Yes, I agree. Feel sorry for people who have taken out huge mortgages on their homes but I have once been in that situation myself and was in negative equity for a few years but things changed - eventually. Although the housing market currently looks gloomy short-term it's likely in the long term things will even out and it won't be nearly as bad as some are predicting. What makes it harder is the rising cost of living but then that's always been there. When the Conservatives were in power in the eighties I was paying 15% interest on my mortgage and the cost of living was rising all the time then. But although it was a real struggle to make ends meet I never succumbed to the temptation of credit secured on my home. I think this is causing a lot of problems for some people nowadays; they have huge debts due to over-stretching themselves and taking out one too many cards or loans, and this on top of their mortgage and everyday bills will inevitably cause more hardship - or even bankcrupty and repossession - for many of them.
Everybody is suffering at the moment regardless of what your income level is. We will be coming out of a fixed rate mortgage in November and are anticipating to have to pay approx £250 per month extra for our mortgage. We are wanting to get some things done around the house garden redecorating etc so we are getting all the jobs done now so we are spending a lot of money knowing that in a few months time when we have had to change our motgage these jobs have been done. I have also started to get bits for Christmas.
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