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Why is personal DEBT so high in this country?

dervish
dervish Posts: 926 Forumite
500 Posts
in Debate House Prices & the Economy
When watching thre excellent DAILY POLITICS today Neil Armstrong referred to the fact that Britain had the highest ever personal debt in HISTORY!

How has this happened?

Why is it only really happeing here?

Is the government complicit in this?
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Comments

  • StevieJ
    StevieJ Posts: 20,174 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    We have been aiming for the moon :beer:
    'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher
  • Kez100
    Kez100 Posts: 2,236 Forumite
    It happened because people spent too much. Then they realized it didn't matter and spent soem more. Then they watched a tv programme about how house prices only ever go up and discussed it at work with their mates. They then decided that they would have some of that and borrowed 125% of the home value to cover their original spending and the house price and all the fees. Then they were offered a loan cheap and thought life is too short and took it out and laid some laminate flooring and booked a holiday to Orlando.
  • mewbie_2
    mewbie_2 Posts: 6,058 Forumite
    1,000 Posts Combo Breaker
    To save Generali the trouble I've answered this as best I can... answers in red.
    dervish wrote: »
    Britain highest personal debt in HISTORY!

    How has this happened?
    Not sure.

    Why is it only really happeing here?
    Who knows?

    Is the government complicit in this?
    Your guess is as good as mine.
  • movingforward2010
    movingforward2010 Posts: 1,586 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    well the gov have been banging on for years how great the economy was, but it was only so great because people were spending on credit like there was no tomorrow.
  • treliac
    treliac Posts: 4,524 Forumite
    A fool and his money are easily parted.

    A fool and someone else's money ...... (complete the sentence).
  • mewbie_2
    mewbie_2 Posts: 6,058 Forumite
    1,000 Posts Combo Breaker
    treliac wrote: »
    A fool and his money are easily parted.

    A fool and someone else's money ...... (complete the sentence).
    ... is not such a fool after all.
  • Zagu
    Zagu Posts: 2,711 Forumite
    dervish wrote: »
    When watching thre excellent DAILY POLITICS today Neil Armstrong referred to the fact that Britain had the highest ever personal debt in HISTORY!

    Neil Armstrong was on The Daily Politics? They should get someone with some experience, like an ex newspaper editor or someone. Bloody astronauts.
    "I'm not even supposed to be here today."
  • esuhl
    esuhl Posts: 9,409 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    dervish wrote: »
    When watching thre excellent DAILY POLITICS today Neil Armstrong referred to the fact that Britain had the highest ever personal debt in HISTORY!

    How has this happened?

    Why is it only really happeing here?

    Is the government complicit in this?

    I guess it depends what he meant by "highest". Inflation would mean that if the purchasing power of loans was constant, one would expect the amount (in £) of loans to steadily increase. In addition, the purchasing power of salaries has changed over the years. And the population has been gradually increasing too.
  • fc123
    fc123 Posts: 6,573 Forumite
    dervish wrote: »
    When watching thre excellent DAILY POLITICS today Neil Armstrong referred to the fact that Britain had the highest ever personal debt in HISTORY!

    How has this happened?

    Why is it only really happeing here?

    Is the government complicit in this?

    Credit just became easier and easier to obtain...

    There are threads on other boards where posters list out the debts they have run up...whilst earning really modest wages (or, in some cases) people were on benefits long term and never even had any wages.....but lenders just kept giving money to anyone who asked for it.

    Sub Prime lending didn't just cover mortgages, it did the lot; cards, HP.
  • Blue3
    Blue3 Posts: 13 Forumite
    People are in debt I feel because they have an 'because I'M worth it' mentality. I want it and I want it now . Not save and then get it. We are a spoilt, greedy, shallow, uneducated, immoral, uncivilised nation.
This discussion has been closed.
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