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Brits "shameless" As They Wallow In Debt And Mass Insolvency

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http://uk.finance.yahoo.com/news/shameless-britain-lacks-embarrassment-about-debt-tele-3fa9ea4ce946.html?x=0

'Shameless Britain' lacks embarrassment about debt
Myra Butterworth, 12:53, Tuesday 2 November 2010
Britain has become a shameless nation where a third of adults are not embarrassed to discuss their debt, new research suggests.
It is a far cry from an older generation of Britons who would only buy goods and services from their earnings or savings.
The survey revealed an equally alarming statistic that 18 per cent feel there is no shame in bankruptcy.
And more than a third are happy to discuss their salary with friends and family, according to the findings by price comparison website uSwitch.com.
It comes ahead of the latest insolvency figures to be published later this week. Almost 35,000 people were declared insolvent during the three months to the end of June and experts suggest worse is to come as public spending cuts come into effect.

This sense of shamelessness also continues in government circles where they talk about a jobless, productionless, creditless recovereh while ignoring the 5TR debt tah the IMF dare not even mention.

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'Shameless Britain' lacks embarrassment about debt
Myra Butterworth, 12:53, Tuesday 2 November 2010
Britain has become a shameless nation where a third of adults are not embarrassed to discuss their debt, new research suggests.
It is a far cry from an older generation of Britons who would only buy goods and services from their earnings or savings.
The survey revealed an equally alarming statistic that 18 per cent feel there is no shame in bankruptcy.
And more than a third are happy to discuss their salary with friends and family, according to the findings by price comparison website uSwitch.com.
It comes ahead of the latest insolvency figures to be published later this week. Almost 35,000 people were declared insolvent during the three months to the end of June and experts suggest worse is to come as public spending cuts come into effect.

This sense of shamelessness also continues in government circles where they talk about a jobless, productionless, creditless recovereh while ignoring the 5TR debt tah the IMF dare not even mention.

watching a bit of doomberg over a cuppa this morning, and the wallies on there kept referring to the banks being the ENGINE of the economy...lending is what provides the growth.

you see...debt IS wealth. Doomberg talking heads all agree.

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Am starting to think it might be worth taking out a load on unsecured loans, moving all my savings into 'off-balance sheet' physical metals, sell my house and do the same with the equity and then go mad to the tune of as much as I can get and declare bankruptcy. :lol:

Any reasons other than moral why this isn't sensible?

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watching a bit of doomberg over a cuppa this morning, and the wallies on there kept referring to the banks being the ENGINE of the economy...lending is what provides the growth.

you see...debt IS wealth. Doomberg talking heads all agree.

I think if you told most British people would they rather have 5 'red' pounds that have a buying power of 10 tomatoes, or 10 'green' pounds that have a buying power of 5 tomatoes, they would still go for the 10 pounds.

They prefer having thousands of worthless pounds to having hundreds of strong pounds. You see, theyre more able to call themselves millionaires that way.

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Am starting to think it might be worth taking out a load on unsecured loans, moving all my savings into 'off-balance sheet' physical metals, sell my house and do the same with the equity and then go mad to the tune of as much as I can get and declare bankruptcy. :lol:

Any reasons other than moral why this isn't sensible?

You don't always get discharged from bankrupcy in 1 year. It's just a guidline that can be changed at any time without the need for legislation.

The discharge period is between 1 and 12 years, depending on how reckless the debtor was getting into debt and the likelyhood that money will be repaid if the discharge period is extended.

Current government guidelines say most people will only have to wait a year. As bankruptcies rise the guidelines will be increased. The volunery bankruptcy fee is likely to be increased too, probably to the point that anyone who can actually pay it can't call themselves bankrupt any more.

Anyone who thinks they may have to go bankrupt should get it over and done with soon, as the bankruptcy "fire exit" will soon locked, and those still in the debt office will be left to burn untli they die.

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IMO it is eerie that we are sitting on 5TR of debt, a sagging economy and staggering job losses (many of our current numbers in employment are part-time jobs), a resilient housing market,* massive cuts all round and yet NOTHING seems to be happening. The FTSE is bouyant, the Pound is rising, our bond rating is just fine according to the IMF who recently upgraded us from negative.

Are things really this good or is it a Grande Delusion of epic proportions and only a matter of weeks before the rest of the poisons that have been lurking in the mud hatch out?

____________________

*Compared with the carnage elsewhere in countries who went in for HPI big time (US, Ireland, Spain etc).

