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Guest Charlie The Tramp

Credit Action Debt Statistics

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Guest Charlie The Tramp

Credit Action Debt Statistics February 2006 Updated

Total UK personal debt

At the end of December 2005 the total UK personal debt was £1,158bn. The growth rate remains strong at 10.2% for the previous 12 months which equates to an increase of £100bn.

Total secured lending on homes in December 2005 was £965.2bn. This has increased 10.4% in the last 12 months.

Total consumer credit lending to individuals in December 2005 was £192.3bn. This has increased 9.3% in the last 12 months.

According to the BBA the proportion of credit card balances bearing interest was 75.4% in November 2005.
Whilst the concept of ‘spending the kids’ inheritance’ may be nothing new, it appears that many of those in their forties or fifties are prepared to spend their own retirement funds to finance their current lifestyles. According to Insight Investment, well over a quarter of forty and fifty somethings (29 per cent) say that enjoying their money now is more of a priority than investing for the future. This ‘live for the moment’ attitude is despite well over a third (39 per cent) of those aged 45-54 admitting to having no investments other than residential property, a situation in which more than one in four (27 per cent) of the over 55s also find themselves.

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Wow, we're so fortunate that throwing another 100,000,000,000 pounds into the economy in the last year hasn't caused any inflation: Gordon Brown must truly be a miracle-worker!

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Guest Charlie The Tramp

100 000 000 000 / 365 = 273 972 603 a day. shurely i have made a mistake - please correct me.

My calculator does not have enough digits, but if you are correct that would be an increase of 19 million a minute. :)

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100 000 000 000 / 365 = 273 972 603 a day. shurely i have made a mistake - please correct me.

or £100,000,000,000 / 60,000,000 = £1,666 extra debt in 1 yr for every man, woman and child.

well someone's got a lot more because Mrs Sisyphus, Sisyphus Junior and I didn't take on any.

Edited by Sisyphus

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100 000 000 000 / 365 = 273 972 603 a day. shurely i have made a mistake - please correct me.

No, that's right.

£273,972,603 / 28.8 million workers in UK = £9.51 per day for everyone with a job

Is the economy growing this fast?

No.

Is this sustainable then?

No.

Then what will happen?

At some point people will realise interest repayments are greater than GDP growth. The economy starts shrinking as debt repayments take more out than the previous years expansion.

Assets will be seized to speed up the recovery of debts and we can all get back to growth. Some that much faster than others, thanks to planning an exellent position.

Or put another way the rich get richer and the stupid poor get poorer.

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  • 301 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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