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What was so special about the 1980s recession?
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i think what is scary today is that in the 80's very few people had credit cards.......0
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kip_cordelia_40 wrote: »i think what is scary today is that in the 80's very few people had credit cards.......
I must have been up there because I had one, this credit card thing is an urban myth
You have obviously never heard of the never never.'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 Thatcher0 -
I must have been up there because I had one, this credit card thing is an urban myth
You have obviously never heard of the never never.
Barclaycard was the first credit card introduced in the UK, coming into service in 1966. The consumer credit act of 1974 was the first legislation to regulate that market, and was groundbreaking at the time ( most of the european legislation copied the British regulatory framework)... however, it was a very small proportune of lending. In 1992, credit cards accounted for 141 millions of consumer credit, compared to 7579 millions in 2002. Overall, consumer credit trebled during that period.“The ideas of debtor and creditor as to what constitutes a good time never coincide.”
― P.G. Wodehouse, Love Among the Chickens0 -
Barclaycard was the first credit card introduced in the UK, coming into service in 1966. The consumer credit act of 1974 was the first legislation to regulate that market, and was groundbreaking at the time ( most of the european legislation copied the British regulatory framework)... however, it was a very small proportune of lending. In 1992, credit cards accounted for 141 millions of consumer credit, compared to 7579 millions in 2002. Overall, consumer credit trebled during that period.
So credit card lending increased by 54 times but overall credit increased 3 times, exactly my point. BTW house prices were heading for a treble meaning more borrowing and mewing. As I said Urban myth.'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 Thatcher0 -
Barclaycard was the first credit card introduced in the UK, coming into service in 1966. The consumer credit act of 1974 was the first legislation to regulate that market, and was groundbreaking at the time ( most of the european legislation copied the British regulatory framework)... however, it was a very small proportune of lending. In 1992, credit cards accounted for 141 millions of consumer credit, compared to 7579 millions in 2002. Overall, consumer credit trebled during that period.
Any idea what % of the 7579 is not actually credit but outstanding month end balances cleared in full? must be a fair % I know I have balances that are cleared in full, also receive 2% cashback. Credit cards really are wonderful.'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 Thatcher0 -
Any idea what % of the 7579 is not actually credit but outstanding month end balances cleared in full? must be a fair % I know I have balances that are cleared in full, also receive 2% cashback. Credit cards really are wonderful.
No, the publically availabe statistics aren't that detailed. But I would assume it is quite a high percentage. My understanding is that the figures detail outstanding debt at an arbitary time, it seems likely a lot of the outstanding debt is repaid at the end of every month.
For what it's worth, credit cards are wonderful things if you repay them at the end of every month. It's a pity the 0% balance transfers don't seem to exist anymore. Those were the days...“The ideas of debtor and creditor as to what constitutes a good time never coincide.”
― P.G. Wodehouse, Love Among the Chickens0 -
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The trends show there are recessions in every decade - something for our future generations to think about before running off spending their first ever earnings on silly things.0
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The trends show there are recessions in every decade - something for our future generations to think about before running off spending their first ever earnings on silly things.
Have you had a few :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 Thatcher0
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