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underpressuretobuy

Overdraft Use

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According to new research from Alliance & Leicester (A&L), 8½ million Brits are losing out on £710 million a year by overpaying for overdrafts with the "Big Four" banks.

A&L's survey reveals that close to three-quarters of bank customers (73%) have an overdraft facility, with three in seven of them (42%) currently overdrawn. Indeed, almost a third of bank customers (31%) frequently slip into the red, while another third (34%) rely on their overdraft for everyday spending. Even worse, one in nine customers (11%) views their overdraft as extension to their salary. No, folks, it's an overdraft limit, not a target!

From Sky News, another indicator suggesting that it will not take much for many people to find themselves overstretched and in difficulties when it comes to making mortgage repayments.

:(

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From Sky News, another indicator suggesting that it will not take much for many people to find themselves overstretched and in difficulties when it comes to making mortgage repayments.

:(

I agree.

I've just finished reading 'Adrian Mole and the Weapons of Mass Destruction' - in it Adrian ends up getting hugely into debt by buying a newbuild flat and furnishing it with cheap money (and a few other expensive mistakes along the way). He ends up with over 10k on each of two credit cards, and similar amounts on store cards. He ends up having to sell the flat - but it is implied he makes a profit on that (bought for 190k, valued at 220k) but ultimately ends up having to move back with his parents in order to try and pay off his debts.

I thought it was quite chilling to read how quickly he got into debt up to his eyeballs - as he starts to pay off his debts using borrowed money so the debt spirals out of control - I'm sure this is more true to life than many would like to think. I found particularly funny the bit where he gets a final demand credit card bill accompanied by an invitation to join the bank's wine club (which he does!).

It's good to read this kind of thing in a popular fiction book though - perhaps more likely to get across the pitfalls of cheap money than 'serious' articles. Sue Townsend even goes so far as to list Adrian's debts. He ends up owing more than double his earnings per month!

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I agree.

I've just finished reading 'Adrian Mole and the Weapons of Mass Destruction' - in it Adrian ends up getting hugely into debt by buying a newbuild flat and furnishing it with cheap money (and a few other expensive mistakes along the way). He ends up with over 10k on each of two credit cards, and similar amounts on store cards. He ends up having to sell the flat - but it is implied he makes a profit on that (bought for 190k, valued at 220k) but ultimately ends up having to move back with his parents in order to try and pay off his debts.

I thought it was quite chilling to read how quickly he got into debt up to his eyeballs - as he starts to pay off his debts using borrowed money so the debt spirals out of control - I'm sure this is more true to life than many would like to think. I found particularly funny the bit where he gets a final demand credit card bill accompanied by an invitation to join the bank's wine club (which he does!).

It's good to read this kind of thing in a popular fiction book though - perhaps more likely to get across the pitfalls of cheap money than 'serious' articles. Sue Townsend even goes so far as to list Adrian's debts. He ends up owing more than double his earnings per month!

Sadly, that sounds more like a true story than fiction!

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  • 302 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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