Uk Total Debt Is At 1,080 Billion

[Maximus]

I just read the the total Debt is now 1,080Billion. Didnt we just pass the 1Trillion mark?

If there is 80m people in Uk.... and for arguments we were at 1trillion 5months ago.. isnt that an extra 200 per month in debt per every man, woman and child in the country? and the RATE is increasing.........

[OzzMosiz]

I just read the the total Debt is now 1,080Billion. Didnt we just pass the 1Trillion mark?

If there is 80m people in Uk.... and for arguments we were at 1trillion 5months ago.. isnt that an extra 200 per month in debt per every  man, woman and child in the country? and the RATE is increasing.........

<{POST_SNAPBACK}>

We are close to 60 million I believe or was it 70, definitely 10 mill off 80 though at least. That includes children too!

[Boom'n'Bust]

where have you been mate? we now have almost £1,100,000,000,000 debt and the trillion mark was broken ages ago.

[Casual Observer]

where have you been mate? we now have almost £1,100,000,000,000 debt and the trillion mark was broken ages ago. 

<{POST_SNAPBACK}>

1.08 trillion= 1,080 billion = 1,080,000,000,000

[Maximus]

where have you been mate? we now have almost £1,100,000,000,000 debt and the trillion mark was broken ages ago. 

<{POST_SNAPBACK}>

err almost £1,100,000,000,000 ? like 1,080,000,000,000 for example? and ages ago like 5months for example?

[DEATH]

What is a pound "£"?

I am finding it difficult to work out what exactly it is.......

D

[Bankrupt Idiot]

We are close to 60 million I believe or was it 70, definitely 10 mill off 80 though at least. That includes children too!

<{POST_SNAPBACK}>

The population is 59,000,000

of which 22,000,000 are employed.

So that would be 1,080,000,000,000 divided by 22,000,000 gives you a debt of £49,000 each!

[mercsl]

The population is 59,000,000

of which 22,000,000 are employed.

So that would be 1,080,000,000,000 divided by 22,000,000 gives you a debt of £49,000 each!

<{POST_SNAPBACK}>

If this includes mortgage debt so what????? Thats nothing

[OnlyMe]

If this includes mortgage debt so what????? Thats nothing

<{POST_SNAPBACK}>

As a percentage of income it is higher than the debt that caused Japan's economy to implode.

[mbga9pgf]

We have aroud 8 million on unemployment or sick benefits.

Shedloads of pensioners

Quite a few under 18's....

Im sure if you did the maths it would be quite horrendous, prob around 80-90 grand pp!!

[HomeAlone]

And none of that Debt is mine :-)

[Bankrupt Idiot]

If this includes mortgage debt so what????? Thats nothing

<{POST_SNAPBACK}>

1. Mortgage debt only makes up 2/3 of the debt in this country, so you are still looking at £16,000 each.

2. Most of the people I know(excluding people in their 20/30), don't have a mortgage or their mortgage is not or has never been as high as £49,000.

3. Debt is a bad thing.

[refusnik]

National debt rises at a speed of £15mln per hour.

The wake up call is very close.

[Happy Hunter]

National debt rises at a speed of £15mln per hour.

The wake up call is very close.

<{POST_SNAPBACK}>

Indeed, for the last year I've made sure my credit cards were cleared each month even if it meant going without the odd beer or 6. It's scary to hear that it is a tiny proportion of the population who are clearing their non-mortgage debts...

[Reductio ad absurdum]

And none of that Debt is mine :-)

<{POST_SNAPBACK}>

MINE NEITHER....SOMEBODY OWES MORE THAN THEY SHOULD...IS IT YOU TTRTR OR KOTC ??

[slater14]

MINE NEITHER....SOMEBODY OWES MORE THAN THEY SHOULD...IS IT YOU TTRTR OR KOTC ??

 

<{POST_SNAPBACK}>

Oh you silly people on HPC......you just dont understand.

Once you remove mortages from the equation and add in the sixpence from the tooth fairy and minus the gross GDP that Father Christmas leaves each Q4. you will see that the economy is not just growing by quite literally booming.

credit to - research dept ODPM official figures relating to tooth fairy GDP and Father Xmas Q 1, 2, 3 ,4 (seasonally adjusted) figures.

[Guest Charlie The Tramp]

From the Scotsman

As at the 30th July 2004

Britain's £1+ trillion debt mountain

HOUSEHOLD debt smashed through the £1 trillion barrier for the first time on the 30th July 2004 as consumer groups warned that six million families across Britain are struggling to keep up with repayments.

The Bank of England (BoE) said that consumers now owe £1.004 trillion as at the 30th July 2004 through mortgages, personal loans, overdrafts, hire purchase agreements and on credit cards. This represents £16,700 for each man, woman and child.

