Less than 50% of the Adult Population of the UK have any debt whatsoever!

Bantex_2

Odd that the whole system seems to be skewed towards bailing out the over indebted.

MrRee_2

Well, yes, if it was assets then many properties are valued at love £150,000 so that wouldn't help inform.

I was just shocked that over 50% have no debt whatsoever, so wanted to see what savings were held by those on money saving expert.

And why are we not looking after those who are not in debt?

grizzly1911

MrRee wrote: »

Well, yes, if it was assets then many properties are valued at love £150,000 so that wouldn't help inform.

I was just shocked that over 50% have no debt whatsoever, so wanted to see what savings were held by those on money saving expert.

And why are we not looking after those who are not in debt?

Virtually nil interest rates, kid glove repossession approach - not looking after those in debt? Think there are several million savers that would disagree with you.

Many people have debt and savings they are not mutually exclusive.

cepheus

MrRee wrote: »

With all the doom and gloom you would think 99% of the population had debts around their necks .... not so apparently.

I thought I was in the 1% who had no debt at all ..... turns out that most of the people around me have no debt either.

So, if that is the case, why are we supposed to be gloomy? Is it simply that IR's are so pathetic? Or is it just Media Hype?

So, more than 50% of the UK Adult Population have savings ... but, what would be the general amount saved? If we have no debt, and both adults in a house are full time earners, then I'm guessing that £2,000 must be saved each and every month (no debts remember) - assuming of course that the household income is a very conservative £4,000 a month (between two people remember). £2,000 a month to pay bills and live seems reasonable.

That means each year this average family has accumulated £24,000 ..... that's £120,000 saved since the recession took hold 5 years ago. That's just a 5 year snapshot of course, some had savings before then and others started saving after 2008.

So, an anonymous poll, just for interest ..... what does your households savings stand at at todays date?

Why not quote a link or source such as this?

51% of households had Financial debt
37.3 of households had mortgage debt


or this

UK Personal Debt

Outstanding personal debt stood at £1.432 trillion at the end of November 2013. This is up from £1.420 trillion at the end of November 2012.

Outstanding secured (mortgage) lending stood at £1.273 trillion at the end of November 2013.This is up from £1.265 trillion at the end of November 2012.

Outstanding unsecured (consumer credit) lending stood at £158.9 billion at the end of November 2013. This is up from £156.0 billion at the end of November 2012.

Average household debt in the UK (excluding mortgages) was £6,016 in November. This is up from a revised £6,005 in October.

Average household debt in the UK (including mortgages) was £54,197 in November. This is up from a revised £54,128 in October.

The average amount owed per UK adult (including mortgages) was £28,528 in November. This is up from a revised £28,491 in October and was around 115% of average earnings.

Average consumer borrowing (including credit cards, motor and retail finance deals, overdrafts and unsecured loans) per UK adult was £3,167 in November. This is up from a revised £3,161 in October.

The estimated average outstanding mortgage for the 11.2m households that carry mortgage debt stood at £113,549 in November.

Based on November 2013 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been £59.4 billion. This is equivalent to £163 million per day. This means that UK households would have paid an average of £2,251 in annual interestrepayments.

Total net lending to individuals by UK Banks and Building Societies rose by £1.5 billion in November 2013. Net secured lending rose by £0.9 billion in the month; net consumer credit lending rose by £0.6 billion.

UK Banks and Building Societies wrote-off £3.63 billion of loans to individuals over the four quarters to Q3 2013. In Q3 2013 itself they wrote-off £1,008 million (of which £397 million was credit card debt) amounting to a daily write-off of £11.0 million.

fed_up_and_stressed

MrRee wrote: »

That made me genuinely lol ....... excellent!

I do accept that I work amongst highly professional people, live in an affluent leafy village and mix with those who have made successes of themselves ....... so that affects my view of the world.

That's why all can comment here to give other angles and views.

But you have made assumtions using your "average" calculations which didn't turn out to be based on average values whatsoever but skewed by your own experiences and circumstances and "view of the world"

noodle_doodle

MrRee wrote: »

If we have no debt, and both adults in a house are full time earners, then I'm guessing that £2,000 must be saved each and every month (no debts remember) - assuming of course that the household income is a very conservative £4,000 a month (between two people remember). £2,000 a month to pay bills and live seems reasonable.

That means each year this average family has accumulated £24,000 ..... that's £120,000 saved since the recession took hold 5 years ago

'average' after about 237 qualifiers... ... southern, 50+ or childless, highly qualified, high earning, both in full time work...

what about from yorkshire, 2 kids, an HND, dad in ft @ 24K a year, mum in pt work getting £8 an hour at morrisons

Not my circumstances, but much more average really than your definition surely?

noodle_doodle

remember, all the bankrupts will be debt-free because their previous debts have been squished and no-one will lend them any more credit :-)

SailorSam

Not quite sure how much i've saved.
Just going to take the floorboards up to check.

Loughton_Monkey

SailorSam wrote: »

Not quite sure how much i've saved.
Just going to take the floorboards up to check.

Won't that sink your boat?

MrRee_2

noodle_doodle wrote: »

'average' after about 237 qualifiers... ... southern, 50+ or childless, highly qualified, high earning, both in full time work...

what about from yorkshire, 2 kids, an HND, dad in ft @ 24K a year, mum in pt work getting £8 an hour at morrisons

Not my circumstances, but much more average really than your definition surely?

No-one with a HND (which I view as a degree with experience) should be struggling on £24k .... that's simply outrageous.