I was reading a piece in the daily mail the other day that only confirmed to me what a difficult time it really is for families.
It explained that loads are deferring taking their nuptials because they cannot afford their own property. It’s not only getting married either; they are putting off hearing the patter of tiny feet because it is actually just not an option financially.
You are hearing even more these days that ladies are waiting until their late thirties, early forties before having children. It used to be of the view that it was due to having a career but the pecuniary struggle places a slightly different perspective on it all.
Though it is good to gather that finally quite a few of our young ones are being prudent I think it is such a shame that they are needing to delay what could be the best time of their life. To have to resist the natural need to make your own nest away from your dad and mum and make your own way in the world is not good.
The report continues that two-thirds of 18 to 30 year olds say that property values are way too excessive for them and are holding them back from settling down. Four out of ten are refused a mortgage by their bank.
Borrowing from dad and mum is becoming everyday and with one in ten claiming that they might need to borrow at the least £40,000, the affliction of getting into debt gets greater. Those with no dad and mum are rapidly losing hope of ever getting on that first rung of the property ladder.
When you consider the typical house is around £135,000 there seems little option except to postpone having your own children.
What makes things even worse is that teenagers increasingly have got to get into debt. Yes quite a few have been irresponsible and not taken account of their budget but some, due to university charges, occupation cuts and inflation, have no option but to request Debt Management relief.
What is worrying is that in today’s situation, anyone in debt is being penalized as the crackdown on the countries debt carries on. Those who’ve entered into an IVA, or Trust Deed as it is known in Scotland may well not know their likelihood of getting a mortgage are awfully slim indeed.
The outlook does not appear bright for adolescents. Even at present they are surrounded by pressure to get into debt. Some have maxed out credit cards to then get a Debt Consolidation loan to have simply one more convenient debt.
If it can be this terrible for them at the present what chance do they have in the future? That first house grows increasingly out of reach and people are trapped at home with their dad and mum.
The thing is dad and mum are struggling as well. With mounting debt they too are requiring the help that comes from entering into a Trust Deed or Debt Consolidation contract. As this is the case, quite a few cannot pay to care for their youngsters financially when it comes to contributing to the down payment on their first house.
Years ago it was so different. Back then there was no immediate need for a Debt Management arrangement as we could all pay our way. Young adults used to be spoilt for choice with buying their first house and undoubtedly did not have the stresses that young people have to deal with in our day. Those days are gone.
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