Realistbear Posted May 31, 2006 Share Posted May 31, 2006 (edited) http://www.thisismoney.co.uk/mortgages/art...05&in_page_id=8 Mortgage debt near £1 trillion This is Money 31 May 2006 THE level of mortgage debt in the UK has nearly reached £1 trillion, according to figures from the Bank of England. Total net mortgage lending rose £8.5bn in April, bringing the total owed on property to £999.2bn, the Bank said. Credit card lending during the month increased by £400m , up from £100m in March, while loans and overdrafts increased by £500m, double the figure recorded the previous month . The borrowing reaches frenzy levels as credit card debt increases 400% from March. The "Miracle Economy" knows no bounds to what it can create in the way of debt. Edited May 31, 2006 by Realistbear Quote Link to comment Share on other sites More sharing options...
right_freds_dead Posted May 31, 2006 Share Posted May 31, 2006 i wonder how much of this lending was lent for servicing existing debt. like consolidation loans ect. are they robbing peter to pay paul until house prices soar once again. Quote Link to comment Share on other sites More sharing options...
bubbleturbo Posted May 31, 2006 Share Posted May 31, 2006 i wonder how much of this lending was lent for servicing existing debt. like consolidation loans ect. are they robbing peter to pay paul until house prices soar once again. Back on the cards now as the mortgage rates have been going up. . . . . . .Once Japan and the rest of the world hike the rates higher, where will they go then.. .. .. Perhaps the penny will drop soon. Perhaps it is dropping now. It will almost certainly have dropped by the end of 2006 IMO. Quote Link to comment Share on other sites More sharing options...
othello Posted May 31, 2006 Share Posted May 31, 2006 Given the demand for debt how come I'm getting such a lousy return on my savings? Quote Link to comment Share on other sites More sharing options...
BTman Posted May 31, 2006 Share Posted May 31, 2006 Those figures are astounding, that's quite a rise on credit cards!!! It's so nice to be renting from emmigrated in-laws, and owe absolutely nothing... Quote Link to comment Share on other sites More sharing options...
FreeFall Posted May 31, 2006 Share Posted May 31, 2006 Given the demand for debt how come I'm getting such a lousy return on my savings? Because the inconsiderate b'stards are going bankrupt, and, well, somebody has to pay don't they...? Quote Link to comment Share on other sites More sharing options...
Guest Posted May 31, 2006 Share Posted May 31, 2006 Back on the cards now as the mortgage rates have been going up. . . . . . .Once Japan and the rest of the world hike the rates higher, where will they go then.. .. .. Perhaps the penny will drop soon. Perhaps it is dropping now. It will almost certainly have dropped by the end of 2006 IMO. There won't be a f*****g penny to drop. Quote Link to comment Share on other sites More sharing options...
werewolves Posted May 31, 2006 Share Posted May 31, 2006 There won't be a f*****g penny to drop. The penny will drop, then pants will drop and then poo will drop... And they won't be able to afford any bog roll either. Quote Link to comment Share on other sites More sharing options...
BillyShears Posted May 31, 2006 Share Posted May 31, 2006 How much is the total debt? They made a big fuss when it hit £1 trillion. Must be much more than that now. Billy Shears Quote Link to comment Share on other sites More sharing options...
werewolves Posted May 31, 2006 Share Posted May 31, 2006 How much is the total debt? They made a big fuss when it hit £1 trillion. Must be much more than that now. Billy Shears The last figure I saw was 1.13 trillion. http://news.independent.co.uk/uk/this_brit...ticle336255.ece Quote: Britons in debt to the tune of £1.13 trillion * 66,000 people predicted to go bust this year; * Average household debt is £7,650 (exc. mortgage); * Two-thirds of EU credit card debt is British; * One in five students owes at least £15,000; * 40% of women keep debt secret from partners; * Half of all heavy debtors suffer from depression I particularly like the 40% of women keep debt secret from partners... Quote Link to comment Share on other sites More sharing options...
Realistbear Posted May 31, 2006 Author Share Posted May 31, 2006 (edited) The last figure I saw was 1.13 trillion. http://news.independent.co.uk/uk/this_brit...ticle336255.ece Quote: Britons in debt to the tune of £1.13 trillion * 66,000 people predicted to go bust this year; * Average household debt is £7,650 (exc. mortgage); * Two-thirds of EU credit card debt is British; * One in five students owes at least £15,000; * 40% of women keep debt secret from partners; * Half of all heavy debtors suffer from depression I particularly like the 40% of women keep debt secret from partners... The statistics sum up the essense of the Miracle Economy. In a few years the current generation will look back at the times of the economic miracle and they will say, never had so much been owed by so many to so few. Edited May 31, 2006 by Realistbear Quote Link to comment Share on other sites More sharing options...
