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Families' Credit Cards, Loans And Overdrafts 'add Up To Half Their Annual Income'

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http://www.dailymail.co.uk/news/article-2062124/Families-credit-cards-loans-overdrafts-add-HALF-annual-income.html

Indebted families are living with credit card bills, loans and overdraft debts which typically equal nearly half of their yearly income, research from Aviva found today.

The insurer said that 52 per cent of UK families have unsecured debts, which amount to £10,604 on average.

This debt figure, which does not include mortgages, is just under half the annual household income of £23,796, Aviva's Family Finances Report said.

When the plates finally stop spinning GDP is going to collapse.

How is the govt proposing to make this shortfall up?

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What a load of tosh. Talk about extracting a story from iffy stats.

Is that the average income of the 52%? Or the average income of the 100%? What if the 52% all have above average incomes?

Edited by the stig

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And they're not talking about their payment to service these debts equaling half their income, they're talking about the TOTAL! FFS what a non-story!!!

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I just ran this through an online credit card calculator.

http://www.thisismoney.co.uk/money/cardsloans/article-1633399/Calculator-Credit-card-repayment-reality-check.html

assuming an interest rate of 17.2% (the site's default)

£10k at £500 monthly payment would take 2 years to pay off.

At £250 a month then 5 years.

At £150 a month then over 18 years.

At £144, the minimum to cover interest, 31 years.

Terrifying to me, but then I'm one of those people that never puts more on my plastic than I can afford to clear at the end of the month.

Imagine, £10k borrowed, and it's like taking on a mortgage.

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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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