The Three Ds of Doom: Debt, Default, Depression (Charles Hugh Smith), page-3

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    But there is a bright side!

    In the 1960's it was unheard of for a woman to get a loan for a house.

    In the 1970's we needed a 30% deposit just to buy an ex-commission house for $30K

    Most of us were driving old bomb's not many bought NEW cars - just couldn't afford it or get a loan for it!

    No-one I knew went on overseas holidays

    In the 1980's it was difficult to get what you wanted to fill a house with furnishings and you paid by installment THEN got your item. It was called layby.

    Up until recently you could get 105% of your house loan, you could use offset mortgages, you can fill your house with every modern conceivable furnishing, you can get a new car every few years, enjoy overseas holidays almost annually.

    Really are the young folk really that badly off? - what took us oldies decades to buy outright most these days have it immediate gratification and think of the joy they have for the next few decades enjoying all those toys to play with.

    Of course the only downside is debt and you are enslaved by it, so enjoy all those modcons whilst I still go without until I have the cash to buy it - BUT I don't owe anyone anything.
 
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