BillyShears Posted May 31, 2006 Share Posted May 31, 2006 The last figure I saw was 1.13 trillion. That's less than I thought. Perhaps our beloved leader Kim Il-Blair could go on television and try and get the country behind a five year plan to raise the national debt to £2 trillion and make us all immensely rich. Billy Shears Quote Link to comment Share on other sites More sharing options...
North London Rent Girl Posted May 31, 2006 Share Posted May 31, 2006 I just saw an ad for a firm called picture - you can borrow 25,000 squid without even filling in any forms or anything and have a chat about the footie - what fun! They should forget the small print at the bottom of the screen and have a grim reaper sign flashing on and off in the centre of the screen. What poor schmos fall for this shit?! Shudder. Quote Link to comment Share on other sites More sharing options...
laurejon Posted June 1, 2006 Share Posted June 1, 2006 I just saw an ad for a firm called picture - you can borrow 25,000 squid without even filling in any forms or anything and have a chat about the footie - what fun! They should forget the small print at the bottom of the screen and have a grim reaper sign flashing on and off in the centre of the screen. What poor schmos fall for this shit?! Shudder. But if you listen to the add more carefully you will note the question "Do you own a house" Effectively you will be securing your house on the loan. Quote Link to comment Share on other sites More sharing options...
marko Posted June 1, 2006 Share Posted June 1, 2006 (edited) But if you listen to the add more carefully you will note the question "Do you own a house" Effectively you will be securing your house on the loan. Oh, I really, really, reeeeaallly hate that advert...for me it really sums up the idiocy of the whole situation. I know that advert word for word because it shocked me so much when I first saw it. That chubby pr1ck is so cocky and arrogant, and really gives the impression that everything is great when you get into debt.... What particularly galls me is when he says to the debt-pusher on the phone.... 'Yeah we just want it all in one place so we know what we are doing' Then the next thing he does is cover the mouthpiece and mouth to his wife sotto voce: 'how much do we want to borrow?....twenty-five?'...and then to the person on the phone: 'Yeah, twenty five thousand.' So the stupid, ignorant sh1t wants all his debt in one place so he knows what he is doing, does he? But apparently until that very moment had not actually decided how much he needed to borrow....didn't sit down with a spreasdsheet maybe and work out the minimum amount he needed? Of course not...f**k that, sounds like too much hard work to me! Just borrow the maximum! Everyones doing it! Monstrous. No other word for it I'm afraid. And then he asks the person on the phone what is the monthly repayment...when he gets his reply he exclaims: 'Great...that''s much less than we pay at the moment!' So he really has done his research...really knows what he is doing. Yeah wonderful....ummmm, and why was there no mention of the term of the loan? Is that not important?! Of course not....we all know that monthly payments are the only measure....if your monthly payment goes down by half, that must mean the loan is twice as cheap!!! Way-hay, we are 'saving money'! Welcome to la la land, where the idiots live. The problem is there are so many people who are ripe for this kind of exploitation: It is not rocket science to understand the basics of finance and loans, but for many people it is beyond them...partially this is just ignorance, laziness and quite a bit of stupidity. But being stupid is not a crime, and I am beginning to think there needs to be more efforts at either educating people or protecting them from this sh1t. Mark my words, the scummy advertisers think very carefully when they construct an advert like this: the carefree attitude of the bloke and his wife, their apparent wealth and nice house, the loo000ow monthly payment (for the rest of your f**king life), the absence of any reference to a loan-term...it is all put in there on purpose to influence the 'decision-making process' (if you can call it that) of the average idiot debt-junkie. I really, really despair for this country now. Edited June 1, 2006 by marko Quote Link to comment Share on other sites More sharing options...
warwickbloke Posted June 1, 2006 Share Posted June 1, 2006 http://www.thisismoney.co.uk/mortgages/art...05&in_page_id=8 Mortgage debt near £1 trillion This is Money 31 May 2006 THE level of mortgage debt in the UK has nearly reached £1 trillion, according to figures from the Bank of England. Total net mortgage lending rose £8.5bn in April, bringing the total owed on property to £999.2bn, the Bank said. Credit card lending during the month increased by £400m , up from £100m in March, while loans and overdrafts increased by £500m, double the figure recorded the previous month . The borrowing reaches frenzy levels as credit card debt increases 400% from March. The "Miracle Economy" knows no bounds to what it can create in the way of debt. Apparently this is all due to folk buying fridges for beer & plasma TV screens for the world cup. Wasn't there a post not long ago about how many people had paid off their credit cards in full, I was guessing it was due to MEWing. Now the cards are available again I suppose this was inevitable. Quote Link to comment Share on other sites More sharing options...
OzzMosiz Posted June 1, 2006 Share Posted June 1, 2006 Just think. If labour had ensured house prices hadn't doubled/tripled then around 500billion could've been used to save for pensions or spend on the highstreet instead! NICE ONE LABOUR!!! :angry: Quote Link to comment Share on other sites More sharing options...
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