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CrashedOutAndBurned

Britons Face 'lifetime Of Debts'

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http://news.bbc.co.uk/1/hi/business/5009510.stm

It could take 77 years on average for people asking Citizens Advice for help with debt to get back into the black, a report from the charity has said.

This is because most of those asking the charity for help with debt were on just half the national average income.

People were condemned to a "lifetime of poverty" burdened by debt, the charity said, with many unable to afford the fees payable for declaring bankruptcy.

On average, people seeking help from Citizens Advice were £13,153 in debt.

A few days ago we were looking at the news stories looking well-off people struggling with debts but the real tragedy is those who simply do not earn enough to avoid picking up debt over time. There's no reason why anyone in work in the 21st century should be in debt to cover the basics.

Edited by CrashedOutAndBurned

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Do they really think people would actually spend the next 70 years paying off their debt. In reality they would go bankrupt for two years then get back on the rollercoaster of cheap credit and go around again, although there is the risk that cheap credit will not be available in the future as interest rates go up and banks become more sensitive to defaults.

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http://news.bbc.co.uk/1/hi/business/5009510.stm

A few days ago we were looking at the news stories looking well-off people struggling with debts but the real tragedy is those who simply do not earn enough to avoid picking up debt over time. There's no reason why anyone in work in the 21st century should be in debt to cover the basics.

Basics? Mobile phone, broadband, mp3, plasma TV, cinema surround system, top hi fi,digital camera, Nike gear, health club membership, weekends abroad, second car, designer furniture.......

Most of the debt problem is 'keeping up appearances', nice but uneccessary.

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Basics? Mobile phone, broadband, mp3, plasma TV, cinema surround system, top hi fi,digital camera, Nike gear, health club membership, weekends abroad, second car, designer furniture.......

Most of the debt problem is 'keeping up appearances', nice but uneccessary.

Jimmy Choo shoes... :unsure:

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I am waiting for someone who has the label of "Economist" or in the know to be on Newsnight explaining to the average man that there is no way many of these people are going to be able to pay the capital off for the house they purchased with an IO mortgage after paying the huge interest off anyway, they also need to start saving for a pension, we are talking £100's of thousands there alone, plus all the other credit card/store/personal loan debts that many are building up, and just day to day living to fund as well, all this in a low inflation world.

As far as i am concerned it is just BASIC MATHS, there are people out there that need educating fast.

MEW and easy credit has taken the responsibilty away from many over the last few years, the day will come when they will have to survive on the wage they are earning that week, what a wake up call that is going to be for many.

Slightly o/t, i wonder sometimes how many people have no other thought but bankruptcy on their mind at the end of this spending binge, could well be a reason why it has gone on for so long, at the end of the day you might as well go under owing £200k rather than £100k

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Slightly o/t, i wonder sometimes how many people have no other thought but bankruptcy on their mind at the end of this spending binge, could well be a reason why it has gone on for so long, at the end of the day you might as well go under owing £200k rather than £100k

Any individuals with debt problems that I have been associated with have to a man borrowed every penny they could when they realise they are up the creek & salt away the surplus in a family members bank account for use at a later date.

So far the banks & financial institutions appear to have just given up on the debt & sold it to a debt collection agency. Just tell them to get stuffed when they call & begin the whole process again in a few years time.

In the meantime no need for any loans, just use the amount salted away.

Eventually it's OK to borrow from reputable sources again, starting with club books etc.

No social stigma, rather something to brag about, FREE money!!

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The banks have taken the piss with their loose lending and will get everything they deserve in my opinion.

In the current environment I don't consider financial fraud and bankruptcy to be immoral.

Edited by Smell the Fear

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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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