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£1 trillion UK debt watch

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    (Original post by Widowmaker)
    Selfish is
    sending your child to private school
    going on ridiculously expensive holidays
    buying mansions when you only live with one other person
    buying extremely expensive pc's
    buying unnecessary items such as yaughts, boats etc
    burning money on that ch4 program
    giving £100000 max to a person who lives in a house - bb5
    Erm, how on earth is it selfish to send your child to private school (Disclaimer: I did not go to private school, my parents couldn't afford it), wanting the best education for your child is selfish? Since when?

    Going on ridiculously expensive holidays; ridiculously expensive is undefined here, but still, why is it selfish to go on holiday?

    Buying mansions; if you have earnt the money, why?

    Buying extremely expensive pc's; this is just getting silly, some people want the latest graphics and use their pc's for computationally intensive jobs, it is not selfish to spend money.

    Buying unnecessary items such as yaughts, boats etc; they are only unnecessary when you don't want to travel over water.

    Burning money on that ch4 program; not when you consider that the show will earn more than the amount they are burning, there is not a net loss.

    Giving £100000 max to a person who lives in a house - bb5; again how is that selfish, sure it may be facile, but it is profitable and people seem to like watching it and paying for it.


    Again I challenge everyone here who says that spending well earnt money is selfish to give up all their possessions and devote their life to charity.
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    Having read the linked article, I'm interested to know more about these "Debt Charities". Do they merely offer advice, or practical assistance ( i.e. cash )?
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    Calm down
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    (Original post by Widowmaker)
    I suppose we should blame the retail sector and inflation.
    I think you''ll find the cheap level of borrowing is the cause rather than the consequence of inflation and the retail sector are responsible for a minute part of the debt to which you are refering
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    (Original post by Lord Huntroyde)
    But no shops actually accpet Amex

    (a slight exaggeration)
    Tk max accept american express but not amex (true story!!)
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    Blame the country, don't blame me individually
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    Anyway, how does everybody think we should solve this debt problem in the long term?
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    (Original post by Widowmaker)
    that money could solve many world problems.
    Where did you pluck this one from?
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    The bottom line is;
    Most people are selfish/greedy because they have bought more than they can afford - resulting in the title of the thread - £1 trillion UK debt.
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    Okay well maybe it could help the economy - i don't know
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    (Original post by Widowmaker)
    Anyway, how does everybody think we should solve this debt problem in the long term?
    Increase interest rates but thats a very cynical way to do it and is unlikely to work effectively, why do you feel that this is such a massive problem????

    (Original post by Widowmaker)
    Its all due to the credit card idiots who use one then rake in all the deals and then switch to another one. Sorry bout the pun. How selfish can you get? I'm not moaning or pinpointing anyone in particular but that money could solve many world problems.

    http://news.bbc.co.uk/1/hi/business/3935671.stm

    That averages out £20000 debt per person, this includes babies.
    Ooo yes, how wiiiiccckked, eviiillll, of us in the West for having the audacity of wanting a house, some food, a car, and, shock shock, even a holiday every now and again.

    Instead of buying Halo for the PC, widow, why dont you give it to some third world kid, eh? No?

    And let's not even begin to talk about tax...
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    Instead of buying Halo for the PC, widow, why dont you give it to some third world kid, eh? No?
    How do you know I bought it?
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    (Original post by Cossack2004)
    Increase interest rates but thats a very cynical way to do it and is unlikely to work effectively, why do you feel that this is such a massive problem????
    Indeed, many economists would argue that borrowings and the National Debt (in present times) are of pseudo-importance. The expansion of consumer credit is actually buoying the economy and providing jobs.
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    (Original post by mobbdeeprob)
    Indeed, many economists would argue that the National Debt (in present times) is of pseudo-importance. The expansion of consumer credit is actually buoying the economy and providing jobs.
    Indeed, I think he/she is confusing this with the national debt maybe?
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    (Original post by Widowmaker)
    How do you know I bought it?
    So by your implication it is selfish for people to spend money they legally borrowed on consumer products, but perfectly okay for someone to illegaly obtain the same product.

    Geez, what a screwed up idea of economics you have.

    And don't even bother to try the "Well I didn't actually pirate it" line, because that will make the comment quoted above redundant.
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    Lookey here:

    Guardian Online article

    "Because inflation and interest rates are at historic lows, debt interest repayments as a percentage of household income are now half the level of the early 1990s," Mr Healey said, adding that in 1990 an average of 15% of a household's income was taken up by interest payments on debt, compared with 7.1% during the first quarter of this year.


    "We are borrowing against assets which have gone up massively, interest rates are still relatively low and we all have jobs,"
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    I was given it as a present.
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    Debt is good for the economy. Look at the United States; their economy has become that strong because of debt.

    Britain is doing just fine at the moment. When the BoE raise rates to 5%+ then people should realise that they need to pay off their debts.

    (Original post by mobbdeeprob)

    "We are borrowing against assets which have gone up massively, interest rates are still relatively low and we all have jobs,"
    But all it takes is a further few nodges up the base interest rate, millions will be unable to repay their mortgages, millions loose their houses, house prices collapse, and suddenly the "assets which have gone up moassively" will go down "massively".
 
 
 
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