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Realistbear

Debt Up Up And Away At 150% In Just One Year

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Our Guernsey sheeple show us all how to do it in Miracle Economy:

http://news.bbc.co.uk/1/hi/world/europe/guernsey/4985196.stm

Personal debts up 150% in a year

The CAB said credit cards and store cards also added to problems
The total amount of personal debt in Guernsey has risen by 150% in a year.
The figures, in the island's Citizens Advice Bureau's (CAB) annual report,
blame mortgages for a large portion of people's financial problems.
Debt under management saw a sharp increase in 2005, growing from £2m in 2004 to almost £5m.
More than half of that relates to mortgages, but CAB counsellors said credit cards, store cards and unsecured loans also added to people's problems.
'Free' money
The CAB said it has seen a sharp increase in the number of people from the island, which has a population of about 65,000 people, seeking help for debt, which was a worrying trend.
Bureau Manager Kate Raleigh said: "I think the consequences of borrowing aren't clear enough, and it's very tempting to think 'let's borrow some money and have some free money for something else as well'
.
"It all sounds good, but
the point is that you are going to have to pay it all back
, and people have to realise that if you can't pay it back the penalties can be enormous."

Why is it that they have rumbled the Miracle Economy on the Ch. Is. but not on the mainland yet? After all, I think it was the Daily Express who said last week that the 1.2 trillion pounds of personal debt was just a "spending spree."

Funny how the Guernsey Sheeple had to be told that you actually have to pay back what you borrow? :blink:

:lol:

Edited by Realistbear

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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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