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Dave Beans

Debt on credit cards, loans & overdrafts rises by 11% in the last year

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2 hours ago, Grumpysod said:

So many people in government and in the media along with so called "experts" will have you believe Brexit is the number 1 concern in the UK when it is in fact debt. What they really mean is Brexit is their number 1 concern and they want you to believe it is yours as well.

 

My number one objective over the last decade is to be paying zero interest rates and bank charges on borrowed money, the fact that I also have sizeable savings is a bonus. In the coming years at some point living within your means is going to become the new black.

Debt isn't a concern for those in charge, I heard a report on LBC saying most don't pay off their credit cards before charges and the average IR is 26% PA. So someone is making alot out of these Marks.

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32 minutes ago, Wayward said:

is this part of the rebalancing of the economy agenda....?

Yes.

If you are a bank hehehe, rebalancing in favour to you.

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The rate charged on these forms of credit can now be adjusted monthly. It used to only change annual. I believe the recent upsurge of spending on cards is a response to Carney's rate drop. When so many often only pay the minimum on their card balances seeing the drop must be having an effect. This has been noted by the BOE's Dr Gertjan Vlieghe who has warned that any rate rise will result in a recession.  

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