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Time to put the credit cards away
acook
Posts: 14 Forumite
in Credit cards
Those credit cards are starting to become dangerous....
http://firstrung.co.uk/articles.asp?pageid=NEWS&articlekey=8877&cat=44-0-0
"2007 saw the UK 'spendemic' spiral out of control.4.8 million adults spent more than they earned, 9 million just broke even and on average consumers had just £157 left at the end of every month...
A new report by independent price comparison and switching service, uSwitch.com, reveals the heights that the nation's passion for spending hit, before the high street plummet that saw the worst December trading since 2004. Brits are working harder than ever before, yet almost one in three have nothing left in their bank account at the end of the month. Every month, 4.8 million consumers spend more than they earn, 9 million just break even, and the average consumer has just £157 left in their bank account when all else has been paid.
The study into the nation's spending habits paints a picture of a 'work hard, play hard' nation, with consumers using debt to fund their luxury lifestyle. Between 1997 and 2007, spend on non-essential items has soared at 2.5 times the rate of inflation, growing by 65% against a modest 48% rise in net income. Over the same period, debt repayments have rocketed by 104% as almost 6 million consumers resort to borrowing every month to meet their outgoings."
Alice
http://ukhousebubble.blogspot.com
http://firstrung.co.uk/articles.asp?pageid=NEWS&articlekey=8877&cat=44-0-0
"2007 saw the UK 'spendemic' spiral out of control.4.8 million adults spent more than they earned, 9 million just broke even and on average consumers had just £157 left at the end of every month...
A new report by independent price comparison and switching service, uSwitch.com, reveals the heights that the nation's passion for spending hit, before the high street plummet that saw the worst December trading since 2004. Brits are working harder than ever before, yet almost one in three have nothing left in their bank account at the end of the month. Every month, 4.8 million consumers spend more than they earn, 9 million just break even, and the average consumer has just £157 left in their bank account when all else has been paid.
The study into the nation's spending habits paints a picture of a 'work hard, play hard' nation, with consumers using debt to fund their luxury lifestyle. Between 1997 and 2007, spend on non-essential items has soared at 2.5 times the rate of inflation, growing by 65% against a modest 48% rise in net income. Over the same period, debt repayments have rocketed by 104% as almost 6 million consumers resort to borrowing every month to meet their outgoings."
Alice
http://ukhousebubble.blogspot.com
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Comments
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Wow! I wish I had £157 left at the end of every month...0
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Woo 157 at the end of the month free! that would be nice!0
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Maybe if you divide what Bernie Ecclescake has left at the end of the month by the number of people in the country, you get £157?0
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