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Britons forced in to 'modern day slavery' by soaring house prices!!
Comments
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Her is more frightening statistics!
http://www.creditaction.org.uk/debtstats.htmAny posts by myself are my opinion ONLY. They should never be taken as correct or factual without confirmation from a legal professional. All information is given without prejudice or liability.0 -
Total consumer credit lending to individuals in April 2007 was £213bn. This has increased 5.4% in the last 12 months.
RPI for the last 12 months was 4.5% so this is a real increase over the year of 0.9%. Not so bad.0 -
But shouldn't that be compared to wages (3.5% before tax, a fair bit less after tax) rather than inflation?
After all, if your pay didn't go up but your loans increased by (eg) 2% (much less than "inflation"), would that be good or bad news..?0 -
But shouldn't that be compared to wages (3.5% before tax, a fair bit less after tax) rather than inflation?
After all, if your pay didn't go up but your loans increased by (eg) 2% (much less than "inflation"), would that be good or bad news..?
Fair point. Perhaps the best thing to compare it to would be the income that you have available to service that debt (e.g. after tax, bills, food, housing costs etc.).
It's clearly not a good thing for individual consumers that their debt is rising but I'm not sure that small nominal rises in debt spell doom for the economy. Of course it could be that the whopping great big rises in consumer debt previously will mess the economy up.0 -
Mega-mortgages 'turning us into slaves'
http://www.thisismoney.co.uk/mortgages/mortgages/article.html?in_article_id=420820&in_page_id=58
"A report warned that the spiralling price of housing means Britain is in danger of becoming the 'grossly divided' society of have and have-nots not seen since Victorian times.
First-time buyers who manage to make it on to the property ladder and parents with young families are like 'bonded labourers' tied to their jobs.
The bleak report by academics - called On The Treadmill - says 'super-size' loans are pushing soaring numbers of parents to desert their children in order to work long hours. Many are taking on second jobs to pay a mortgage which could be up to seven times' bigger than their salary."
peter9990
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