Saturday, Dec 13, 2008

Debt Nation UK

Telegraph: More than four million still paying their credit card debt from last Christmas

Ahead of one of the busiest shopping weekends of the year, figures showed that one in 10 adults – the equivalent of 4.5 million – had still not paid off their credit card debts from a year ago despite the looming recession. Experts warned that a further spending spree over the Christmas period would bring misery to thousands of borrowers in the New Year as they faced the task of paying off their credit cards while family finances are stretched by the economic crisis. The figures show an extra 250,000 people aged between 25 and 34 are still trying to clear their credit cards from last Christmas, compared to the number who were a year earlier.

Posted by drewster @ 02:44 AM (416 views) Add Comment

2 Comments

1. titaniccaptain said...

Great posting Drewster I just wish they looked at the reasons behind all this.................

ok ive been having a good think (Yes very funny)..............and it does seem that the world has gone mad........we are being told to spend when we are in debt to try and get us out of debt............sorry guys but this cant be right.....I must of smoked too much weed when I was young and I now can not comprehend the physical world around me because if this is correct (that we spend our way out of debt which seems to be the message given to us by our illustrious leader) then I need to start taking hard drugs laced with petrol............................."With many shops slashing prices in half this week, debt charities said they were worried that many people would be tempted to overspend again." of course they will be tempted.thats what the government has been telling us to do...........

"According to the Consumer Credit Counselling Service, a debt charity, credit card debt has increased in the last four months. "Amongst the people we help, there has been a noticeable upswing in the proportion of debts that come from credit cards. That's because they have not been able to get a personal loan and have turned to credit cards,".........................either this country is f####d or I need to go and see a doctor about the state of my mental health because this can not be taken seriously.....either there is a conspiricy behind this lunacy or we are completly stupid as a species and should hand over world authority to the dolphins...........actually I dont buy the greed argument (Today)...............If we know we are greedy then we have the ability to do something about it......come on according to evolution theory we have been here for an awful long time so we have had planty of time to sort out our greedy habits...........we should of reached at least the non blissful state of mutual understanding.........

"Charles Turner, a partner at accountants PriceWaterhouseCoopers, said: "People are showing that they are unable to cope on their existing levels of income.".........give than man the nobel prize................

it gets better

"And Mark Sands, director of personal insolvencies at KPMG, said: "More than people are building up debt without having a clear strategy for repaying it."...........why are these great thinkers not searching for the lost continent of Atlantis with such shape observations surely plato's island would have a fun park on it if it were so...........

But all is not lost
Sense prevails
"In previous years many consumers have been able to juggle their debts by relying on their houses increasing in value, and remortgaging. But this is no longer an option.".............very good idea...........now go and tell that to a generation brainwashed by adverts into spending all they have..............

Saturday, December 13, 2008 03:34AM Report Comment
 

2. a saver said...

Now come on homeowners, GB wants you to get out there spending, it's not like he hasn't given you ultra-cheap mortgages for years and a bailout scheme.

Saturday, December 13, 2008 09:56AM Report Comment
 

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