More than a million people are on the brink of serious debt difficulties

nelly_2

I cant tell what you trying to say?

ZTD

nelly wrote: »

I cant tell what you trying to say?

Is it the absolute level of the debt that is the issue, or the ability to repay the debt that is the issue? Or are you not sure which is the issue?

southernscouser

nelly wrote: »

Thats totally different and not a good argument neither.

The pensions thing happend to them through no fault of their own.

Borrowing more money than you can afford to pay back is ONLY your own fault. A minority have bad luck like illness etc but the majority simply dont think things through whilst watching the norton finance adverts on tv

What you doing up here? :eek:

P!ss off back to where you belong!

Pobby

Gemmzie wrote: »

If it's half a percent we are screwed really and truly.

What Gemmzie says really worries me!History has showed that since the last world war the median for interest rates has been pitched a little over 8%.Half a percent is rise is still a goodly bit below that figure.Honestly people,how many did think interest rates would remain at very low levels forever?

I suppose that more senior members of the forum such as myself and rog2 remember clearly the pain that recession caused in the early 90`s.The mantra of ``the government won`t let it happen``is about the most niave rubbish I have heard.

http://www.creditaction.org.uk/debtstats.htm pretty much spells it out.

southernscouser

Pobby wrote: »

http://www.creditaction.org.uk/debtstats.htm pretty much spells it out.

Thanks for that Pob. I love facts and figures like that. Makes for pretty scary reading though! :eek:

Today in the UK:

Consumers will borrow an additional £318m today
The average household debt will increase by over £13 today
300 people today will be declared insolvent or bankrupt
Bank and building societies will hand out £1bn in mortgages today
Citizen Advice Bureaus will deal with 5,300 debt problems today
The average car will cost £15 to run today
The average home will cost £30 today to run
Raising a child to the age of 21 will now set you back £23.50 daily
The price of a typical house will increase by £46 today
24.3m transactions worth £1.3bn will be spent on plastic cards today
£82m will be spent online today
1/3rd of all groceries we buy today will end up in the dustbin.

Penny2myName

There are other repercussions from falling behind with your regular payments and getting into debt. Your situation will be reflected in your credit record and that could make it difficult to get loans and other financial services in future.

But wasn't it the loans and financial services anyhow that has caused so many to have such bad debts.

Pobby

Penny2myName wrote: »

But wasn't it the loans and financial services anyhow that has caused so many to have such bad debts.

How do you mean?

ZTD

Pobby wrote: »

What Gemmzie says really worries me!History has showed that since the last world war the median for interest rates has been pitched a little over 8%.Half a percent is rise is still a goodly bit below that figure.Honestly people,how many did think interest rates would remain at very low levels forever?

I suppose that more senior members of the forum such as myself and rog2 remember clearly the pain that recession caused in the early 90`s.The mantra of ``the government won`t let it happen``is about the most niave rubbish I have heard.

Well 0.5% rise would take it to 5.75%, which it last was on 4th April 2001. Even the less senior members of the forum surely remember that far back?

Hermione54

There is also the matter of the dollar being highest just about ever

Actually the dollar is at about the lowest it has been for a long time.

nrsql

Don't understand what people are worried about. Our future PM keeps saying that he has ended the days of boom and bust and that under his sound guidance the economy is stable (think he implies steadily increasing).

Or am I missing something here?

Personally I think the previous rate rise should have been half a percent but think that was an indication of how independent the boe really is.
I notice that GB hasn't yet said that inflation isn't his responsibility.

Don't think boom and bust is such a bad thing - only when the cycle is so long that people forget that it exists.

As to fault - I met someone recently who said "if global warming was that serious then the government would be doing something about it". Similarly a lot of people put faith in banks and think they wouldn't offer something unaffordable. That maybe used to be the case but now when bank managers tend to be lowly paid near schoolchildren and profit more important than respect for them and their salesmen.