

stjohnswell

I was going to buy another bike on cyclescheme, but now it looks a bit of a luxury. I fancied some new wheels, but it makes sense to get another winter out of the ones I've got. I'm probably not going to be cheeky enough to ask the missus for a rapha softshell for Christmas.

Anyone else thinking twice about shelling out on gear? :?

dbb

no :twisted:

redddraggon

Yes, but it's only because I'm living on a student loan again, and not got the wages from a full time job bankrolling me....

singlespeedexplosif

best time to buy. some great bargains out there

ddraver

yeah I'm in a similar situation witht eh C2W scheme too....hmm 2000 is a lot of money, even with 40% off!!

Nuggs

The fear of recession is a self-fulfilling prophesy. People start to spend/borrow less and the economy begins to contract.

I can't see that spending less (unless you had unsustainable outgoings) will do anyone any favours...

nasahapley

Nuggs wrote:

The fear of recession is a self-fulfilling prophesy. People start to spend/borrow less and the economy begins to contract.

I can't see that spending less (unless you had unsustainable outgoings) will do anyone any favours...

The credit crunch/recession is doing me a favour, and pretty much anyone else under 30! I'd rather have a slightly increased chance of temporary unemployment with the upside of falling house prices and the possibility of affording somewhere decent to live, than the situation we had before where first time buyers faced 30/40 years of crippling loan repayments for the privilege of living in a shoebox and feathering the nest of some baby boomer futher up the chain. It had to happen really; plenty of people foresaw the current mess coming but I for one was treated like a loon for suggesting that house prices could ever fall (I'm 28 and I remember the last recession - what excuse does anyone older have?), and for not hocking myself to the hilt with a 6 x salary mortgage to get on the 'ladder'.

Hopefully the main benefit of the recession will be a general realisation that you can't base a sustainable economy on flogging houses to one another at ever-inflating prices and spending the imaginary value of those houses on fripperies.

Bit of a rant there. As to the original question, I'm looking out for a good deal on a new motorbike, so about to loosen the purse-strings quite considerably!

chuckcork

Unemployed now so the missus will be for the next few months main earner.

While the temptation to put the redundancy cheque into a nice new bike is high, so is paying the mortgage that we have, in the house we won't be living in for a while as we move where she can get full time work and I have a slightly better chance of dinding some myself.

Which is to say greater than 0% which is what it is around here at the moment.

Not so much talking ourselves into a recession but in terms of family income already staring one in the face. Cutting back is more than a reality.

OffTheBackAdam

Having been unemployed for about half of each of the past 4 years, recession has been in our household for a long time.
And having a bunch of Dids buying the field next to us, has undoubtably done wonders for reducing the value of our house.

SCR Pedro

chuckcork wrote:

Unemployed now so the missus will be for the next few months main earner.

While the temptation to put the redundancy cheque into a nice new bike is high, so is paying the mortgage that we have, in the house we won't be living in for a while as we move where she can get full time work and I have a slightly better chance of dinding some myself.

Which is to say greater than 0% which is what it is around here at the moment.

Not so much talking ourselves into a recession but in terms of family income already staring one in the face. Cutting back is more than a reality.

Same here, except I've no Mrs, or mortgage or dependents. Unemployment sucks to hell. My 5 portions of fruit & veg a day is down to 3, because at £2 for a kilo of apples, it's becoming less of a neccessity.

While I also agree that living in the sticks is great for cycling, it is not great for finding a job. Infact, it's just downright crap!

Pedro

DavidBelcher

Still trying to stash the cash, but only because I relocated earlier in the year - having been out of work for 6 months - with zero financial help from the new employer so am still trying to work off those debts. Live in a rented house owned by someone with no mortgage left to pay on it, so OK on that front.

David

Harry B

The stock market is doomed
House prices are dropping like a stone
Don't forget global warming
There will be rioting in the financial sectors of the major cities. This will spread to the outlying areas.
This in turn will lead to a police state with groups of outlaws living in slums and forests

But looking on the bright side I've just taken ownership of a new mtb, my raod bike sits gleaming in the house and my Spesh Langster Monaco is on order

webbhost

House prices are dropping like a stone

Id say thats quite a good thing if you're looking for a house ... :P

iain_j

I've been having my own credit crunch/recession/whatever for a couple of years after realising I had to get my overdraft & credit card under control.

Doesn't stop me shelling out on Wiggle's special offers every now and then - got to get it while it's cheap

ddraver

nasahapley wrote:

Nuggs wrote:

The fear of recession is a self-fulfilling prophesy. People start to spend/borrow less and the economy begins to contract.

I can't see that spending less (unless you had unsustainable outgoings) will do anyone any favours...

