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£1 trillion UK debt watch

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    I earn £800 per month and am soon going to uni so I will be earning £0....

    I could potentially have the following (but don't cos i'm not stupid!!)

    £1000 overdraft on current account
    £500 x 2 = £1000 limit credit cards (but i hardly use them and pay it back each month)
    £1,250 overdraft on student account

    so that's £3250 i could be in debt from....and thats not counting interest :eek:
    but i'm not!! yay!!
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    Look I haven't gone on this forum for a debate, otherwise I would have gone in the debate forum.
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    (Original post by Widowmaker)
    I was given it as a present.
    so therefore it was brought......you need to start explaing how people with mortgages and debt are selfish, we cant wait to hear your explanation
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    (Original post by Widowmaker)
    I was given it as a present.
    So your comment was still completely redundant and you were being a pedant.

    (Original post by risk-is-good)
    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.
    An economy whose growth is dependent upon inflation in houses prices is not a sound one.
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    They should manage their money more effectively. My mum has never been in debt in her entire life so if she can manage it then its not impossible to limit spending.
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    (Original post by Widowmaker)
    Look I haven't gone on this forum for a debate, otherwise I would have gone in the debate forum.
    Did you expect everyone to just agree with your original statement?
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    (Original post by Widowmaker)
    Look I haven't gone on this forum for a debate, otherwise I would have gone in the debate forum.
    What exactly did you expect?

    (Original post by Widowmaker)
    I was given it as a present.
    Dont crucify yourself, kid, we dont think its evil to have possessions.
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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
    Not selfish, capitalist.
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    (Original post by Widowmaker)
    I was given it as a present.
    Sell it and then give the money to charity. Sell your PC.

    You don't actually need those things, do you? But you still have them. Slightly hypocritical.

    I don't give to charity because I work for my money and I want the rewards.
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    (Original post by Widowmaker)
    Look I haven't gone on this forum for a debate, otherwise I would have gone in the debate forum.
    But surely the supposition that we are all selfish, doomed etc. for racking up a trillion pound debt invites debate?
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    (Original post by Widowmaker)
    They should manage their money more effectively. My mum has never been in debt in her entire life so if she can manage it then its not impossible to limit spending.
    You're mum is also not responsible for the economic growth that the country is experiencing, spending is good even if it is beyond someones immediate means, if everyone was as careful with their money no one, but the very wealthy would have a house, car etc
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    I don't give to charity because I work for my money and I want the rewards.
    If everyone was like you Oxfam wouldn't exist.
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    (Original post by Biggles)
    An economy whose growth is dependent upon inflation in houses prices is not a sound one.
    Indeed. But the biggest factor is employment rates. We still have unrivaled employment rates of all the large developed economies, so things are not going to get that bad anytime soon.
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    (Original post by Biggles)
    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".
    Only a tiny, incy minority of people default on mortgage payments and up being reposessed - even in times of recession.
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    (Original post by Widowmaker)
    If everyone was like you Oxfam wouldn't exist.
    Wrong. I spend money on material goods, which increases employment and income for the government. Who then uses the money to provide services, which provide more jobs and it all goes round and round again.

    People like me are more important to the stability anf growth of the economy than people like you. End of.
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    Does anyone know the debts of other countries in Europe so we can make a comparison.
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    (Original post by Widowmaker)
    If everyone was like you Oxfam wouldn't exist.
    The amount of money that oxfam providess for the third world pales in comparison to that which is given by the governemnt in bilateral aid, the money which the governemnt accumulate through obviously direct but also predominantly indirect taxation

    (BTW im a paid up contribtuor to oxfam so dont Flame me)
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    (Original post by Widowmaker)
    Does anyone know the debts of other countries in Europe so we can make a comparison.
    We have more debt than most of Europe put together, I think.
 
 
 
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