Over the last 7 years, the cost of living, cost of manufacturing, cost of buying financial services and cost of buying houses has all gone up up up. Whilst debt in real terms has been so cheap that it has been financially better to borrow than to save. Most savers have found that they are actually losing money than making any in the vast majority of savings accounts.
When you have factored in the cost of your gold plated Integrated course, the loss of earnings for 18 months and a type rating - all of this added up will approach 100k. As WWW said, how in the world do you service that borrowing whether from the bank of Mum&Dad or anywhere else ?? A regional F/O - which is where you might start - barely takes home 2k after tax.
Friends in the finance industry are indeed shutting up shop, but the strongest rumours are that the Western world is bracing itself not just for a slowdown but perhaps a recession. Check out
http://money.uk.msn.com/Investing/In...mentid=6252186
The US housing market is in free fall and most UK lenders are exposed to that market. The chances of getting any unsecured borrowing at a decent competitive rate are going down the pan.
After 9/11 - the last economic crisis - it took US and European airlines 2-3 years to recover to a pre 9/11 business. Pilot job hiring probably took 4-5 years to fully recover. Watch this space if come winter 2007 there is plenty of discontent ???
Good luck. Its amazing that people have such short memories of the bad financial times.
Jenson Button
