Saturday, February 07, 2009

Store Closures

Reading the news is not fun these days is it. With so many businesses going bust it makes me worry what the high street will look like when we come out of this recession. It seems like most companies have been effected and are worried about what might happen to them and some have already disappeared. I can understand why the Prime Minister is telling us to spend our way out of the recession as it would certainly help these companies to keep going and it will only be us that complain when we can no longer buy shoes in our size, plus size lingerie or clothes that we like because our favourite retailers have closed down. However, I think we cannot see past the short term and worrying about ourselves is always going to be a priority. I know that making sure I pay chunks off my mortgage while the interest rate is low, taking advantage of the fact that I seem to have more money than ever before and getting rid of that debt is the right move for me. I am afraid that the recession has been fantastic for me and although my shares have dropped in value I am taking advantage of buying cheap ones while I can as they are to fund my retirement not to use in the short term.

2 comments:

ness said...

Is old GB (ha ha his initials are the same as the kingdom's) really asking everyone to 'spend their way out of the recession??' are you kidding me? When most people buy on credit!? Surely that's the first way to bring the rest of the banking industry or the consumer credit industry?

Holy cow. Or maybe he thinks people have wads of cashed stuffed under their mattresses and they're holding out on the economy. Lovely.

Jeremy Clarkson is in Australia at the moment promoting Top Gear with Richard Hammond and he said that he liked Kevin Rudd, (Aussie prime minister) because he's the only world leader who really looks scared, and seems to tell it like it is. Did you know that the Aussie govt are giving the people cash to spend ? People are literally queueing up to receive like $1000 dollars. Amazing.

Anyway, you are definitely doing the right thing by paying off your mortgage asap - especially while the interest rates are low, no matter what the govt say - that's always a good thing to do!

Rachel said...

I think that telling people to spend is mad too and I think Obama is giving out the same message. I heard about Clarkson in Australia - he had to apologise to GB for calling him an idiot or words to that effect! I didn't know about then giving out money over there - I know they did that in the USA. I have relatives over there so I am sure they will be happy if they are entitled to it.