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Home Finances And Debt Worsen During Grim October

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http://www.guardian.co.uk/business/2011/oct/24/household-finances-debt-october

The outlook for household finances has hit a six-month low, with debt levels up for the seventh month in a row and the appetite for major purchases markedly weakened, says research company Markit.

Nearly 37% of respondents to the monthly Markit Household Finance Index said their household finances had worsened in October, with just 7% reporting an improvement, indicating a much faster deterioration than was seen throughout 2010 and in the second half of 2009.

Debt has risen for seven consecutive months – the longest such period since the survey began in February 2009. Only those in the survey's highest income group, earning over £58,000 a year, saw an overall decline in debt. Public sector workers reported rising debt, while the borrowings of those in the private sector stabilised.

Tim Moore, senior economist at Markit, said: "Household finances were once again gripped in a vice of subdued real incomes and heightened job insecurity in October. Weak labour market conditions, combined with the elevated inflationary pressures, have made rising debt and falling willingness to spend recurring themes this year. October was no exception, with these unwelcome trends especially prevalent among public sector employees and the lowest income groups."

If only the survey had been begun before 2009, I'm sure we'd be no where near that record.

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http://www.guardian....es-debt-october

If only the survey had been begun before 2009, I'm sure we'd be no where near that record.

look, how many more times, if there is more debt, its only because people can afford to service it, therefore ,debt is an indicator of wealth.

Ask any European bank or Greek or Italian or Spaniard or Portuguese or Irelander....

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look, how many more times, if there is more debt, its only because people can afford to service it, therefore ,debt is an indicator of wealth.

Ask any European bank or Greek or Italian or Spaniard or Portuguese or Irelander....

Debt isnt the problem in the UK, the Uks problem is the finanical innovativeness that it has lost since the Great One was disgustingly chucked out in 2010. Schappsley is doing his best but he cant do it alone. You all need to refire that financially innovative spark that has been prevalent the last 30 years and the problems will be solved.

Edited by Tamara De Lempicka

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"finanical"....sounds sort of demonic....I think you've invented a new word that will rival biflation as a description of our current predicament.

We could have a whole thread on the finaniacs trying to explain how they are going to save their banks.

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"finanical"....sounds sort of demonic....I think you've invented a new word that will rival biflation as a description of our current predicament.

We could have a whole thread on the finaniacs trying to explain how they are going to save their banks.

smile.gif

(You say finanical, I'll say finatical)...

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  • 285 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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