£1 trillion UK debt

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 :biggrin:

)?

OP

Calm down

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

Reply 24

EconLou

12

Lord Huntroyde

But no shops actually accpet Amex

(a slight exaggeration)

Tk max accept american express but not amex :tongue:

(true story!!)

Reply 25

OP

Blame the country, don't blame me individually

Reply 26

OP

Anyway, how does everybody think we should solve this debt problem in the long term?

Reply 27

Widowmaker

that money could solve many world problems.

Where did you pluck this one from?

Reply 28

OP

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.

Reply 29

OP

Okay well maybe it could help the economy - i don't know

Reply 30

Cossack2004

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????

Reply 31

Unregistered

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...

Reply 32

OP

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?

Reply 33

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.

Reply 34

Cossack2004

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?

Reply 35

jpowell

15

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.

Reply 36

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,"

Reply 37

OP