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Drowning In Debt: 70% Of Britons Are Now In The Red As Increasing Numbers Turn To Gambling In Bid To Solve Their Problems

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http://www.dailymail.co.uk/news/article-2108665/Drowning-debt-70-Britons-red-increasing-numbers-turn-gambling-bid-solve-problems.html

Half of all households have seen their debt rise this year and most people owe £325 more than they did three months ago

Most are not concerned until they have accumulated an average of £1,247 of debt in overdrafts, credit cards or loan

Apart from milk, pasta and bananas, the cost of supermarket staples are up across the board

The true scale of Britain's debt mountain has been revealed, with seven out of ten Britons owing money to banks, loan lenders and credit card companies, according to experts.

And one in ten are turning to gambling or the lottery in a desperate bid to to ease their money woes - branded by experts as 'debt-pression' - a study has found.

...

And it is the spiralling cost of living in Britain that is being squarely blamed for the 70 per cent of Britons who are in debt.

Now this is a very interesting article it fails to mention the inflation word. Not once does that magic word appear.

Clearly if the BoE has a 2% inflation target you would have thought it might be worth a mention.

Anyhow it seems a great plan if in debt turn to gambling. I'm sure that can solve all your problems.

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I must admit I have turned to operation scratchcard lately, although I its not because im in debt, I just want to win!

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http://www.dailymail.co.uk/news/article-2108665/Drowning-debt-70-Britons-red-increasing-numbers-turn-gambling-bid-solve-problems.html

Now this is a very interesting article it fails to mention the inflation word. Not once does that magic word appear.

Clearly if the BoE has a 2% inflation target you would have thought it might be worth a mention.

Anyhow it seems a great plan if in debt turn to gambling. I'm sure that can solve all your problems.

No No No we need house prices to rise, don't you remember the good old days when property surged and soared by 10% per annum an we could MEW and MEW to buy things. The beauty of compounded growth is what kept us out of debt.

Edited by satch

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No No No we need house prices to rise, don't you remember the good old days when property surged and soared by 10% per annum an we could MEW and MEW to buy things. The beauty of compounded growth is what kept us out of debt.

Gas and electricity bills are up a quarter in a year while filling up a car with petrol is up to 26 per cent more expensive than two years ago.

Meanwhile in the supermarket, carrots and cucumbers are up to 20 per cent more this year while the key elements of a good bolognese, beef mince and tomato sauce, are up a third in a year.

And if this was a 1 bed flat, 2 bed Semi etc... we could all rejoice that they had gone up 20%, suddenly when it's food it's very bad.

Luckily this isn't the type of inflation Mystic Merv is worried about, when it turns to wage inflation that's when he'll get worried and stamp down on it hard....

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The Bankrupt of England is shit out of luck or shit out of brains.

Either that, or they are plain crooks.

They are compunding the problem at an astounding rate, water under the bridge inflation doesn;t matter to these mypopic meddlers, in the real world it is a disaster.

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when it turns to wage inflation that's when he'll get worried and stamp down on it hard....

i cant see wage inflation happening en mass for a few years yet, the very lucky few will get a good payrise, the lucky will not get a pay cut, and the unlucky will get a pay cut/redundancy.

inflation is also affecting companies spending as what they buy has gone up to, and if they have a fleet of vehicles they need to pay for fuel for then they are double screwed.

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I must admit I have turned to operation scratchcard lately, although I its not because im in debt, I just want to win!

Thanks for paying for my local cinema to be upgraded (you dumb ******!)

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If you eat pasta with a banana milk sauce everyday you'll be ok.

A banana rice pasta pudding

Edited by Monkey

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"Turning" to gambling :lol:

As if loading up on debt isn't already a gamble of course.

Gambling is for the lower classes.

Leverage is true class.

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Just don't believe its 70 pct.

I know just one couple who had some debt issues. Quick IVA, teeny repayments on a huge debt, now having four holidays a year again as if nothing happened

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i cant see wage inflation happening en mass for a few years yet, the very lucky few will get a good payrise, the lucky will not get a pay cut, and the unlucky will get a pay cut/redundancy.

I can't see wage inflation happening at all, on balance. Ever.

Would be interesting to see figures on wage deflation over the past ten years, including the effect of personal borrowing.

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owe £325 more than they did three months ago

Most are not concerned until they have accumulated an average of £1,247

where do they get these figures from? Where's the pence?

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And if this was a 1 bed flat, 2 bed Semi etc... we could all rejoice that they had gone up 20%, suddenly when it's food it's very bad.

Luckily this isn't the type of inflation Mystic Merv is worried about, when it turns to wage inflation that's when he'll get worried and stamp down on it hard....

Why would wage inflation be bad from Merv's point of view?

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Inflation spiral.

Yes, I see that. but he hasn't been concerned about high inflation up until now and apparently infaltion in coming fdown in 12-18 months. Wouldn't wage-inflation spiral be a convenient way to reduce government and personal debt and keep the beloved high house prices high? Sorry in advance if that's a stoopid question :D

Edited by Unsafe As Houses

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Yes, I see that. but he hasn't been concerned about high inflation up until now and apparently infaltion in coming fdown in 12-18 months. Wouldn't wage-inflation spiral be a convenient way to reduce government and personal debt and keep the beloved high house prices high? Sorry in advance if that's a stoopid question :D

Well it would be if it could be controlled. The problem with wage price spirals is that they become out of control very quickly and hyperinflation wouldn't be far away. It's like a nuclear reaction once it starts it's very difficult to stop as the higher wages cause higher Inflation which in turn cause even higher wages and so on.

Edited by Pent Up

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Well it would be if it could be controlled. The problem with wage price spirals is that they become out of control very quickly and hyperinflation wouldn't be far away. It's like a nuclear reaction once it starts it's very difficult to stop as the higher wages cause higher which in turn cause even higher wages and so on.

and it also makes getting things done in another country (chindia) better "value"

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Well it would be if it could be controlled. The problem with wage price spirals is that they become out of control very quickly and hyperinflation wouldn't be far away. It's like a nuclear reaction once it starts it's very difficult to stop as the higher wages cause higher which in turn cause even higher wages and so on.

Yes, I see that and know this happended in Zimbabwe and 1920s Germany.

I just thought there may be something I'm missing as to why Merv doesn't want wage inflation. Perhaps it's possible he's not as bothered about wage inflation as he says he is because it would be good from his point of view for a bt of wage inflation in the short-term and he may believe he can control it by say upping interest rates if it looks like getting out of hand.

This is Merv after all.

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Surely this is a complete non-story:

- "seven out of ten Britons owing money to banks, loan lenders and credit card companies"

So 7 out of 10 Britons possess a credit card. Big deal.

- "one in ten are turning to gambling or the lottery in a desperate bid to to ease their money woes"

1 in 10 people play the lottery. Thought it would be higher.

- "half of all households have seen their debt rise this year and most people owe £325 more than they did three months ago because of overspending at Christmas."

People owe more after Christmas than they did before. Amazing.

- "most are not concerned until they have accumulated an average of £1,247 of debt"

That really doesn't sound like a large debt.

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