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interestrateripoff

Consumer Borrowing Jumped In July, Says Bank Of England

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http://www.bbc.co.uk/news/business-29012840

The amount of new money being borrowed by consumers soared to more than £1bn in July, according to the Bank of England.

It is the highest figure since March this year, and a big jump on the figure for June.

Consumers borrowed £1.1bn on credit cards and through unsecured loans in July, compared with £655m in the previous month.

Borrowing on credit cards alone more than doubled over the period.

But the monthly figures are volatile and can depend on the weather.

The fact that consumers are prepared to take on more loans may be a sign of greater consumer confidence.

The suckers recovery!

Edited by interestrateripoff

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The fact that consumers are prepared to take on more loans may be a sign of greater consumer confidence.

I knew that exact line would be used before even opening the thread.

Also signs of greater consumer confidence second mortgages, last-resort debt, been surging? Oh well, back to suffering the excuses how the buyers who are still willing to outbid me by 500% are the victims, as they have been for 14 years now.

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http://www.independent.co.uk/money/loans-credit/1430000000000-britains-personal-debt-timebomb-8950372.html

Actually overall household debt been stuck at 1.43 trillion for seven years now.

Public sector has obviously gone on a gigantic spendfest and taken up the baton pouring billions into rites of passage at university and care in the NHS, plus insulating pensioners from the depression.

For some reason the trillions now put into these projects have not increased GDP, given any appetite for further debt by households or caused an increase in wages. Just 7 years of being bloody stuck in Jap style stagnation.

edit not to mention QE......a boon for millionaries but households 100% unresponsive.

Edited by crashmonitor

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The mortgage approvals were on that release and they looked weak!

They were much stronger than I was hoping for! They seem to have stabilised after MMR and are about 25% higher than before HTB was announced.

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Well I am busy running up a 0% credit card at the moment. For a lot of people it makes sense. Say you've got a five year bond coming to an end may as well buy what you want now and pay for it later.

In my case I am putting all the money I have saved by using the credit card into this financial years pension and will pay it off when I get a new capital gains tax limit next year.

If you have got a flexible mortgage (one that works as a bank account) 0% credit cards are great. You would be mad not to use one

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I know a bunch of people who have in the last couple of months reached their limit as regards how long they can endure the rigged housing market. If you entered the job market ten years ago there has been no buying opportunity and you are running out of time to have a family.

So if you've given up on owning, instead of saving a deposit for a house you'll never own why not start spending your money instead?

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I know a bunch of people who have in the last couple of months reached their limit as regards how long they can endure the rigged housing market. If you entered the job market ten years ago there has been no buying opportunity and you are running out of time to have a family.

So if you've given up on owning, instead of saving a deposit for a house you'll never own why not start spending your money instead?

<Pedant mode> Technically, if it's credit card or personal loans, it's not your money.

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I know a bunch of people who have in the last couple of months reached their limit as regards how long they can endure the rigged housing market. If you entered the job market ten years ago there has been no buying opportunity and you are running out of time to have a family.

So if you've given up on owning, instead of saving a deposit for a house you'll never own why not start spending your money instead?

You'll never own a house with that attitude! :rolleyes:

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Well I am busy running up a 0% credit card at the moment.

I'm currently doing this as I'm not spending the savings. I can clear it off but there doesn't appear to be any incentive so I'm spending the "free" pay off the minimum per month and then clear it all when it finishes.

I'll probably then get another.

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You'll never own a house with that attitude! :rolleyes:

Funny, during the latest argument with my father about me not buying a house, I said that I would buy a house when I have saved enough to buy cash and he said something along the lines of a mortgage being a good debt and you will never be able to save fast enough, etc, etc.

Edited by renting til I die

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I'm currently doing this as I'm not spending the savings. I can clear it off but there doesn't appear to be any incentive so I'm spending the "free" pay off the minimum per month and then clear it all when it finishes.

I'll probably then get another.

I used to stooze but I don't have a mortgage and there just aren't enough good bank accounts to make it worth while.

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