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Please Pay Off Your Credit Cards Now

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It costs too much capital to hold cc debts and the advent of a renewed deepening of the recession makes losses (and more importantly reduced bonuses) very likely.

http://www.telegraph...risis-live.html

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22.01 The Daily Telegraph is running a story on David Cameron's plea for the public to pay off their credit card debt on tomorrow's front page.

The headline reads: "Pay off your credit cards for sake of the economy".

The sub-headline says: "Cameron will urge households to tackle their personal debt to aid the country's recovery from recession".

"The only way out of a debt crisis is to deal with your debts. That means households - all of us - paying off the credit card bills," David Cameron is expected to say at the Tory party conference.

Edited by _w_

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Hmm, now we are told to save money to save the economy.

Well actually what we need is a bit more balance and less taxes. We can't all save, we need spending too. What we need is rich people to spend a lot more, and those in debt to cut back a bit.

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Surely by keeping interest rates so low, they encourage debt?

Surely by trying to find new ways to lure people to take mortgages for expensive shoebox flats, they encourage debt?

Surely by paying depositors/savers interest well below inflation, they discourage the spending of interest, they also discourage additional fresh deposits?

Does the government, this or the last one, know its ar5e from its elbow?

Edited by inflating

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Surely by keeping interest rates so low, they encourage debt?

Surely by trying to find new ways to lure people to take mortgages for expensive shoebox flats, they encourage debt?

Surely by paying depositors/savers interest well below inflation, they discourage the spending of interest, they also discourage additional fresh deposits?

Does the government, this or the last one, know its ar5e from its elbow?

I think CC debt costs more capital and capital is what banks are desperate for right now.

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I think CC debt costs more capital and capital is what banks are desperate for right now.

People do nothing but complain about the price of things, but then it's ok to borrow on a credit card at 29.9% APR.

Should read " Cameron urges stupid people to stop being stupid".

Not going to happen.

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lol.jpg

The Beeb and media in general [at the banks behest] will help keep people in CC debt.

Besides, there's those like Martin Lewis who perpetuate the myths of debt, especially with CC's and zero/low rate transfers, to you and I under the guise that they are enlightening us and making us 'savvy'.

Good lord, you can't have 90% of the UK population who are simply poor people actually starting to live within their meagre means, can you?

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I wonder what our "dear leader" expects people to use to pay down their debts, especially in this jobless wonder of a "recovery"? After all, if people have gone into debt, they clearly have not earned enough to meet their needs and desires over time. With stagnant wages and a rising cost of living, many people are probably just hoping not to have to need to use their credit card to survive.

Jeremy Warner in the Telegraph today; "Householders sink under a sea of debt" http://www.telegraph.co.uk/finance/comment/jeremy-warner/8427688/Households-sink-under-a-sea-of-debt.html

Clearly plenty of households are sinking. 135,000 people went bankrupt in England and Wales last year. But having someone who is pretty wealthy, probably doesn't have any debts at all, lecture us on our debt when he can't even get the national accounts in order is pretty rich, imho.

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After all, if people have gone into debt, they clearly have not earned enough to meet their needs and desires over time.

You contain the seeds of an answer within the rest of the text.

Needs must be satisfied; if you need debt to afford your desires, then you cannot afford them.

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Surely by keeping interest rates so low, they encourage debt?

Surely by trying to find new ways to lure people to take mortgages for expensive shoebox flats, they encourage debt?

Surely by paying depositors/savers interest well below inflation, they discourage the spending of interest, they also discourage additional fresh deposits?

Does the government, this or the last one, know its ar5e from its elbow?

Absolutely. The conservatives seem to understand the problem far better than the other parties and have policies to fix this and more. Yet they also have stupid policies regarding housing... trying to maintain high house prices. They are failing to tackle the BoE for its consistant failure in its sole remit.... keeping inflation within target! Encouraging such low base rates only discourages people to save and instead spend and credit binge. For a smart party the tories are also being incredibly stupid and I am utterly disappointed in them.

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Fallacy of composition argument.

Apart from the fact he's busy loading up 18 year olds with £9000 a year in student debts and just announced he's going to subsidise SME's to the tune of £tens of billions of lovely new debt.

The guys a complete pillock frankly.

Party faithful should lap it up.

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It's only a couple of weeks ago that they, wasn't it Vincey the Government Minister for Dancing, were saying that the banks should lend more money. Maybe they need more money for the banks to lend to the government for the SME credit lines (taxpayer guaranteed ;) ).

Oh who knows, for sure it will be to do with the rebalancing of the economy, although on second thoughts wasn't the CBI suggesting just a couple of days ago some proposals to support the housing market.

Maybe its to do with the council house sales to build more houses so that house builders have jobs but how does that rebalance the economy, it just puts work into housing again.

Unfortunately it's all very desperate stuff.

Blimey at least the UK has the Labour saviours waiting in the wings who want more debt to solve the problem of too much debt.

Edited by billybong

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Please pay off the credit cards so you can borrow shit loads more under the guise of mortgage debt and remortgage more. Probably looks better on the balance sheets of the banks too.

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You contain the seeds of an answer within the rest of the text.

Needs must be satisfied; if you need debt to afford your desires, then you cannot afford them.

Not entirely true - we pay enough rent - but we can't come up with a 20% deposit so we desire a house, could pay for one every month but cant get one. Just cant get a bank/govt landlord.

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This doesn't make sense we are solving sovereign debt crisis with more debt, Dave has got his message wrong rather than paying off debt we need more debt. He should be encouraging everyone to say they are making austerity cuts whilst racking up even more debt this is how we will fix the problem.

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Ha ha ha ha ha ha ha DIDDUMS. I am managing my own debt jubilee as the moral obligation to repay has long since passed. I see people writing off millions in debt, why should I stress over a couple of thousand? Destroyed credit rating? GOOD. I do not want any more debt, and I do not want to buy a house. Thanks!

A media plea to pay off debt? Just how much trouble are the banks in?

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  • 284 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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