Jump to content
House Price Crash Forum
Sign in to follow this  
crash 2005

Latest Debt Statistics - October 2005

Recommended Posts

Guest Charlie The Tramp

They do this

Savings: Whilst the concept of ‘spending the kids’ inheritance’ may be nothing new, it appears that many of those in their forties or fifties are prepared to spend their own retirement funds to finance their current lifestyles. According to Insight Investment, well over a quarter of forty and fifty somethings (29 per cent) say that enjoying their money now is more of a priority than investing for the future. This ‘live for the moment’ attitude is despite well over a third (39 per cent) of those aged 45-54 admitting to having no investments other than residential property, a situation in which more than one in four (27 per cent) of the over 55s also find themselves.

And end up like this

Economic Lifestyle research shows that over 558,000 pensioners are still paying off mortgages, well into their retirement years. In addition, they were shocked to uncover that over 3 million pensioners live on under £10,000 per year

Share this post


Link to post
Share on other sites

People may remember i bought a 6ft tree last year for under a fiver from tescos, im planning on reusing it again this year...

No debt for me this festive season...

Edited by moosetea

Share this post


Link to post
Share on other sites
Guest

You should damn well re-use your Christmas tree from last year! How wasteful!

Oh, hang on... Ours got shredded for compost...

Share this post


Link to post
Share on other sites

You should damn well re-use your Christmas tree from last year! How wasteful!

Oh, hang on... Ours got shredded for compost...

talking of recycling!

I was going to get the kids to make some snowflake cut outs to stick in the window using all those estate agent flyers that seem to be coming through the door recently, maybe then the distributors may think twice, before shoving them through the letter box of my rented house.

Share this post


Link to post
Share on other sites
Guest Riser

When they calculate the household debt figures are they just talking about those households that have debt, or are they including all households, some of which will be in credit to offset against those in debt ?

I just think £45,758 seems low, and would have expected typical mortgage to be around £100k

Average household debt in the UK is approximately £7,723 (excluding mortgages) and £45,758 including mortgages.

Average owed by every UK adult is approximately £24,247 (including mortgages). This is growing £180 every month.

Average consumer borrowing via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans has risen to £4,092 per average UK adult at the end of September 2005. This figure translates into a 10% increase on the previous year's levels and a 45% increase since 2000.

The rapid increase in households’ borrowing has raised total debt to close to 150% of annualised aggregate post-tax income according to the Bank of England. They predict debt may continue to increase more rapidly than income over the next few years.

Share this post


Link to post
Share on other sites

This is my favourite bit

Around 15 per cent of 18 to 24- year-olds think an individual savings account (ISA) is an iPod accessory, and one in 10 reckon it's an energy drink.
:blink:

Yet the pass rate for 3 A levelsis now 98%!!!. Err... Sumfinks up wiv ower ejucashon sistum!!! :blink::blink:

Although I suppose we don't need to learn about economics cos we're all rich under gordons economic miracle.

Kinda reminds be of that quote that goes something like: "25% of people don't know what 25% means".

Share this post


Link to post
Share on other sites

I'll be saving more money than any of you lot this festive season. I don't 'celebrate' Christmas. The sight of seeing a lot of highly-indebted people spend yet more money, which they don't have, on crap will give me a kind of perverse pleasure.

I'm working Boxing Day as well.....

.....by candlelight!

Share this post


Link to post
Share on other sites

These stats are shocking!

If the public were having huge problems servicing their debt in the early 90s with IR rates in double figures, what does IRs have to rise to today to have the same effect? Answers on a postcard...

Share this post


Link to post
Share on other sites
Guest muttley

Kinda reminds be of that quote that goes something like: "25% of people don't know what 25% means".

:lol::lol:

I bet most of the other 65% don't know either.

Share this post


Link to post
Share on other sites

These stats are shocking!

If the public were having huge problems servicing their debt in the early 90s with IR rates in double figures, what does IRs have to rise to today to have the same effect? Answers on a postcard...

depends on your perspective and who you are refering to..

My boss has a two bed house he bought 7 years ago for £40,000

his mortgage is about £32,000 now.

A similar house bought by another colleague for £170,000 ten miles away two years ago..

one owes 1.5 times his salary.. the other over 7..

People are failing all over on 4.5% rates..

I have heard that 6% would be the same as the huge rates in the early 90's

who knows..

but rates are going up

http://www.housepricecrash.co.uk/forum/ind...showtopic=18443

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 301 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.