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http://www.venturacountystar.com/vcs/busin...4820552,00.html

More people losing battle against debt

By Eileen Alt Powell, AP business writer

July 4, 2006

NEW YORK — Rising interest rates and higher gasoline prices are putting the squeeze on consumers' budgets, and many are finding it harder to keep up with their bills.
Credit counseling agencies say that consumers are coming in in droves seeking help.
"My phones are going crazy," said Howard Dvorkin, president of the nonprofit Consolidated Credit Counseling Services Inc. in Fort Lauderdale, Fla. "Consumers are carrying an exorbitant amount of debt — and they don't have any savings to fall back on if things don't go right."
"People refinanced (their mortgages) six months or a year ago, so the ¿house bank' is empty," Williams said. "Most can't go back and tap their home equity again."

Americans have taken on about 11.1 Trillion $ of personal debt. We have about 1.2 trillion pounds of it which is about 2.21 Trillion $ (at 1.84). The US population is about 5 times as large as the UK which means our debt, on a per capita basis, is roughly the same as the US. When the MEW ability dries up in the UK where are all the sheeple going to go to get money to pay off council tax, SUV loans and LCD TVs at 29.8% revolving credit charges?

At least Ben is addressing the problem by hiking the rates but what is Gordon doing about it?

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At least Ben is addressing the problem by hiking the rates but what is Gordon doing about it?

RB

You are a great man. Seriously. Your research is generally brilliant and appropriate.

However... I simply do not accept that The Treasury is the Bank of England. Don't get on to GB about IRs, get onto Mervyn and his people. Of course, they must increase to 4.75 in August and probably 5 in November. BUT it is not GB to do so.

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http://www.venturacountystar.com/vcs/busin...4820552,00.html

More people losing battle against debt

By Eileen Alt Powell, AP business writer

July 4, 2006

NEW YORK — Rising interest rates and higher gasoline prices are putting the squeeze on consumers' budgets, and many are finding it harder to keep up with their bills.
Credit counseling agencies say that consumers are coming in in droves seeking help.
"My phones are going crazy," said Howard Dvorkin, president of the nonprofit Consolidated Credit Counseling Services Inc. in Fort Lauderdale, Fla. "Consumers are carrying an exorbitant amount of debt — and they don't have any savings to fall back on if things don't go right."
"People refinanced (their mortgages) six months or a year ago, so the ¿house bank' is empty," Williams said. "Most can't go back and tap their home equity again."

Americans have taken on about 11.1 Trillion $ of personal debt. We have about 1.2 trillion pounds of it which is about 2.21 Trillion $ (at 1.84). The US population is about 5 times as large as the UK which means our debt, on a per capita basis, is roughly the same as the US. When the MEW ability dries up in the UK where are all the sheeple going to go to get money to pay off council tax, SUV loans and LCD TVs at 29.8% revolving credit charges?

At least Ben is addressing the problem by hiking the rates but what is Gordon doing about it?

And it was the same six months ago, and last year, and the year before that, so what, the way things are now the weak(maxed out) are just shot and replaced with the strong(young and debt free).

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And it was the same six months ago, and last year, and the year before that, so what, the way things are now the weak(maxed out) are just shot and replaced with the strong(young and debt free).

What complete drivel.

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RB

You are a great man. Seriously. Your research is generally brilliant and appropriate.

However... I simply do not accept that The Treasury is the Bank of England. Don't get on to GB about IRs, get onto Mervyn and his people. Of course, they must increase to 4.75 in August and probably 5 in November. BUT it is not GB to do so.

I think if the BoE was independent they would have been following the Fed with a series of hikes by now. The external members of the MPC are chosen by Gordon with the internal members, including the chair, by the "Treasury" (Gordon and TB). Thus very centrally controlled by the government (Gordon) who wield the political patronage to "guide" what the BoE do. That said, there is not a lot Gordon could do if Mervyn did what he knows he ought to do as his offer to spend more time with his family would follow the fait accompli.

The problem with Mervyn is that he is a bit sheepish and at one point said that house prices were too high and later that may the high prices "long continue." The bank needs leadership from within not confusion from bowing to political pressure.

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Guest Bart of Darkness

Oi sam, who are you calling weak :lol:

:lol:

How many more "strong/young and debt free" are there left?

I don't think you're allowed to buy a house at 5 (could be wrong though).

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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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