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Average debt ‘93 years to pay back’
Comments
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need to think about charges once people have defaulted on debts too.
This article puts a bit more flesh on it:
http://www.24dash.com/news/Housing/2009-02-26-Citizens-Advice-sounds-warning-over-spiralling-household-debt0 -
£20k is more like £1300 ish a month though, not £1k.
Yeah you are right, I was just speedily approxing...althow by luck the figure they were basing it on was coincidentally closer to £1K mark
People who contacted the group for help tended to be poorer than the rest of the population, with an average net monthly household income of £1,021 - less than two-thirds the national average.
Citizens Advice estimates that nearly a third of its debt clients could be eligible for a debt relief order - a new low-cost alternative to bankruptcy for people who owe less than £15,000 and have assets worth less than £300 - when it comes into force in April 2009.Find a job you like and you add five days to every week0 -
I can hear a noise.
Its the 'sweet' sound of the printing presses being warmed up in preparedness to inflate the debt away.
Can you hear it as well?0 -
I've now looked into these Debt Relief Orders a bit more - it basically sounds like a bankruptcy to me, the debt is wrote off, they are discharged after a year, there will no doubt be a mark on their credit file to show what's happened.
I don't really see the difference EXCEPT that it doesn't go to court but rather the OR rules on whether to pass a DRO instead so simply alleviates the pressure on the courts system. Aside form this I don't see how it's different. Oh, and they dont by the looks of it pay an IPO or similar, which I guess they wouldn't pay anyway given their lack of disposable income. No review if income goes up though?
Oh and over 1,000 posts...
:beer: etc matched betting: £879.63
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Been in a worse position fought hard and paid the debts off. Lots of people will use the economic crisis as an excuse to go bankrupt rather than face the debts they ran up take time to pay back.Barclaycard 3800
Nothing to do but hibernate till spring
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I can hear a noise.
Its the 'sweet' sound of the printing presses being warmed up in preparedness to inflate the debt away.
Can you hear it as well?
Better get yourself in debt sharpish then :wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
IveSeenTheLight wrote: »Better get yourself in debt sharpish then
And there's never been a better time to buy a property than now has there? 0
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