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dammfoolman

Accumulating Debt Not Wealth - Credit Card Debt Trap

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Whats are total credit card debit in the UK? 1.5 trillion give or take a few billion :ph34r:

No Total consumer debt is 1,45 trillion or so of which 1.2 is Mortgage debt. Still about 100% of GDP roughly.

Vicky Harrington (1.19) can't pay the bills ...... she can still afford the pies tho :blink:

But the sons illness sounds a bit of a bummer

Edit - to strike out the facetious remark

Edited by Griptool

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People got into huge amounts of debt because it was easier than demanding decent wage rises.

Wages in the USA and UK have stagnated since the 1970's when the USA and UK adopted neo liberal policies.

Now the music has stopped. Wages are going down if you are lucky to keep your job and the cost of living is high with short to medium term inflation prospects and

more quantitative easing on the way, the only way interest rates can go is up and VAT increasing to 20% and massive cuts to public sector jobs and welfare.

Merry christmas and have a happy new year.

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Whats are total credit card debit in the UK? 1.5 trillion give or take a few billion :ph34r:

Now the MEW tap has been turned off..

http://www.youtube.com/watch?v=Ile5gOboEF4

It's a bit of a depressing watch huh? The remark made by the expert (that this generation is struggling to hang on to a lifestyle with 2 earners that their parents could easily afford with just 1) seemed to be the key to it. And why is this the case, i wonder? Perhaps it's because every 100k a boomer's house 'goes up' by is another 100k plus 25 years of interest on someone's mortgage.

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People got into huge amounts of debt because it was easier than demanding decent wage rises.

Wages in the USA and UK have stagnated since the 1970's when the USA and UK adopted neo liberal policies.

Now the music has stopped. Wages are going down if you are lucky to keep your job and the cost of living is high with short to medium term inflation prospects and

more quantitative easing on the way, the only way interest rates can go is up and VAT increasing to 20% and massive cuts to public sector jobs and welfare.

Merry christmas and have a happy new year.

The problem is you can't 'demand' a decent wage rise if you haven't got a job...the more that get rises so the more that will lose their jobs to pay for it...then the ones that got the rise will end up working harder for it. ;)

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Very interesting, I'm watching the whole series on YouTube. In episode 5 they deal with the debt collection agencies the credit card companies use, and have a tape recording of one debt collector who left a message on a female debtor's answerphone asking her if she had "ever been raped?" and then laughing in a way that was understandably terrifying for the recipient.

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I watched 9 seconds and then stopped it due to lack of relevance. US debts, law and processes do not interest me.

If you think that the US debt situation is not of any relevance to you, then frankly you do not understand the first thing about economics.

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If you think that the US debt situation is not of any relevance to you, then frankly you do not understand the first thing about economics.

If you think that the credit card debt of individuals in America has anything to do with economics then good luck with the future.

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People got into huge amounts of debt because it was easier than demanding decent wage rises.

Wages in the USA and UK have stagnated since the 1970's when the USA and UK adopted neo liberal policies.

Now the music has stopped.

Been feeding n internet crap have we?

Real disposable income per person has gone up over 150% since 1971

Page 62

Real Wealth per household has gone up over 130% since 1971

Page 67

Chart showing wages increasing more than inflation since 1970, page 70

http://www.statistics.gov.uk/downloads/theme_social/Social_Trends39/Social_Trends_39.pdf

I can tell you from personal experience that people are much wealthier than they were in the 1970's

Edited by Peter Hun

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Been feeding n internet crap have we?

Real disposable income per person has gone up over 150% since 1971

Page 62

Real Wealth per household has gone up over 130% since 1971

Page 67

Chart showing wages increasing more than inflation since 1970, page 70

http://www.statistics.gov.uk/downloads/theme_social/Social_Trends39/Social_Trends_39.pdf

I can tell you from personal experience that people are much wealthier than they were in the 1970's

The crisis of middle-class America

The slow economic strangulation of the Freemans and millions of other middle-class Americans started long before the Great Recession, which merely exacerbated the “personal recession” that ordinary Americans had been suffering for years. Dubbed “median wage stagnation” by economists, the annual incomes of the bottom 90 per cent of US families have been essentially flat since 1973 – having risen by only 10 per cent in real terms over the past 37 years. That means most Americans have been treading water for more than a generation. Over the same period the incomes of the top 1 per cent have tripled. In 1973, chief executives were on average paid 26 times the median income. Now the ­multiple is above 300.

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If you think that the credit card debt of individuals in America has anything to do with economics then good luck with the future.

Economics is the social science that analyzes the production, distribution, and consumption of goods and services. (from wikipedia)

I'm guessing credit card debt has at least something to do with wikipedias definition of economics!

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Been feeding n internet crap have we?

Real disposable income per person has gone up over 150% since 1971

Page 62

Real Wealth per household has gone up over 130% since 1971

Page 67

Chart showing wages increasing more than inflation since 1970, page 70

http://www.statistics.gov.uk/downloads/theme_social/Social_Trends39/Social_Trends_39.pdf

I can tell you from personal experience that people are much wealthier than they were in the 1970's

Depends on each person and what stage of their life they are in .

