debt statistics

Kennyboy66

michaels wrote: »

I have debts (mortgage) of 4x my income plus about 50% of my income on credit cards.

However I have savings of more than this but keep the debt 'stoozed' as the return on the savings is greater than the interest on the debt - however I must be extremely unstable by your definition.

You're neither the whole economy or typical of the average borrower.

The UK hasn't increased the amount of "housing wealth" in the last 10 years.

There is roughly the same number of houses of roughly the same quality - it is merely the price that has increased.

By your personal annecdote the amount of personal debt could double provided house prices doubled as well.

Thrugelmir

IveSeenTheLight wrote: »

Were discussing the wider picture than my personal and business accounts.

Basics of finance apply irrespective of whether its at personal, corporate or governmental level.

IveSeenTheLight

Thrugelmir wrote: »

Basics of finance apply irrespective of whether its at personal, corporate or governmental level.

That may be, but it doesn't detract my points about the outstanding mortgage debt in relation to property value (equity) and the effects on NE, distressed sellers and reposessions

JonnyBravo

Thrugelmir wrote: »

Basics of finance apply irrespective of whether its at personal, corporate or governmental level.

We know what happened when you tried to tell us about a "basic of finance" last time don't we? Have you refined your understanding of the "Rule of 51" yet?

geneer

IveSeenTheLight wrote: »

Were discussing the wider picture than my personal and business accounts.

:rotfl::rotfl::rotfl:Oh what a Hypocrite.
How many times have you started banging on about Edinburgh in completely unrelated threads/discussions.

Cleaver

- £55,822 is the average household debt (including mortgages)
- £29,546 is the average amount owed by every UK adult (including mortgages)
- £175m is the personal interest paid in UK daily
- 1,775 people are made redundant daily
- 849,000 people have been unemployed for more than 12 months
- £22.54m is the daily write-offs of loans by banks & building societies
- Every 14.6 minutes a property is repossessed
- CAB deal with 8,910 new debt problems each working day
- £111,500,000 is the daily increase in Government national debt (PSDN)
- £1,278,000,000 is the total value of all purchases made using plastic cards today

I can understand and relate to the stats in bold. I'm not really sure what to do with most of the others, as I don't really know what to relate them to. Is £22m of writedowns every day a lot? I really have no idea, I guess I'd want to see a yearly percentage figure.

The government debt figure scares the sh*t out of me. I deal with by pretending it doesn't exist and that everything is okay.

IveSeenTheLight

geneer wrote: »

:rotfl::rotfl::rotfl:Oh what a Hypocrite.
How many times have you started banging on about Edinburgh in completely unrelated threads/discussions.

Not hypocritical, in here we were generalising about the UK stats, whilst when I have "enhanced the understanding" regards to Edinburgh, I've never initiated and only pulled together the facts when others have raised the subject.

How is the Edinburgh rental market since you brought the loaction up?

geneer

IveSeenTheLight wrote: »

Not hypocritical, in here we were generalising about the UK stats, whilst when I have "enhanced the understanding" regards to Edinburgh, I've never initiated and only pulled together the facts when others have raised the subject.

How is the Edinburgh rental market since you brought the loaction up?

:rotfl:Or in reality spat the dummy and gone after what you percieve to be my personal position, bringing up house prices in Edinburgh when they have absolutley no relevance to the discussion in hand.

Cleaver

No one gives a sh*t about which one of you is right about house prices in Edinburgh. I'd bet that ISTL is the one who is right though. Not that it matters.

RenovationMan

This statistic really amazed me in how low it is, especially when I compare it against the size of my own mortgage:

- £55,822 is the average household debt (including mortgages)


I can't imagine that this figure takes into account people's equity, savings and investments, which in many cases will outweigh their debt. I'm sure the average household debt would be far less or non-existent if it included people's wealth.

Just looking at my own equity figures (excluding my savings and pensions), I will soon reach a parity between my equity and debt. On paper I will be debt free.