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watching a bit of doomberg over a cuppa this morning, and the wallies on there kept referring to the banks being the ENGINE of the economy...lending is what provides the growth.

you see...debt IS wealth. Doomberg talking heads all agree.

Did they also say they were doing God's work?

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http://uk.finance.yahoo.com/news/shameless-britain-lacks-embarrassment-about-debt-tele-3fa9ea4ce946.html?x=0

'Shameless'
Britain lacks embarrassment about debt
Myra Butterworth, 12:53, Tuesday 2 November 2010
Britain has become a shameless nation where a third of adults are not embarrassed to discuss their debt, new research suggests.
It is a far cry from an older generation of Britons who would only buy goods and services from their earnings or savings.
The survey revealed an equally alarming statistic that 18 per cent feel there is no shame in bankruptcy.
And more than a third are happy to discuss their salary with friends and family, according to the findings by price comparison website uSwitch.com.
It comes ahead of the latest insolvency figures to be published later this week. Almost 35,000 people were declared insolvent during the three months to the end of June and experts suggest worse is to come as public spending cuts come into effect.

This sense of shamelessness also continues in government circles where they talk about a jobless, productionless, creditless recovereh while ignoring the 5TR debt tah the IMF dare not even mention.

Forgive me, when I see 'SHAMELESS' I automatically thought of that nice TV series!

Not that it's what I watch, but to let you have a laugh on us, it's on French TV, yes, I kid you not, it's dubbed into French.

Lets just hope that any French viewers don't assume that it's typical of UK behavior. :unsure:

Yes, as already stated, our generation took more care of finance, savings, etc. but too many have the attitude that 'I want it now', and not prepared to save for it, of all ages.

The worst invention ever, is credit cards, it's just not like spending real money, even I don't relate it to cash, and I'm pretty tight!

The suggestion today for QE2, to clear the bad debts off the banks books is so wrong, any other business's that take the wrong decisions on finance go bust, the banks are NOT a special case, tough, they go bust, and no more bonuses.

Or, if the tax payer 'helps' the bank again, on condition of no bonuses, and no stupid pensions.

Must agree, seems no embarrassment now in being over extended with debt, ie. outgoings greater incoming.

Thank god we have no debts, but our savings are being inflated away.

Just so long as we can buy a bottle or two of red, and a ricard, plus bread and cheese, all will be fine for us!! :D:rolleyes:

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Maybe we need to look at this in a different way.

Maybe we can put all the debtors in prison ( i.e. most of the country ), let the current set of prisoners/misguided rascals out, they can live on benefits and vote ( they are effectively council tenants now and not prisoners anyway). Let them all get jobs and pay for the rest of country now banged up.

All the debtors can print their own (prison) money and rather than shafting the rest of the country they can shaft each other ( in the shower ).

At least the prisoners getting out will have a few grand stashed away from their prison wages and know where you can get some good 'shmoke'.

:lol::lol::lol::lol::lol:

.

Edited by TheCountOfNowhere

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The volunery bankruptcy fee is likely to be increased too, probably to the point that anyone who can actually pay it can't call themselves bankrupt any more.

I think the fee is £600, big rise last year. The minimum debt for a petition is £750.

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Yes, as already stated, our generation took more care of finance, savings, etc. but too many have the attitude that 'I want it now', and not prepared to save for it, of all ages.

I hope "generation" isn't the boomers who have done all right jack but left a £5trn debt for their children to pay off?

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I hope "generation" isn't the boomers who have done all right jack but left a £5trn debt for their children to pay off?

Rather a wide sweeping statement.

Not all 60+ year olds own property.

My parents (pa now 88) could not afford to buy a house on low wages after WW2, his income was never enough to buy.

My twin bother (farm worker) has never owned a house, just 2 static caravans in 30+ years.

So, we are not within your statement, but we are not whinging about it, unlike the younger generation with a chip on both shoulders!

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Rather a wide sweeping statement.

Not all 60+ year olds own property.

My parents (pa now 88) could not afford to buy a house on low wages after WW2, his income was never enough to buy.

My twin bother (farm worker) has never owned a house, just 2 static caravans in 30+ years.

So, we are not within your statement, but we are not whinging about it, unlike the younger generation with a chip on both shoulders!

I am half way between the generations that your talking about im 47 not young but not getting my pension yet.

Have heard many form the older generation say that they should have spent all their money and let the state look after them and feel that they have been mugged for being prudent. Maybe the younger generation is learning form them. The young have very little hope like your parent's of ever owing their own home , they have very little job prospects, or job security , they have to stay in education to get qualifications just for the chance of getting the most basic jobs, no wonder they have a chip of both shoulders.

