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karhu

Personal Debts Up 150% .....

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Personal debts up 150% in a year

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."

Elsewhere, the organisation is having its own financial issues, with more and more time being spent fund-raising in order to continue offering the service.

Kate Raleigh said recruiting volunteers was currently a major focus.

http://newsvote.bbc.co.uk/1/hi/world/europ...sey/4985196.stm

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Found that article hard to believe. Especially when you read this:

http://newsvote.bbc.co.uk/1/hi/business/4985276.stm

"The rise of house prices suggests a return of confidence to the market boosted by a healthy economic climate," said RICS spokesman Jeremy Leaf.

Healthy economic climate. OMG. :ph34r:

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Things will get worse as more and more people get into a position where they have to borrow further to make the payments on existing loans - this inevitably leads to default and bankruptcy. Any hike in interest rates will accelerate the process.

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Didn't we read that the sheeple were actually MEWing to pay off credit cards and other ST debt? That is a very sick economy despite its "Miraculous" appearance. I think this whole "Miracle Economy" thing will go down in history as the largest consumer fraud ever perpetrated on an unwitting public.

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  • 302 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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