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Couldn't believe I'd read the following part of acticle

While people are trying to rein-in their spending the impact of interest and charges means debt is currently growing at the rate of £1m every four minutes.

Some experts have argued that rising debt is not a problem because higher house prices have in fact made families wealthier on paper. But Mr Tondeur [Credit Action - a financial education charity] said this cushion could be lost if the property market collapses or unemployment rises.

In print - ok only on page 2 - but I have never ever seen anything like this in this rag. Mightn't seem much but could this be the start of some realism creeping into mainstream media reporting.

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Guest Charlie The Tramp

The Article

Debt Mountain Bigger Than UK`s Output

'We are seeing significant numbers with unsecured debts of £30,000,' he said. 'That generates interest of £300 to £400 a month. Who on earth can afford that?'

He said the banks should have done much more to assess whether customers could repay credit they were offered. 'I would hate to think what would happen if we had a significant rise in unemployment,' he added.

Accountancy firm KPMG said that in the past five years one in every 100 households has had a financial crisis - either bankruptcy or opting for a legally-binding Individual Voluntary Arrangement to repay debt.


Worrying figures: Mervyn King

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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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