Stock Market News: Your kids enslaved by debt
When my brother and I first got on the property market ladder in the early 1980’s we were relatively early into the debt boom philosophy, early to exploit the new global phenomenon, the ability and willingness to borrow money. It changed everything.
Our parents stood aghast as we two fingered their frugal culture and bought cars they could never save up for, went on holidays that were the domain of James Bond movies and bought houses fit for Lords.
At first, they thought it was our success and they were proud of their sons, one doctor, one lawyer. But as I married for the first time and moved out of London into a house on a 95 per cent mortgage at five times my salary my Dad finally twigged what we were up to and was quick to hand down his warning.