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Why should people be ashamed of debt...the government have enough of it...the banks were bailed out because of it....the only thing they should be afraid of is not getting the opportunity to get in so much unaffordable debt again....what will they live on? ;)

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Rather a wide sweeping statement.

Not all 60+ year olds own property.

My parents (pa now 88) could not afford to buy a house on low wages after WW2, his income was never enough to buy.

My twin bother (farm worker) has never owned a house, just 2 static caravans in 30+ years.

So, we are not within your statement, but we are not whinging about it, unlike the younger generation with a chip on both shoulders!

88 year old isn't boomer!

And I don't have a chip on my shoulder, I just think those that ran up the debts should pay them... I don't see how this is unreasonable.

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Am starting to think it might be worth taking out a load on unsecured loans, moving all my savings into 'off-balance sheet' physical metals, sell my house and do the same with the equity and then go mad to the tune of as much as I can get and declare bankruptcy. :lol:

Any reasons other than moral why this isn't sensible?

No reason. But you've missed the window by about 2 years.

But if you write a nice letter to Blackhawk Ben (enclosing his portrait from Time Magazine), he might float you something...

bernanke_ben.jpg

Ain't he a smart lookin' dude?

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Why should people be ashamed of debt...the government have enough of it...the banks were bailed out because of it....

Exactly. What's shame got to do with it?

The government and banks have worked over the last 30 years to liberalise and extend lending; borrowing is a synonym for "confidence" in economic circles; the entire economy is geared towards making people borrow.

Why should any good borrower-consumers feel shame? They were simply following the model that permeates government, business, economics and society at large: Borrow, leverage, repeat.

I choose not to play this game, and think that those who do are frequently foolish. But what should they be ashamed of?

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88 year old isn't boomer!

And I don't have a chip on my shoulder, I just think those that ran up the debts should pay them... I don't see how this is unreasonable.

88 year old isn't boomer! :P:lol::D

I don't recall saying that he was a boomer!

Are you for real?

Pa is 88, me and bruv is 61.

And none of us 3 have any debts, so what is your bland statement all about?

(I just think that those that ran up the debts should pay them... I don't see how this is unreasonable.).

I agree that them in debt has got to pay the piper, but we are not borrowers, only savers (not alot).

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Why should people be ashamed of debt...the government have enough of it...the banks were bailed out because of it....the only thing they should be afraid of is not getting the opportunity to get in so much unaffordable debt again....what will they live on? ;)

Indeed, nulab justified debt as being the sign that you were wealthy....you had to be, otherwise...how could you afford all the debt?

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88 year old isn't boomer! :P:lol::D

I don't recall saying that he was a boomer!

Are you for real?

Pa is 88, me and bruv is 61.

And none of us 3 have any debts, so what is your bland statement all about?

(I just think that those that ran up the debts should pay them... I don't see how this is unreasonable.).

I agree that them in debt has got to pay the piper, but we are not borrowers, only savers (not alot).

The state borrowed on your behalf, you've has unparalled infrastructure, free healthcare etc for your whole life and never paid for any of it, it's all been on the never never.

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The state borrowed on your behalf, you've has unparalled infrastructure, free healthcare etc for your whole life and never paid for any of it, it's all been on the never never.

What rubbish, so the tax and NI that I and my wife paid for 45+ years was not for healthcare then according to you, prat.

We paid a darn sight more into the welfare kitty than plenty of the professional welfare cheats, claiming and working, and us helping to pay there HB too.

Our income is savings interest, we are too young for a pension, and even our savings is taxed to pay for these thieves.

What strange views you have! <_<

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What rubbish, so the tax and NI that I and my wife paid for 45+ years was not for healthcare then according to you, prat.

We paid a darn sight more into the welfare kitty than plenty of the professional welfare cheats, claiming and working, and us helping to pay there HB too.

Our income is savings interest, we are too young for a pension, and even our savings is taxed to pay for these thieves.

What strange views you have! <_<

+1

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What rubbish, so the tax and NI that I and my wife paid for 45+ years was not for healthcare then according to you, prat.

We paid a darn sight more into the welfare kitty than plenty of the professional welfare cheats, claiming and working, and us helping to pay there HB too.

Our income is savings interest, we are too young for a pension, and even our savings is taxed to pay for these thieves.

What strange views you have! <_<

not really. it was mainly for salaries and keeping favoured contractors rich. Gravy trains and thousands of non jobs are what you paid for.

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  • 145 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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