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Earnings From Three Fifths Of Working Week Goes On Debt

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Earnings from three fifths of working week goes on debt

Struggling Britons spend three fifths of their working week earning the money needed to pay off their debts, new research suggests.

The average person in debt has to work until 4pm on Wednesday each week to repay just their unsecured debts. Only then do they begin to earn the cash needed to cover the cost of their basic living costs.

The new figures from the debt charity Consumer Credit Counselling Service highlights the pressure facing households to meet rising living costs while at the same time paying off their debts.

The average person contacting the charity last year owed £22,500 on credit cards, personal loans, overdrafts and other types of unsecured debts.

Their repayments each month were £675, the equivalent of 58 per cent of their typical earnings of £1,170 after tax.

It comes after official figures showed last month an increase in the cost of living, with the Consumer Prices Index jumping to 4.5 per cent, up from 4 per cent the previous month. It is now at the highest level since October 2008.

Delroy Corinaldi, external affairs director at CCCS, says: “With rising prices continuing to push up the cost of living, household budgets are under increasing pressure and these figures show how difficult it can be to escape from debt once it builds up.”

http://uk.finance.yahoo.com/news/Earnings-three-fifths-working-tele-2665221767.html?x=0

Edited by Redhat Sly

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The population have allowed the banking scum to make them slaves. The politicians and central bankers encouraged them every step of the way.

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so brits spend 5 months of the year working for govt, and circa 8 months of the year working for banks, that doesnt even leave enough time for getting jiggy, its no wonder you have to import babies when working 13 months a years for nothing

Edited by georgia o'keeffe

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The population have allowed the banking scum to make them slaves. The politicians and central bankers encouraged them every step of the way.

Take your point, but this is unsecured debt. So who actually went into Argos wearing a daft smug grin and bought all the sh1t?

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Large pinch of salt needed here...

The figures apply to the average person contacting the consumer credit counselling service... So not the average Briton, but the average "struggling Briton"...

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FFS!!!!!

Bankers don't get people into debt

People get themselves into debt.

And constantly parroting 'blame the bankers', 'blame the bankers' is Lazy, lazy, lazy 'thinking'

:blink:

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FFS!!!!!

Bankers don't get people into debt

People get themselves into debt.

And constantly parroting 'blame the bankers', 'blame the bankers' is Lazy, lazy, lazy 'thinking'

:blink:

Bankers pushed loans and credit onto people who they knew had no chance of ever

paying off the debts simply to feed their own greed.

Edited by Olebrum

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Bankers pushed loans and credit onto people who they knew had no chance of ever

paying off the debts simply to feed their own greed.

They didn't push me. Guess I wasnt looking hard enough for their hints.

People dont' get frogmarched into their bank managers office and made to sign on the dotted line.

While there are certainly genuine cases of people getting into trouble for no fault of their own, the majority made their own beds. Now they are sleeping in them.

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FFS!!!!!

Bankers don't get people into debt

People get themselves into debt.

And constantly parroting 'blame the bankers', 'blame the bankers' is Lazy, lazy, lazy 'thinking'

:blink:

Hmmmmm....... "Guns dont kill people. People kill people!"

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FFS!!!!!

Bankers don't get people into debt

People get themselves into debt.

And constantly parroting 'blame the bankers', 'blame the bankers' is Lazy, lazy, lazy 'thinking'

:blink:

I hope you are not forgetting that anyone without a 52inch TV and all the gadgets and a full Sky TV subscription and a new car on credit every 3 years are by definition paupers, and one would not want to be mistaken for someone who cannot afford such basic necessities, would one.....

Just imagine what the neighbours would think!

:blink:

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FFS!!!!!

Bankers don't get people into debt

People get themselves into debt.

And constantly parroting 'blame the bankers', 'blame the bankers' is Lazy, lazy, lazy 'thinking'

:blink:

It is all part of the blame culture so prevalent in our culture.

If you take on debt and sell an asset at the right time and enjoy massive leveraged returns, you are a genius.

If you take on debt and your wages under perform the leveraged spending in which you have indulged or the asset that you have acquired under performs your debt service costs, it is clearly someone else's fault as you are a genius who couldn't possibly make a mistake.

I admit that I was lucky : I got to make my mistakes and learn from them in a lower income and asset price environment than the one that we suffer from to-day.

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"Eight days a week

Is not enough to ........."

(Lennon/McCartney)

Could prove to be a bit of a bummer if interest rates whizz up to over 10% like they did last time that foreign incomings were a bit of an issue. Only 90%+ being bought by domestic banks ATM. Prior to that it was mostly BoE.

"Nobody loves you when you're down and out...."

(Somebody else)

p-o-p

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Large pinch of salt needed here...

The figures apply to the average person contacting the consumer credit counselling service... So not the average Briton, but the average "struggling Briton"...

The average Brit in contact with the CCCS pays off their unsecured debt at about 3% pa ie. the £22k in cc debt is scheduled for full nominal repayment in about 30 years. That's my guess.

But there's no interest factored in to CCCS plans - the creditor vaguely promises to freeze interest, but nobody tells the debtor that the freeze is only permanent and enforceable at law if the debt has been converted into a judgment debt. So most of these people are avoiding a judgment debt and taking a payment holiday, and yet the interest is secretly compounding at insane rates.

And this is a bargain? With Satan.

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  • 312 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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