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Realistbear

Us View Of Uk Economy

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http://news.yahoo.com/s/usatoday/20051222/...esupwithbritons

Credit card debt catches up with Britons By Cesar G. Soriano, USA TODAY

Thu Dec 22, 7:22 AM ET

"The UK has adopted the American habit of credit with vigor, and consequently consumers are rapidly getting in over their heads,"
In recent months, the British economy has started to show signs of stagnancy: Interest rates are rising, adjustable-rate mortgage payments are increasing, consumer confidence is down, and retailers are reporting a disappointing holiday season, Penn says.

And the source of Gordon Brown's economic miracle:

He paints a picture that is familiar to Americans: "These individuals were earning 18,000 pounds ($31,828) a year and had 20,000 pounds ($35,364) in debt. They managed to pay the minimum payments on their income, but then got to a stage where they were struggling. Rather than admit they had a problem, they would take out further credit to revolve the credit. They weren't living a life of luxury, they were simply using credit to pay for credit."

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Guest Bart of Darkness

it's inherently more honest than the tripe OUR consumer has been fed!

It certainly seems that way.

Any of our US posters want to comment on the US media's approach to the situation vs. the UK's?

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It certainly seems that way.

Any of our US posters want to comment on the US media's approach to the situation vs. the UK's?

http://www.signonsandiego.com/news/busines...asshopping.html

NEW YORK – The holiday buying frenzy started again.
The nation's shoppers headed back to malls early Monday morning for post-Christmas deals as retailers wooed them with even deeper discounts, expanded shopping hours and fresh new merchandise in an effort to salvage sales in
a season that's turning out to be only ho-hum
.

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It certainly seems that way.

Any of our US posters want to comment on the US media's approach to the situation vs. the UK's?

Which situation are you talking about? Credit card debt? I'm not sure how "honest" our media is about that. A lot of stories are published about people owing too much to the credit card companies, but we don't hear about how the credit card companies rip people off with their totally incomprehensible contracts. There was a special on public television that was excellent, but not too many people watch PBS. Nor do I get any sense from the media that we should be worried about the huge amount of personal debt in this country.

I do think we get more honest stories about the housing bubble in the USA. Just about everybody I know is aware that there's a bubble and is reconciled to the fact that his/her own home is probably overvalued. As I've said here before, my friends (and other people I run into) in England remain in denial. I find the difference in attitude striking. I can't explain it. (God knows, Americans are in denial about so many other things, including the competency of our President. :ph34r: )

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British journos by and large, IMPO, are not too bright. Many I know have trouble totting up their monthly expenses so it is no wonder that there is little understanding/reporting of the problems that the British populance now face re credit, mortgages, over-priced properties, etc.

In fact, most journos I know are heavilly in debt themselves so are only going to see rising UK HPs as a good thing - for themselves. They are in denial but do not even know that they are.

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  • 337 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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