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Radio 4 this morning - responsible lending...

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Mirtos
Mirtos Posts: 728 Forumite
in Debt-free wannabe
Anyone listen to the discussion on responsible lending on the Today programme this morning? I'm listening to it now, and getting a bit frustrated because they aren't discussing it with MARTIN :money:, or a DFW. They've got an 'official from a lending company saying how we're all fine, paying back our debt at the highest rate ever, and everything's hunky dory :rotfl:
Official Debt Free Wannabe Nerd Club member 095! Debt Now:
M&S £5000 £2071.49 - 3.9% |Cahoot Loan £8646.96 £7453.24 - 5.8%| Barclays OD £2250.00 £991.99 - 0% Halifax Card £1620.60 - 0% Savings: £927.59
Grand Total = £22,540 £11,209.73 :eek:Total paid off since 31st May '06 = £11,330.27 :T Semi-DFD Dec'07?
Savings for temporary unemployment fund: £763.05 @ 8%, £164.54@ 4% Total savings: £927.59

£18k Challenge £18,934.21 £11,209.73 to go!
Proud to be dealing with my debt.
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Comments

  • Thefunkygibbons
    Thefunkygibbons Posts: 1,381 Forumite
    I missed that but when listening to how much debt the UK has I do wonder how much of our debt is due to rate tarts and stoozers, and is not real debt
  • Mirtos
    Mirtos Posts: 728 Forumite
    Good point - It freaked me out though that the average debt is around £3000 - and MINE is £18k+ :eek:
    Official Debt Free Wannabe Nerd Club member 095! Debt Now:
    M&S £5000 £2071.49 - 3.9% |Cahoot Loan £8646.96 £7453.24 - 5.8%| Barclays OD £2250.00 £991.99 - 0% Halifax Card £1620.60 - 0% Savings: £927.59
    Grand Total = £22,540 £11,209.73 :eek:Total paid off since 31st May '06 = £11,330.27 :T Semi-DFD Dec'07?
    Savings for temporary unemployment fund: £763.05 @ 8%, £164.54@ 4% Total savings: £927.59

    £18k Challenge £18,934.21 £11,209.73 to go!
    Proud to be dealing with my debt.
  • Mike_St_Helens
    Mike_St_Helens Posts: 3,414 Forumite
    Mirtos wrote:
    Good point - It freaked me out though that the average debt is around £3000 - and MINE is £18k+ :eek:

    Yeah where has the average debt been calculated from ??

    Everyone I know has more than this, Maybe they missed a 0 off...
  • Mirtos
    Mirtos Posts: 728 Forumite
    I guess it depends what cross section of people they used for the survey or whatever. I can't quite beleive it's just £3k, as most graduates have around 12k in student loan alone!
    Official Debt Free Wannabe Nerd Club member 095! Debt Now:
    M&S £5000 £2071.49 - 3.9% |Cahoot Loan £8646.96 £7453.24 - 5.8%| Barclays OD £2250.00 £991.99 - 0% Halifax Card £1620.60 - 0% Savings: £927.59
    Grand Total = £22,540 £11,209.73 :eek:Total paid off since 31st May '06 = £11,330.27 :T Semi-DFD Dec'07?
    Savings for temporary unemployment fund: £763.05 @ 8%, £164.54@ 4% Total savings: £927.59

    £18k Challenge £18,934.21 £11,209.73 to go!
    Proud to be dealing with my debt.
  • nomoneytoday
    nomoneytoday Posts: 4,871 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Mike_St_Helens wrote:
    Yeah where has the average debt been calculated from ??
    They know how much has been lent. They know how many people were sampled, therefore you can work out average debt :)

    Not everyone has 5 figure debts. I still owe £4000 and am not happy about it so paying it off at £600 a month. It started at £20000 which was IMHO an unacceptable amount to owe.
  • RHemmings
    RHemmings Posts: 4,894 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Some people have no debt at all. These people bring down the average debt figures.
  • adypem
    adypem Posts: 256 Forumite
    From what I heard they were saying that the average debt excluding mortgages was 3K for househould, not per person.

    But I may be wrong
  • LizD_2
    LizD_2 Posts: 1,503 Forumite
    I've been Money Tipped!
    well, to add my two pennies, the last I heard the average non-mortgage debt per head was £14,000! Although i was staggered by Mondays' Tonight programme: Martin said there are now a lot (sorry can't remember exact figure) of people owing over £100,000! :eek:
  • meerustar
    meerustar Posts: 8,560 Forumite
    Part of the Furniture Combo Breaker
    adypem wrote:
    From what I heard they were saying that the average debt excluding mortgages was 3K for househould, not per person.

    But I may be wrong

    You are right. It was excluding mortgages. And the average of the under 21's or 25's (I can't remember which) is £5000, although I'm guessing a lot of that would be student debt.
  • loulouloulou_2
    loulouloulou_2 Posts: 264 Forumite
    I suppose like you say, some people have no debt.... like i have £15000 debt and partner has none - not even an overdraft - gotta hate him!;)
    Joined September 2006: £18800.00 in debt:eek:
    21/11/06 - £16953.04, :eek:
    DFD - Sept 2009:T proud to be dealing with my debt

    :j £2 coin saving club: 21/11/06 £0:j
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