Summary
WITH a naughty giggle, Alvin Hall confides, "Growing up in Wakulla, Florida, I was raised so poor we couldn't afford the O-R. We were 'po'!" But that didn't mean a life entirely without treats, he stresses. "My parents told us that you could have some of what you wanted but you needed to think about it and save for it." While his siblings saved for sweets, young Alvin pocketed his pennies to buy Viewmaster slides, which sparked his imagination.
We'll all need to be imaginative over the next five to seven years, he cautions, because the old models of free credit are gone for ever. "The old model was that mortgages were relatively easy to get, credit was loose. This was the result of Thatcher saying that owning your own home was a national imperative, so banks eased lending standards. People forget that there was a time in Britain when there were mortgage queues. You had to open an account at a building society and be there for a while before getting in line to be eligible to receive a mortgage.See the full content of this document
Extract
Frugal but Fabulous
"But then mortgages became available to anyone who could minimally afford to buy a house, and eventually you didn't have to verify loans or income. This extended to other forms of credit. Anybody could get a credit card and many saw this as validation - the bank must think I'm worthy and therefore they're offering me a credit card."
"Memory is short when it comes to money," says the fina...See the full content of this document
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