Ireland is the most heavily indebted country in the OECD

Kev_ps3

According to the Central Bank. Source: http://www.rte.ie/news/2007/1114/mortgages.html

So what can be done? This is great for the bank managers, but terrible for the people. Just shows you how this "Celtic Tiger" was nothing more then a huge overdraft.

ScumLord

I don't understand how people can go into so much dept. I hate owing money and have never got a loan from a bank.

I don't know how much of this stuff can be believed Ireland seems to top every poll going on RTE and the funny thing is British media seems to say exactly the same about the UK. I'm sure I've heard time and time again on the BBC that British people where the heaviest borrowers in Europe.

connundrum

I think an amnesty should come into play. On the first of January 2008, we'll all start at €0.

Sorted.

Sir Digby Chicken Caesar

at least we all have jobs now to pay off our debts

well, I don't.

Rob_l

ScumLord wrote: »

I don't understand how people can go into so much dept. I hate owing money and have never got a loan from a bank.

I don't know how much of this stuff can be believed Ireland seems to top every poll going on RTE and the funny thing is British media seems to say exactly the same about the UK. I'm sure I've heard time and time again on the BBC that British people where the heaviest borrowers in Europe.

the high house prices and the new trend for 100% mortgages

whiskeyman

As a society, we don't understand how to manage our money. It's as simple as that.
There's a large group that are taking advantage of this... the banks. Ever wonder where there multi-million profits are coming from?

ScumLord

Quality of service?

whiskeyman

ScumLord wrote: »

Quality of service?

spot on... and now we can put our favourite photo on our Lazer cards!!
They soooo provide us with the bestest banking ever!

Fratton Fred

Ireland is one of the richest countries in the univers, because everyone lives in a house that is worth €1m so it looks like the country is rich.

However, everyone has a 40 year interest only mortgage, maxed out credit cards and a 4x4 on a 10 year car loan.

This is why, if the house market collapses and everyone ends up with negative equity the country will be so deep in the **** it will be coming over the top of their Armani wellies.

The government should have put better regulation on the financial industry to nip this in the bud, but it is too late.

Kev_ps3

Fratton Fred wrote: »

Ireland is one of the richest countries in the univers, because everyone lives in a house that is worth €1m so it looks like the country is rich.

However, everyone has a 40 year interest only mortgage, maxed out credit cards and a 4x4 on a 10 year car loan.

This is why, if the house market collapses and everyone ends up with negative equity the country will be so deep in the **** it will be coming over the top of their Armani wellies.
The government should have put better regulation on the financial industry to nip this in the bud, but it is too late.

It's not a case of 'if', rather then 'when'. And all signs are saying that is starting to happin right now. House prices/ values are falling by tens of thousands in the Dublin area alone.

Ponster

Good time for someone like me to move back to Ireland and pick up a nice house going cheap ?

Fratton Fred

Ponster wrote: »

Good time for someone like me to move back to Ireland and pick up a nice house going cheap ?

february will about the right time I reckon. By then all the SSIA money will have been spent on Nintendo Wiis and everyone will be trying to sell the new jetski they bought back in the summer to prevent their house being reposessed.

round our way, there are houses that have been on the market for a year with no offers in for them, despite knocking €100k off the asking price. Two years ago these houses were going onthe market for €600k and selling for €700.

dragonkin

We're 9th in the world for total external debt 1.3trillion, thats not per person but total external debt. Quite a serious situation considering we have such a small population.

https://www.cia.gov/library/publications/the-world-factbook/rankorder/2079rank.html

TequilaMockingBird

I think I might be responsible for a fair amount of it I'm afraid.

ScumLord

If the **** hits the fan we can just all scatter like the last time. The poor Eastern Europeans will be left holding the check wondering where everybody's gone but, them's the breaks.

lisbon_lions

This report also pointed out that we are the 2nd biggest drinking country in the developed world. 2nd only to 'Luxembourg'. Yup, when you take into consideration the small population and the huge numbers of non luxembourgians passing thru and buying alcohol (distorting the figures) you find that we are the worlds biggest drinkers. suprise :eek:

dexterfletcher

Man, I'm kinda sick of everyone telling everyone else how quickly house prices are dropping and how everyone and their granny will be out on the street...especially when most seem very smug about the fact. I own my own place, and will be looking to move in the next year or so but I'm not unduely worried. The market was always going to have to correct itself and the majority of people feeling the heat these days are those who bought 2 years ago when rates were 2-3 % and are now coming off their 2 year fixeds at 5-6 %. If you bought a house to live in for 5-6 years, then you should be fine, a lot of commentators think the market will pick up again in late 2008 for feck's sake! Markets always trend to their natural levels eventually, so its a bit of swings and roundabouts. Your gaff may be worth less, but the place you're trading up to should also be lower. Having said that, I do think it was totally irresponsible for the banks to offer 100% mortgages, especially when they banked on someone renting out their spare bedroom to make the payments.

Snarler

I don't understand how people can go into so much dept. I hate owing money and have never got a loan from a bank.

I don't know how much of this stuff can be believed Ireland seems to top every poll going on RTE and the funny thing is British media seems to say exactly the same about the UK. I'm sure I've heard time and time again on the BBC that British people where the heaviest borrowers in Europe.

Because people love to hear these sort of stories so they can indulge in lots of whingey self-loathing. Fact of the matter is there are far worse ****holes than Ireland.