British household debt is now equal to the total amount owed by Africa, Asia and Latin America to international banks and through loans from other countries.

Borrowing increased at a rate of around £1 million every four minutes during June, soaring by £11.23 billion.

The majority of the £1 trillion now owed is secured on property, with £827.31 billion owed through mortgages, while £55.1 billion is owed on credit cards and £121.88 billion of outstanding debt through other unsecured lending.

The spend-now-pay-later frenzy has soared in recent years due to a combination of low interest rates, rising house prices and low unemployment, which have boosted consumer confidence.

But debt experts and MPs warned that people could be storing up problems for the future, with interest rates now rising and debt repayments increasing.

Shadow chancellor Oliver Letwin said: "It took 600 years of banking history for household debt to reach half a trillion pounds. Now, under seven years of Labour, this has doubled. What else can we expect from a government that persistently attacks pensions and has decimated the savings culture?"

Citizens Advice has seen a 44 per cent increase in the number of people seeking help for debt problems over the past six years. "We have been warning for some time that personal debt problems threaten to overwhelm large numbers of people," said Teresa Perchard of Citizens Advice.

But the BoE’s monetary policy committee, which has previously expressed concern over the level of personal debt, yesterday sought to play down fears of a debt "time bomb". Its chief economist, Charlie Bean, said more people had chosen to borrow money to invest in houses and other assets rather than fund a general spending spree, and higher interest rates would spell trouble for only a fraction of households.

Interest rates have increased four times since November, taking the base rate to 4.5 per cent, in an attempt to restrain inflation and consumer spending, and cool the housing market.

But this gradual strategy has failed to have a meaningful impact on consumer behaviour. A report released yesterday by the Nationwide showed that house prices soared by 2.1 per cent during June, pushing annual price growth above 20 per cent and quashing hopes that the market has slowed.

The BoE said it was not in the business of "clobbering the consumer" but most experts predict it will raise interest rates for the fifth time in less than a year next month.

David Page, an economist at Investec, predicted rates would peak at 5.25 per cent early next year, although he added that this was unlikely to cause problems for most households.

This view was echoed by John Healey, economic secretary to the Treasury.

He said: "We will take no risks with our hard-won economic stability, which has delivered historically low inflation and interest rates alongside uninterrupted growth and record levels of employment.

"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 when we faced 10 per cent inflation, 15 per cent interest rates, 1.5 million in negative equity and 250,000 homes repossessed."

He added that in 1990 an average 15 per cent of a household’s income was taken up by interest payments on debt, compared with 7.1 per cent in the first quarter of this year.

Hilary Cook, investment strategy director at Barclays Stockbrokers, said: "One of the reasons it [the £1 trillion] isn’t as scary as it seems is because the value of assets held by the consumer has gone up massively as well." She said during the past nine years people’s assets, which are mainly property, had risen by about 60 per cent in real terms.

She said: "We are borrowing against assets which have gone up massively, interest rates are still relatively low and we all have jobs."

But consumer groups remain concerned. Malcolm Hurlston, of the Consumer Credit Counselling Service, said: "There are now a trillion reasons why consumers need to stop and think if they can afford their debt burden, particularly if interest rates go up."

Edited June 3, 2005 by Charlie The Tramp

[dunroamin]

i claim 700 quid of that!

oh and i think i owe some bloke down the pub a tenner as well ....

[Reductio ad absurdum]

Oh you silly people on HPC......you just dont understand.

Once you remove mortages from the equation and add in the sixpence from the tooth fairy and minus the gross GDP that Father Christmas leaves each Q4. you will see that the economy is not just growing by quite literally booming.

credit to - research dept ODPM official figures relating to tooth fairy GDP and Father Xmas Q 1, 2, 3 ,4 (seasonally adjusted) figures.

<{POST_SNAPBACK}>

chuckle

[refusnik]

Hilary Cook, investment strategy director at Barclays Stockbrokers, said: "One of the reasons it [the £1 trillion] isn’t as scary as it seems is because the value of assets held by the consumer has gone up massively as well." She said during the past nine years people’s assets, which are mainly property, had risen by about 60 per cent in real terms.

She said: "We are borrowing against assets which have gone up massively, interest rates are still relatively low and we all have jobs."

<{POST_SNAPBACK}>

In real terms!? What she's on, lost in the twisted world of Riemann geometry?

[Guest Charlie The Tramp]

In real terms!?  What she's on, lost in the twisted world of Riemann geometry?

<{POST_SNAPBACK}>

assets and debt  held by the consumer has gone up massively as well.

She probably forgot to put that in, as it might have scared the readers.

[George]

5 k here, dental work, and a faast pc. Not that assed about owning a house anymore lol.