Debt Epidemic

Jaelor

I know we all hear about "Bankrupt Britain" and how much in debt we all are as a nation - average debt being £7k (if only!), but tonight its really struck me what kind of mess we are all in.

We are going bankrupt - house is on the market, and soon as its sold and we are in rented accomodation, we will take the plunge. My Step Mum has a DMP through PayPlan, my Step Brother obviously got very bad advice and has gone via Baines & Ernst. My MIL has been in debt her whole life and has managed to sort herself out due to a house sale through divorce, but is now again trying to get credit cards, my SIL has narrowly avoided being made bankrupt and has consistently run up debts.

Not bad for one family!

mountainofdebt

on radio 4, some idiot from A&L, saying that there was borrowing remained 'comfortable' and he tried to justify by saying that although the amount owed was higher, that repayment %age of income was lower.

Makes you wonder doesn't it?

jesster_2

i heard them as well on 5Live. 'People can comfortably afford the amount of money they're borrowing...i have proof, let me confuse people with a formula, then they'll believe me..!'

Hmm... Still, at least it doesn't seem to have actually fooled anyone.

Broken_hearted

Jaelor wrote:

I know we all hear about "Bankrupt Britain" and how much in debt we all are as a nation - average debt being £7k (if only!), but tonight its really struck me what kind of mess we are all in.

We are going bankrupt - house is on the market, and soon as its sold and we are in rented accomodation, we will take the plunge. My Step Mum has a DMP through PayPlan, my Step Brother obviously got very bad advice and has gone via Baines & Ernst. My MIL has been in debt her whole life and has managed to sort herself out due to a house sale through divorce, but is now again trying to get credit cards, my SIL has narrowly avoided being made bankrupt and has consistently run up debts.

Not bad for one family!

Bloody hell thats scary. My family arn't that badly off thank god or I would have gone under years ago. I lucky that although my parents can't help me pay my debts, they will help with food shopping and lend little bits of money. They have debt, so does my sister but its manageable debt. It was my husbands accident that left us with bad debt and even now the banks want to lend us more. Its crazy but when you tell them you don't work, they tell you that benefits are a guarenteed income.

K9cuddles

Jaelor wrote:

I know we all hear about "Bankrupt Britain" and how much in debt we all are as a nation - average debt being £7k (if only!), but tonight its really struck me what kind of mess we are all in.

I thought 15k was the average??

tattooed_lady

S_a_r_a wrote:

I thought 15k was the average??

I've also heard that it is 7.5K.

K9cuddles

ruyareece wrote:

I've also heard that it is 7.5K.

Is this excluding mortgages?? I thought I was doing well!! :rotfl: Obviously not!! Doh!

tattooed_lady

S_a_r_a wrote:

Is this excluding mortgages?? I thought I was doing well!! :rotfl: Obviously not!! Doh!

Yeah defo excluding mortgage! :eek:

Kevicho

Jaelor wrote:

I know we all hear about "Bankrupt Britain" and how much in debt we all are as a nation - average debt being £7k (if only!),

Yay im almost down to average debt :j

queenofthedump

I am 9 times above the national average this has to be one of those times I get to be above average LOL.

njwd

Some interesting debt stats:
http://www.creditaction.org.uk/debtstats.htm

http://news.bbc.co.uk/1/shared/spl/hi/pop_ups/04/business_the_road_to_a_trillion/html/1.stm