Cautious consumers pay off debt

wotsthat

homelessskilledworker wrote: »

http://www.debtsimple.co.uk/uk-debt-statistics.shtml

Total UK personal debt £1.45 Trillion

Oh yes!!, we are really getting to grips with personal debt

From your own link...

Average household debt in the UK (excluding mortgages) is £7,975.

Is that all?

Average household debt in the UK (including mortgages) is £55,988.

Is that all?

The average amount owed per UK adult (including mortgages) was £29,634 in January. This was around 122% of average earnings.

Is that all?

Average consumer borrowing (including credit cards, motor and retail finance deals, overdrafts and unsecured loans) per UK adult was £4,221 in January.

It's getting boring now.

The estimated average outstanding mortgage for the 11.2m households that carry mortgage debt stood at £111,260 in January.

The average mortgage holder has a mortgage debt of 4.5x average earnings. That could be quite scary I suppose until you ask yourself if the average mortgage holder earns more or less than the average wage. You might also consider that at 60% LTV the average mortgage holder is sitting on £74,000 worth of equity.

homelessskilledworker

wotsthat wrote: »

From your own link...



Is that all?



Is that all?



Is that all?



It's getting boring now.



The average mortgage holder has a mortgage debt of 4.5x average earnings. That could be quite scary I suppose until you ask yourself if the average mortgage holder earns more or less than the average wage. You might also consider that at 60% LTV the average mortgage holder is sitting on £74,000 worth of equity.

You are so funny Wotstit:)

You consider £1.5 trillion to be insignificant, your words "is that all".

Yet you make a big deal of less than a third of a Billion(300 million) being paid off in consumer debt.

wotsthat

homelessskilledworker wrote: »

You are so funny Wotstit:)

You consider £1.5 trillion to be insignificant, your words "is that all".

Yet you make a big deal of less than a third of a Billion(300 million) being paid off in consumer debt.

Thank you.

No I don't consider £1.5tn to be an insignificant number.

I said this - "The long slow consumer debt repayment continues.". If you think that's making a big deal of it then yes I am.

homelessskilledworker

I am sure you will plead ignorance here Wotstit(maybe someone in the Banking game can support me), but banks are now trying to claw back as much outstanding debt as they can get their hands on. There are many cases where bad debters are doing deals and paying back 10% of their original loans. your 300 million could well be £3 Billion of money just squandered, the same type of bad debt that the taxpayer has now picked up.

homelessskilledworker

wotsthat wrote: »

Thank you.

No I don't consider £1.5tn to be an insignificant number.

I said this - "The long slow consumer debt repayment continues.". If you think that's making a big deal of it then yes I am.

I am sorry, when you said in your previous post "is that all", most would see that as an admission of something being not all that big or great, obviously not in your vocabulary, very confusing!!

wotsthat

homelessskilledworker wrote: »

I am sure you will plead ignorance here Wotstit(maybe someone in the Banking game can support me), but banks are now trying to claw back as much outstanding debt as they can get their hands on. There are many cases where bad debters are doing deals and paying back 10% of their original loans. your 300 million could well be £3 Billion of money just squandered, the same type of bad debt that the taxpayer has now picked up.

Many cases or a significant number of cases?

I'll happily pay 10% of my outstanding debts today in return for the other 90% being wriiten off. Have you got a link to the application form?

Graham_Devon

wotsthat wrote: »

Is that all?

Worth remembering that you are writing these amounts off as insignificant based on the entire population.

Need to look at the actual holders of debt, before you simply write things off blindly. However, it does seem that the answer to my earlier question was simply that I was looking at the data, rather than ignoring it in a happy clappy style. Seems ignorance is the order of the day.

wotsthat

homelessskilledworker wrote: »

I am sorry, when you said in your previous post "is that all", most would see that as an admission of something being not all that big or great, obviously not in your vocabulary, very confusing!!

£1.5tn is a lot of money - put it into the context of debt per household or mortgage holder and it doesn't look quite so scary. Hope that helps.

Mr._Pricklepants

1.5 trillion over a 60m population is 25K each, not really earth shattering indeed.

But the word TRILLION :eek: is so much more dramatic, therefore liberally used by the doom and gloom mongers.

homelessskilledworker

Mr._Pricklepants wrote: »

1.5 trillion over a 60m population is 25K each, not really earth shattering indeed.

But the word TRILLION :eek: is so much more dramatic, therefore liberally used by the doom and gloom mongers.

Do you know many five year olds with £25k debts, and how about more than half the population who have no mortgage, and the many millions who live in the black, the rest then hold the £1.5 Trillion debt, you and Ting tong being one of them probably, how much did Ting Tong cost you?