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New Citizens Advice Bureau Swamped By Young Professionals In London


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How can you just find out you owe this kind of money in debt, I just dont understand it, it's not like you find out you are adopted or you have some rare illness, you have to make a conscious effort to obtain the cards, spend on them and not pay them off.

London is full of this, this is why it's taking so long for any crash to happen here, the whole sentiment is based on hot air and debt, there is no real money, its all interior designers and non job luvvies maxing out credit card after credit card to keep up the facade of wealth.

Let it all fall and burn :angry:

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Well put. Edinburgh and other cities that seem to mutate posers flaunting there debt will and are going the same way.

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There were 30,162 individual insolvencies in England and Wales in the first quarter of 2011. This was a decrease of 15.5% on the same period a year ago.

This was made up of 12,539 bankruptcies (which were down 31.3% on the corresponding quarter of the previous year), 10,835 Individual Voluntary Arrangements (IVAs), (which were down 8.0% on the corresponding quarter of the previous year) and 6,788 Debt Relief Orders (DROs), (which were up 20.3% on the corresponding quarter of the previous year)

http://www.insolvenc...01105/index.htm

30 000 / 60 000 000 per quarter =

3/6000 per quarter =

1/2000 per quarter =

1/500 per year =

1/50 per decade =

8/50 per average lifespan

= 16% of population over average lifetime of UK citizen.

(going on last years insolvencies and its IRO 20-25%!)

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Interior design isn't a profession; it's a hobby! :lol:

(In fact I believe it's more properly called "decorating".)

In fact I'd go as far as it's just telling people where to decorate. Anyone can do that without some Lawrence "make my bedroom into a boudoir" Llewelyn-Bowen fart telling someone where to put the paint.

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Are there really enough of these to form a measurable demographic? London really is another country.

I once read of a woman who 'wouldn't buy so much as a towel' without consulting her interior designer.

No doubt there are lots of them out of work because the sort of people who need to consult them on towels and precise shades of Farrow and Ball aren't buying houses by the gross any more.

A VI group we hadn't thought of, probably dying for the market to boom again.

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Its not the size of the debt that is the problem, but it is the monthly payment i.e affordability that matters..... Wrong, wrong, wrong!

This is classic Gordon Brown rhectoric echoed by mortgage advisors and financial advisors nationally. Take on as much debt as you can, work out if you can meet the minimum monthly payment, folly. They were all suckered into it.

It made sense in the 1970s.. when there is a wage/price spiral of 20% per year going on, taking out the biggest mortgage you can possibly afford makes sense.

With static wages and low inflation, it's less good advice. But, of course, setting low income multiples and allowing only one wage to be taken into consideration would mean interfering in the market..

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