To say real disposable income per person has gone up over 150% since 1971 means nothing , someone who bought a house in the 60's and saw wage inflation reduce the debt massivly is better off due to higher wages and no mortgage than the 150% quoted , where as someone who bought in the last five years is worse off.

Again real wealth per household is an average . The amount of households divided by a figure of how much the total wealth is , how much wealth is in equity , not real money unless you sell or remortgage. Those with houses paid for will have higher wealth than those without.

Wages rising by more than inflation. What is inflation ? not the figures that we have been given over the last 20 years . What is included in inflation ? the essentials go up the consumer tat goes down bringing the overall figure down. However you cannot decided to forgo the essentials ( council tax, fares to work , rent or mortgage ) the new iphone or tv you can.

As i said it depends where in life you are and the video makes the statment that the people in the usa need two incomes to live the life their parents lived on one income , I think that is very true about the uk as well.

Edited by miko

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I watched 9 seconds and then stopped it due to lack of relevance. US debts, law and processes do not interest me.

May be if you had watched more than 9 seconds you might have learnt something , but then again they mentioned a word that you do not understand UNEMPLOYMENT you close your ears when you hear that one don't you.

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Mods - any way you can disqualify people from being placed in the 'Guru' category?

Rapidly posting 5000 one liners shouldn't qualify.

CCs & the American Economic Crisis

Who are you talking about? I am not listed as guru nor do I have a post count of 5000.

One liners is all that I can be bothered with on the main boards now.

As for the cc issue it needs to be put into perspective.

The figures sound large but to what avail? The banks and cc companies are the only ones at risk from bad debt but their profits far outweigh that risk. Look at some of their p&l info, look at share prices or bonus payments. Lack of cc borrowing is unlikely to affect us consumerism much further since the credit tap was turned off long ago for those that present a risk.

What does this have to do with the uk? Are you afraid that us individual debt is going to affect the uk? are you afraid that bad cc debt will topple barclays or other major banks? Perspective.

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May be if you had watched more than 9 seconds you might have learnt something , but then again they mentioned a word that you do not understand UNEMPLOYMENT you close your ears when you hear that one don't you.

so there is high unemployment, I dont need to watch a youtube vid to know that or to know that the real figures are much higher and likely to continue increasing. So what? The yanks dont have any money either, that is why they only give benefits for a year. May be you should suggest to them that they run the same benefits gravy train as you are so fond of here. That would really feck things up for them.

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Those vids make for depressing viewing. US & UK citizens really are under attack from a huge and very manipulative debt distribution industry. I really do think that the US isn`t such the wonderful society some make it out to be, in regards to a better living environment. The private health care costs alone put me off living there..

I think the UK has better consumer protection in many ways but I feel sympathy for some who get into debt, not because of greed but maybe through naivity or just bad timing/luck..

I see that the credit card industry in the UK have agreed that if interest rates change then customers can send the card back and pay off their debt within the original interest rates, they agreed to. That seems like a great step in the right direction for consumer rights.

I did some work for a woman who works for Amercian Express recently and she was telling me how they are spreading their tentacles into the former eastern block countries and pursuading new customers to come on board with loyalty and reward points...it all sounded very cynical manipulation of their citizens...I find it sickening

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so there is high unemployment, I dont need to watch a youtube vid to know that or to know that the real figures are much higher and likely to continue increasing. So what? The yanks dont have any money either, that is why they only give benefits for a year. May be you should suggest to them that they run the same benefits gravy train as you are so fond of here. That would really feck things up for them.

As i said in post 16 maybe if you had watched the whole video you might have learnt somthing . Maybe then you would not have made your post 17 !! the answeres lie in the video !!!

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As i said in post 16 maybe if you had watched the whole video you might have learnt somthing . Maybe then you would not have made your post 17 !! the answeres lie in the video !!!

I watched it and saw no answers nor anything that has any bearing on post 17 or any perspective.

What I saw were people living beyond their means, people in debt, unemployed, being forclosed etc etc. It was all very sad and at one point I almost needed a kleenex but so what? The cc companies are doing just fine. Where is the economic perspective?

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I watched it and saw no answers nor anything that has any bearing on post 17 or any perspective.

What I saw were people living beyond their means, people in debt, unemployed, being forclosed etc etc. It was all very sad and at one point I almost needed a kleenex but so what? The cc companies are doing just fine. Where is the economic perspective?

You might have watched it but failed to understand it . It had a lot of answers in it relating to what you said in post 17 !!

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What I saw were people living beyond their means, people in debt, unemployed, being forclosed etc etc. It was all very sad and at one point I almost needed a kleenex but so what? The cc companies are doing just fine. Where is the economic perspective?

That was the post where you went from being a "probable troll" to an "obvious troll" ;)

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That was the post where you went from being a "probable troll" to an "obvious troll" ;)

:rolleyes:

Ok, have it your way, $2.5 trillion in cc debts spells the end of the states and life as we know it.

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  • 276 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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