The credit crunch/recession is doing me a favour, and pretty much anyone else under 30! I'd rather have a slightly increased chance of temporary unemployment with the upside of falling house prices and the possibility of affording somewhere decent to live, than the situation we had before where first time buyers faced 30/40 years of crippling loan repayments for the privilege of living in a shoebox and feathering the nest of some baby boomer futher up the chain. It had to happen really; plenty of people foresaw the current mess coming but I for one was treated like a loon for suggesting that house prices could ever fall (I'm 28 and I remember the last recession - what excuse does anyone older have?), and for not hocking myself to the hilt with a 6 x salary mortgage to get on the 'ladder'.

Hopefully the main benefit of the recession will be a general realisation that you can't base a sustainable economy on flogging houses to one another at ever-inflating prices and spending the imaginary value of those houses on fripperies.

You speak the truth!!!

a_n_t

well i've never had it so good! Just had an 8% rise!!

STEFANOS4784

Nuggs wrote:

The fear of recession is a self-fulfilling prophesy. People start to spend/borrow less and the economy begins to contract.

I can't see that spending less (unless you had unsustainable outgoings) will do anyone any favours...

+1
Scare mongering from the press imo, people should think for them-selves and not worry about big executives having to lose their 4th houses. Un-less you are directly at risk of redundency then not spending is only going to weaken the econamy further, surely?

DavidBelcher

STEFANOS4784 wrote:

+1
Scare mongering from the press imo

Minor typo there. There should be a "Daily Mail and the Daily Exp" in between 'the' and 'press'.

David

Crapaud

iain_j wrote:

I've been having my own credit crunch/recession/whatever for a couple of years after realising I had to get my overdraft & credit card under control. ...

The same here. I realised the bubble was about to burst a couple of years ago when a) I realised that I could no longer afford to buy my own flat (ie, the one that I own) even on my old, better, salary, and b) that many were having to mortgage to 6x their salary to get on the housing market.

I'm now debt free apart from the mortgage; made my last cc payment, 2p, 2 months ago. Now the buggers are never off the phone trying to get me to take out loans of one kind or another, or piling junk mail through the letterbox.

Hopefully I'm now in a good position to weather any coming financial storm.

In hard times, cycling kit's a good investment IMO. I've been made redundant twice now. The first was a nightmare, but the second was made bearable by buying a hack bike made up from secondhand parts. I saved scarce money on trains, buses and taxis; with a rack and panniers carting around the weekly shop (nearest supermaket's around a mile to a mile and a half), lugging the washing up to the laundrette etc.was easy. When I was really scratching, I could nip over to the parents on the east coast for the price of a few bananas and get free bed and board. I also maintained a cheap social life on days out with various cycling groups (this more than anything, I think, saved my sanity).

So, I'd say splash the cash on bike stuff if you need it, otherwise stash it.

Nuggs

DavidBelcher wrote:

STEFANOS4784 wrote:

+1
Scare mongering from the press imo

Minor typo there. There should be a "Daily Mail and the Daily Exp" in between 'the' and 'press'.

David

I'd like to agree, but I can't. The quality papers are at it too; just look back at the front pages of the FT over the past few weeks. And don't get me started on the BBC - Peston is seemingly becoming the harbinger of total financial doom...

MoonCircuit

Nuggs wrote:

The fear of recession is a self-fulfilling prophesy. People start to spend/borrow less and the economy begins to contract.

You're right

Nuggs

MoonCircuit wrote:

Nuggs wrote:

The fear of recession is a self-fulfilling prophesy. People start to spend/borrow less and the economy begins to contract.

You're right. I will get those battery operated cyber slippers.

You owe it to yourself.

Le Commentateur

Nuggs wrote:

And don't get me started on the BBC - Peston is seemingly becoming the harbinger of total financial doom...

http://www.thedailymash.co.uk/news/cele ... 810081310/

mackiej

Spend the lot, the recession is only affecting the people who had cash saved somewhere anyway. No need for a run on Northern Rock from me, I owed them cash and was willing them to fold.

bagpusscp

Now working 3 days a week by choice. Boss and I don't pi$$ money away on clothes/cars.I now have time for my own interests and riding a bike does not cost that much.As long as I can afford a lunch time cake stop I am more than happy.
You can have millons in the bank,but you can not buy yourself time.
As someones sign off on this site says.
"So many roads so little time".Well i am out on the road,and loving it

passout

My financial situation isn't brilliant but it's got nothing to do with the credit crunch, more babies, life etc. I guess negative equity is a possibility but I've no plans to move for the next 5-10 years so I'm not to worried.

The only thing that may suffer is holidays - they are going to get more expensive. Expect more airlines & tour operators to go bust!

snowman1080

Hasnt really changed my life at all. Im not one for being in big debt anyway. Im lucky in a way that i live in a 1 bed maisonette that is easily rentable, which pays for the mortgage. So come december im back off to Canada to teach snowboarding. And england can do what it wants.