Cautious consumers pay off debt

wotsthat

Graham_Devon wrote: »

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.

I don't need to do anything. I've already taken into account some of the debt holders particularly mortgage holders...

"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."

Dividing by the relevant group (households/ mortgage holders) seems to provide a basis for some context - wouldn't you agree? It's not perfect but more illuminating than just pointing out £1.5tn is a big number. I look forward to your more detailed analysis though.

homelessskilledworker

wotsthat wrote: »

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?

I am not saying YOU or anyone can do it, unless though you are one of these people who has

Unmanagable debt

play the victim

don't pay your way in life(no job)


I just suspect Sibley falls under at least one of these headings and is up to his neck in debt.

Graham_Devon

wotsthat wrote: »

I don't need to do anything. I've already taken into account some of the debt holders particularly mortgage holders...

"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."

Dividing by the relevant group (households/ mortgage holders) seems to provide a basis for some context - wouldn't you agree? It's not perfect but more illuminating than just pointing out £1.5tn is a big number. I look forward to your more detailed analysis though.

You started a thread suggesting consumers are paying down debt. However:

- UK personal debt is up since Jan 2011.
- Mortgage debt is up since Jan 2011.
- Household debt is up since Jan 2011.

Only consumer credit is down.

The amount written off by banks is also up. So don't take too much from the "paying down" figures.

Basically hardly anything is happening here. In terms of relativity to the size of the debts and write offs.

And it's simply no good suggesting it's only x amoutn per person if you assume every person has debt. You know that, you are not backward. So all I can conclude, after your initial pop at me, is that you do not wish to see anything further than what you wish to see.

homelessskilledworker

Graham_Devon wrote: »

You started a thread suggesting consumers are paying down debt. However:

- UK personal debt is up since Jan 2011.
- Mortgage debt is up since Jan 2011.
- Household debt is up since Jan 2011.

Only consumer credit is down.

The amount written off by banks is also up. So don't take too much from the "paying down" figures.

Basically hardly anything is happening here. In terms of relativity to the size of the debts and write offs.

And it's simply no good suggesting it's only x amoutn per person if you assume every person has debt. You know that, you are not backward. So all I can conclude, after your initial pop at me, is that you do not wish to see anything further than what you wish to see.

But why start using facts when there are millions of over debted borrowers who need the type of fairytale comfort blanket that wotstit offers.

pqrdef

wotsthat wrote: »

£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.

£8K per household is bloody terrifying when you think how many of those households haven't got any debts at all. Or have we got a whole generation of pensioners secretly maxing out walletfuls of credit cards now?

wotsthat

Graham_Devon wrote: »

And it's simply no good suggesting it's only x amoutn per person if you assume every person has debt. You know that, you are not backward. So all I can conclude, after your initial pop at me, is that you do not wish to see anything further than what you wish to see.

Just because I've not presented a bell curve of debt per individual household overlaid with the savings of the same households doesn't mean I've assumed that every person has a debt. I've divided one number by another to give some context.

I'm still really looking forward to your detailed anaysis.

julieq

Multiple average income by average number of working years and get a lot less scared by big numbers.

robmatic

wotsthat wrote: »

I'm still really looking forward to your detailed anaysis.

"We're all doomed."

homelessskilledworker

wotsthat wrote: »

Just because I've not presented a bell curve of debt per individual household overlaid with the savings of the same households doesn't mean I've assumed that every person has a debt. I've divided one number by another to give some context.

I'm still really looking forward to your detailed anaysis.

It's you that keeps making broad statements, myself and now GD make the point that the £1.5 trillion is far from shared equally like you first suggested, far from it.
I personally would not have a clue where you would get this type of breakdown, but for starters you can wipe off over half the owned homes in the UK, those under 18 and over 70, and then there will be people out there that just live in the black or are minted.

I would say that the minority hold most of the personal UK debt, how small I have no idea.

pqrdef

julieq wrote: »

Multiple average income by average number of working years and get a lot less scared by big numbers.

So it's like, of course I can afford this gadget and that holiday, I'm only 50, I've got 20 years left to pay for it.