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Runaway Debt Levels Expose 14 Million Brits To Grave New Financial Risks

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Runaway debt levels expose 14 million Brits to grave new financial risks

Excessive borrowing via credit cards, loans and overdrafts could make the last recession look like a walk in the park

http://www.independent.co.uk/money/runaway-debt-levels-expose-14-million-brits-to-grave-new-financial-risks-a7063256.html

None of this is at all surprising to most people here on hpc..... :rolleyes:

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Its prospects like this that will take the edge off of any remain vote for me.

Whats coming is going to trash plenty of reputations.

Not that most of them will give a monkeys. :lol:

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I would never have guessed that carrying large quantities of debt carried any risk at all. This article has enlightened me.

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"make the last recession look like a walk in the park"

Like we've all been saying.

What they seem to fail to understand is it's the same recession/depression.

Only them with S.E. proprty think there was any kind of a recover.

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I know several new FTBs, dead chuffed they stretched themselves to buy a sh*t £270k 1970s semi... this month alone! Turns out they're paying for everything else on credit - food, bills, new curtains, carpets, boiler, MOT. Those people are f#cked.

This is also why boomers who still tell me to buy are wrong - they ignore the fact that most FTBs can't afford to buy, but use unsecured debt to make space for a massive mortgage. It's just a pretty plaster on a fast swelling boil full of stinky greed pus.

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I know several new FTBs, dead chuffed they stretched themselves to buy a sh*t £270k 1970s semi... this month alone! Turns out they're paying for everything else on credit - food, bills, new curtains, carpets, boiler, MOT. Those people are f#cked.

This is also why boomers who still tell me to buy are wrong - they ignore the fact that most FTBs can't afford to buy, but use unsecured debt to make space for a massive mortgage. It's just a pretty plaster on a fast swelling boil full of stinky greed pus.

It was only worth oveer strteching yourself for a house when wages were going up.....theyve hardly moved for most people in a decade.

That debt is being paid the hardway this tme

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I know several new FTBs, dead chuffed they stretched themselves to buy a sh*t £270k 1970s semi... this month alone! Turns out they're paying for everything else on credit - food, bills, new curtains, carpets, boiler, MOT. Those people are f#cked.

This is also why boomers who still tell me to buy are wrong - they ignore the fact that most FTBs can't afford to buy, but use unsecured debt to make space for a massive mortgage. It's just a pretty plaster on a fast swelling boil full of stinky greed pus.

BUT when is it gonna go BANG

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I thought people were supposedly paying down their debts? ???

According to the BIS, UK household debt/GDP peaked at 99.2% in Q4 2009 and bottomed out at 86.1% in Q2 2015 . It's on a rising trend again now.

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why bother when it's 0% for years and years. Spend away and all will be forgiven when it all goes tits.

This is what I'm convinced will happen, debt forgiveness on a massive scale when tshtf.

I've never had a credit card or personal loan in my life but I've never been more tempted to join in the debt orgy... trouble is I don't know what I'd actually spend it on!

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There will be compensation for credit card holders probably. PPI part 2.

---

Then there will be compensation for mortgage holders who have been mi-sold mortgages above 1% in the last 10 years, when the base rate is sub 1%.

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This is what I'm convinced will happen, debt forgiveness on a massive scale when tshtf.

I've never had a credit card or personal loan in my life but I've never been more tempted to join in the debt orgy... trouble is I don't know what I'd actually spend it on!

pandora bracelets, range rover evoque, American style fridge, bifold doors, centre parks holidays, a curved TV to replace the 3D TV, iPhone 7 to replace the iphone 6s (that itself replaced a 6), a premium lap dog, tattoos, celebrity inspired glasses, handbags, shoes, hair colouring, nails, celebrity biographies, new Xmas tree & decs in this year's fashionable colour (to replace last year's one), perfume,

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This is what I'm convinced will happen, debt forgiveness on a massive scale when tshtf.

I've never had a credit card or personal loan in my life but I've never been more tempted to join in the debt orgy... trouble is I don't know what I'd actually spend it on!

I still have the mortgage debt for this hedge.

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