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Saving For a Space Ship

Britain's debt time​bomb: FCA urges action over £200bn crisis

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  Britain's debt timebomb: FCA urges action over £200bn crisis

https://www.theguardian.com/business/2017/sep/18/britain-debt-timebomb-fca-chief-crisis

Quote

The debt charity StepChange, which has also released fresh data, said the percentage of its clients falling behind on payments went over 40% in the first half of 2017, while the average debt of the people it helps has also risen, from £14,251 in 2016 to £14,367 in the first half of the year.

 

..Andrew Bailey, chief executive of the Financial Conduct Authority, told the Guardian – at the start of a series examining the £200bn of debt amassed by households in Britain – that he was concerned about the sheer number of people who needs loans to make ends meet. He pinpointed gig economy workers, who do not have guaranteed hours, as in special need of credit to smoothe their incomes.

StepChange highlighted young people and renters as increasingly vulnerable, with many needing to borrow to cover the most basic everyday bills.

Bailey told the Guardian he had visited debt charities across the UK and that many people were facing difficulties with“frontline debt” such as council tax and utility bill arrears. He said organisations extending that kind of credit were often faster to recoup their losses, which can involve bailiffs, court orders and repossessions, than traditional lenders.

“I don’t think we have a sustainable solution, in terms of the provision of credit where needed,” said Bailey. “No one body might solve it on their own,” added the FCA head, who has put the issue of consumer credit at the centre of the watchdog’s agenda this year...

Related Uk debt map..

  What is the average debt where you live?

https://www.theguardian.com/business/ng-interactive/2017/sep/18/what-is-the-average-debt-where-you-live

 

The UK's debt crisis – in figures  

https://www.theguardian.com/business/2017/sep/18/uk-debt-crisis-credit-cards-car-loans

 

 UK debt is explosive – and it only needs a spark to light the fuse

The Bank of England is right to warn over consumer borrowing – even if the central bank itself has been partly responsible

https://www.theguardian.com/business/2017/sep/18/debt-timebomb-bank-of-england-consumer-borrowing

 

Edited by Saving For a Space Ship

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1 hour ago, goldbug9999 said:

Reminds me of a guy who was quoting his gliding instructor:

student: "What do you do if your below the glide path on approach to landing"

instructor: "dont be below the glide path"

'If I wanted to get from Dublin I wouldn't start from here'

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Simple.......the consequences of regular outgoings and payments to be made monthly including rent and existing debt.... against a background of irregularity and an uncertainty of a monthly income....... difference = growing debt to get by...... growing deficit = a growing overdraft that rolls into long-term debt.

Still a huge chunk of it will not be repaid anyway.....the maintenance of it is costly though.;)

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  • 297 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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