A slightly more nuanced analysis would reveal that personal bankruptcy and IVA's are increasing at a marked rate. As are home repossesions.
It has been discussed many times here on Wannabes about the option of planning to train on credit and then go bankrupt.
Parents with large equity pools and solid incomes may gift their children the means to go on any flying training course they wish. But this is only a fraction of the people who self sponsor their training every year.
Many remortgage their own modest properties. Sometimes to 125% of their market value (see Northern Rock's Together mortgage for an example). Many rely on a PDL, CDL, the Any Purpose loan topped off with a consolodation loan (hello - is that OceanFinance/PictureLoans etc) and a few credit cards on 0% interest.
It is the latter group - not the ones with wealthy parents - that are in most immediate trouble when credit dries up and house prices fall even slightly.
This will probably effect Modular just as much as Integrated. Though at a time when airline hiring is shuddering to a marked slowdown you might be considered a bit mad for going Integrated.
Remember, the house price falls and credit crunch are only just beginning. There is a long way to go yet. And at every stage there will be a Flying Training Industry telling you that there has never been a better time to train.
Its what they do.
Good luck,
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