Sunday, Feb 18, 2007
debt bubble warnings
Firstrung: As UK debt culture grows one in five are considering insolvency
1 in 5 Brits are considering insolvency, but the total number struggling with debt is beginning to fall. That's according to the latest quarterly research published by leading debt consultancy, Thomas Charles.
Posted by converted lurker @ 10:46 AM (139 views) Add Comment
11 Comments
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1. enuii said...
What about the silent majority who would never consider this step and who will just valiantly soldier on until they are eventually straight. I for one as self employed am curbing spending drastically this year in order to weather any possible storm ahead, unfortunately as more and more people do this the storm may get even stronger.
2. Flick said...
thats a b*llshit headline - it is not '1 in 5 brits are considering insolvency' - its '1 in 5 brits with debts over 10000 are considering insolvency' - talk about spin....
3. uncle chris said...
Yes Enuii, but the ones most likely to survive the storm (and most of our storms do blow over from the USA) are the ones that have made adequate preparations. As eggs is eggs, there is no stopping the coming downturn but hopefully the more cautious amongst us will weather it a little better. All over the place you see CEOs (selling share holdings) and the financial markets (massive bonuses) getting money out while they still can. Sadly, it will be the big pension funds and small investors holding the baby when the music stops.
4. japanese uncle said...
One in five, means 12 million people possibly going bust! What a nation! and who created this mess, of course the aptly named Crash Gordon.
5. converted lurker said...
Flick, the press release states "almost 1 in 5 (19%) adults with debts of £10k or more now report some likelihood of becoming bankrupt or taking out an Individual Voluntary Arrangement". How is that spin?
6. d'oh said...
The sentence can be parsed in more than one way. I suspect Flick's interpretation is the correct one though.
7. Flick said...
" Firstrung: As UK debt culture grows one in five are considering insolvency
1 in 5 Brits are considering insolvency, "
Converted lurker - read it and tell me how else it can be interpreted.
8. Flick said...
sorry, to be more precise , the HEADLINE states
Firstrung: As UK debt culture grows one in five are considering insolvency
1 in 5 Brits are considering insolvency, but the total number struggling with debt is beginning to fall. That's according to the latest quarterly research published by leading debt consultancy, Thomas Charles.
Which is an utter fabrication. '1 in 5 brits' is *completely* different from '1 in 5 brits with 10k debts'
9. Davros said...
Hey, let's not forget, the 'key fundamentals' are underpinning the UK property market!
Ahem.
10. dohousescrashinthewoods said...
converted lurker, it's the difference between 1 in 5 of all Brits (as japanese uncle calculates) as opposed to 1 in 5 of the proportion who have £10k+ debt, which I guess is a whole lot less.
Is that what you were asking, or are you saying that basically all of the UK has £10k+ of debt ;)
11. holding out said...
The article is amibiguous as the body of it suggests that 1 in 5 with 10K+ of debt are considering insolvency. However the headline merely states that 1 in 5 are considering insolvency - so in summary you don't pay your money (well 1 in 5) and you takes your choice.