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eric pebble

Britain's Personal Debt Is Increasing By ~ £1 Million Every Four Minutes.

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Does that figure include mortgages.

Yes

At the end of February 2006 the total UK personal debt was £1,174bn. The growth rate remains strong at 10.3% for the previous 12 months which equates to an increase of £100bn.

Total secured lending on homes in February 2006 was £981.8bn. This has increased 10.6% in the last 12 months.

Total consumer credit lending to individuals in February 2006 was £192.6bn. This has increased 8.7% in the last 12 months.

Total lending in February 2006 grew by £9.5bn. Secured lending grew by £8.1bn in the month and consumer credit lending grew by £1.4bn in the month.

Average household debt in the UK is approximately £7,796 (excluding mortgages) and £47,546 including mortgages. Average owed by every UK adult is approximately £25,195 (including mortgages). This grew by ~ £200 last month.

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Yeah - but it counts every child, woman and bloke -- take a look at the site -- http://www.creditaction.org.uk/debtstats.htm

Hi Eric, I'm new to this forum which seems a darn sight better than the one that I've just come from which is no more than a "joke" what I'd like to comment on is the National debt.As I am neither a landlord or tenant where do you think this problem will end with UK PLC.

Will personel bankruptcies increase,will the housing market fall flat,will the number of property pocessions increase.Sooner or later something will have to give.Like to hear your comments

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Hi Eric, I'm new to this forum which seems a darn sight better than the one that I've just come from which is no more than a "joke" what I'd like to comment on is the National debt.As I am neither a landlord or tenant where do you think this problem will end with UK PLC.

Will personel bankruptcies increase,will the housing market fall flat,will the number of property pocessions increase.Sooner or later something will have to give.Like to hear your comments

pms: Hi there -- this site is absolutely superb - I recommend you trawl all over it - it's all here. Yes -- sometime or another all this debt and rip-off prices is going to end in tears. See especially http://www.amazon.co.uk/exec/obidos/ASIN/1...7313922-4104764 -- which comes from the Home page on this site....... Edited by eric pebble

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Hi Eric, I'm new to this forum which seems a darn sight better than the one that I've just come from which is no more than a "joke" what I'd like to comment on is the National debt.As I am neither a landlord or tenant where do you think this problem will end with UK PLC.

Will personel bankruptcies increase,will the housing market fall flat,will the number of property pocessions increase.Sooner or later something will have to give.Like to hear your comments

I believe personal bankruptcies are already up 74% Year over year??

I am afraid Gordon Brown has created a monster with his "miracle economy" because all it is turning out to be is sudden riches for all courtesy of cheap loans from abroad. The problem that is coming is that the interest rates on those cheap loans are slowly rising making it more difficult for borrowres to repay--hence rising bankruptcy. As Mervyn King of the BoE said: house prices are a matter of opinion whereas debt is real.

The only winners have been EAs and VIs and those buyers who got out at or near the top of the market (early 2005). For the rest, there is only grief ahead.

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I believe personal bankruptcies are already up 74% Year over year??

I am afraid Gordon Brown has created a monster with his "miracle economy" because all it is turning out to be is sudden riches for all courtesy of cheap loans from abroad. The problem that is coming is that the interest rates on those cheap loans are slowly rising making it more difficult for borrowres to repay--hence rising bankruptcy. As Mervyn King of the BoE said: house prices are a matter of opinion whereas debt is real.

The only winners have been EAs and VIs and those buyers who got out at or near the top of the market (early 2005). For the rest, there is only grief ahead.

I agree "the miracle economy" is a disaster.The trouble is people like GB don't see it.Thanks for the figure on personal bankruptcies that does sound frightening and having read the article on personal debt well the only conclusion that I can come to is that figure will increase and increase until some bright spark in the BOE says oh dear we've blundered so we better put IR up by 2% which basically mean's we will have one almighty crash in all area's.Food for thought here could we be heading for another Watt Tyler and the peasents revolt.

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when you consider 69% of people depend on the government for part or all of there income then much of what is owed is also being paid for by the governmnet indirectly.

Credit for the masses has just enslaved the people plain and simple.If there was no credit for the masses then you can bet houses would be a lot cheaper, like a lot lot cheaper probably about 1 years wage for 1 man.But now the price of the very same houses are based on how much of that 1 years income can go towards paying for the house for every one of the next 25 years.

credit is also responsible for envormental problems as its created a throw away society on the never never, where as before people would make do.

Also credit has created a huge scam by companies from double glazing to cars to kitchens to sofas that they jack the prices up on everything and people still buy it becuase there able to get on credit.If you got cash you could go to an auction and get a car for half the price of the yes car credit ect.I used to wonder how pricing up work i knew i was hugely less expensive than some big companies for the same quality of work with the same materials, and used to wonder how come if i am there getting so much work.Well its the credit option aint it, people are paying vastly inflated prices for the same stuff just becuase they will get it on credit.

so what has credit done for us?

nothing but made a bunch of fools outta us.

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Also credit has created a huge scam by companies from double glazing to cars to kitchens to sofas that they jack the prices up on everything and people still buy it becuase there able to get on credit.

Neighbour asked for a quote for double glazing on his 3 bed semi in Leeds..nothing special. Weatherseal sent their valuer who came with his ruler and laptop...made a few measurements..tapped in a few number and came up with the figure of £36,030! Excluding the front entrance porch and kitchen window.

Neighbour complained about the price and valuer then said he could have the followig discounts:

Quantity discount - 23%; survey availability discount - 5%, installation availability discount - 5%; marketing discount - 5%; promotional discount 10%. Neighbour still complained and valuer said "don't tell me boss I told you this but our bottom line would be £14,500". Madness.

Weatherseal are a big company and presumably people pay these amounts - how? Credit.

Any you wonder why private rented accommodation is shabby. Housing stock in this country is set to get shabbier.

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The graph on the front page seems to be showing a levelling off of the total debt. I guess this shows that saturation point has been reached.

Best wind everyone in who's hooked now with higher interest rates and see what we can harvest...

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Britain's personal debt is increasing by ~ £1 million every four minutes.

Average owed by every UK adult is approximately £25,195

http://www.creditaction.org.uk/debtstats.htm

Eric, shedloads is going into foreign property investment. Morocco (my next target is Moroccon off - plan), Estonia, Slovenia, Gibralter, Slovakia and Cape Verde are but a handful of British investment targets.

This type of investing has replaced traditional saving and pensions. I know Id rather take a hands on approach to some of my investing rather than have distant fund managers (who job change constantly) try and do all of it on my behalve.

Look on the net, there are hundreds of UK based foriegn property companies. All this investing will on the whole benefit UK wealth despite the mew.

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  • 333 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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