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

Gemmzie

ZTD wrote: »

Explain the advantages to me.

I have no idea, never did Economics at school

ZTD

Gemmzie wrote: »

I have no idea, never did Economics at school

It was just the way you said "I can see the advantages on paper".

Gemmzie

Oh right, I meant it's more in numerical figures literally

Sorry

nelly_2

ZTD wrote: »

Now, I'm curious as to where you managed to get the figures for this. You seem to have decided what is in the minority, and what is in the majority - though you seem unable to provide any percentages for that.

It's not all that hard to interview people as to why they went bankrupt - this is a book written by two American women about American bankruptcies, where they did exactly that. I'm glad you've taken a leaf out of their book, and done it for the UK population.

Would you like to reveal your original research, and we can compare it with their's?



I'm sure there's ways of curbing that indicator.



If you read the whole book (and I have) you'll find out the major causes of bankruptcy are: Divorve, childbirth, sickness (work aspect), jobloss and healthcare costs (probably US only).

Spending until the bank breaks is a very small percentage (less than 5% IIRC) - certainly not the "majority".

Do you have original data to back up your assertions? If not, please remember to salute when being shot down in flames.

Yes darling quite, all this because I said your argument about pensions was wrong? Get over yourself

No one needs to interview every one the stats are there in scousers post.

And check the DFW board its reckless borrowing that comes out top on there.

But you belive what you want to belive.

and that book was published in 2003 probably researched before 9/11 which was before the present credit explosion

ZTD

nelly wrote: »

Yes darling quite, all this because I said your argument about pensions was wrong? Get over yourself

I know the argument over pensions was wrong. It was a reductio ad absurdum argument against the assertion that people are *always* reckless if something financial they agree to goes wrong - unless a gun is held to their head.

That assertion is either true for everything - including pensions, or it is true for nothing. Those are your choices.

nelly wrote: »

But you belive what you want to belive.

I believe what I have facts for. Show me your facts, not your beliefs.

nelly wrote: »

and that book was published in 2003 probably researched before 9/11 which was before the present credit explosion

And you have original research contradicting it?

Oh BTW - the credit explosion started long before that. Depending what you define as an explosion, it could be the bailout of LTCM, or the "easing" following the dot.bomb. Or the bailout in the Tequilla Crisis. Or...

Well, you get the idea.

rog2

nelly wrote: »

And check the DFW board its reckless borrowing that comes out top on there.

This HAS to be one of the least researched statements EVER to be posted on DFW. :mad: :mad:

sammy115

Can I ask what is classed as 'reckless borrowing'. We bought on credit and actually given our level of income at the time, I wouldn't have called it reckless. I have no idea what the 'norm' is, but we could afford to repay it, until both me and OH lost our jobs at the same time, and because of an employer who had complete disregard for the law we could claim no benefits.

We got behind with cc payments etc and whilst we didn't end up in MORE debt, we couldn't manage the debt we had. Thankfully we have survived and we are now paying off our debt until we have none. Only then will I sleep at night.

So what is 'reckless borrowing'.

rog2

sammy115 wrote: »

So what is 'reckless borrowing'.

Good question sammy. In my opinion, reckless borrowing is borrowing more than you can, reasonably, afford to repay, or borrowing with little or no intention of repaying.

However, it would appear that SOME people class the inability to predict that your, or World Economic, circumstances may change unexpectedly as reckless borrowing.

I'm sure we'll get the 'textbook definition'. :beer:

Pobby

One thing that has changed is that my parents generation enjoyed a job for life.Dad was a railway engineer,I had uncles with jobs that were in a similar way secure.The idea of bring made redundant was not even thought about.Now in the modern ``service `` economy anything can happen.How can you plan ahead.I was a young man just over 30 years ago when I bought my first house.Promotions at work and raging inflation soon got rid of my debt.

In the South East jobs never seemed to be a problem.The thought of unemployment never crossed my mind.Then the Thatch years came and heavy industry went into decline.The new,less secure times were upon us.

I look at the way things are now and it is no surprise that`s lots are in debt because of the way the system works.How long can anyone say they will be employed?Market forces are everything now." years ago I earnt an amazing income but due to{in part}a rip off my earnings have shrunk by maybe 50% but what the heck,that`s the way it is!