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Realistbear

HSBC Is Backing Off Unsecured Lending

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http://www.telegraph.co.uk/money/main.jhtm...01/cnhsbc01.xml

HSBC cuts lending as bad debts soar 36pc
By Grant Ringshaw, Financial Services Editor
(Filed: 01/08/2006)
Bad debt charges at HSBC's UK retail banking business surged by 36pc in the first half of this year, outstripping an 18pc overall rise at the world's third biggest bank.
HSBC is the latest bank to be hit by soaring UK bad debts, underlining concerns that hundreds of thousands of Britons are struggling to cope with a spiralling debt burden....../
HSBC group chairman Stephen Green said the bank had "deliberately reduced its market share" of new UK unsecured lending, though it still has a 10pc share.
Last week, Alliance & Leicester reported a 60pc increase in bad debt charges and also scaled back its unsecured lending in the UK. Overall bad debt charges at HSBC rose 18pc to $3.89bn from $3.27bn (£1.75bn).

Our HPI-MEW driven "Miracle Economy" requires never ending supplies of increasingly loose credit to survive. IMO, the banks are starting to turn the spicket off and the market will soon dry up.

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Who gives a bolleaux about the banks?

A bit of credit tightening, a few bad debts - still record profits though.

You are going to have to fight for what you want. Fight the b@stards.

You need BTL taxed until the pips squeak.

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Who gives a bolleaux about the banks?

A bit of credit tightening, a few bad debts - still record profits though.

You are going to have to fight for what you want. Fight the b@stards.

You need BTL taxed until the pips squeak.

No need to fight anything as you can't beat the market. We have had the boom and now we just debate what's going to trigger the bust :)

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We have had the boom and now we just debate what's going to trigger the bust :)

Wahh?

Some time ago you told us all it had already started. Now you want to debate what's going to trigger it?!

Edited by Casual Observer

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Wahh?

Some time ago you told us all it had already started. Now you want to debate what's going to trigger it?!

You might be referring to the Land Registry stats? They indicate that it has already started. I think I may have already said--crashes do not happen overnight. They begin slowly-ever so slowly in the beginning. Then the momentum builds as the panic spreads and evreyone wants out all at the same time. You might recall that during the Great Crash of 1989-96 the biggest drops occured after the first year of the turnaround. To date, we have seen gentle drops here and there. Here is a good illustration of the turn in the market from the days of double digit inflation:

NAME AV PRICE (£) QUARTER ANNUAL SALES

Greater London

£306,664 5.9% 5.9% 29242

South East

£228,762 -0.1% 3.5% 51705

South West

£198,952 -0.7% 1.1% 22843

East Anglia

£175,036 -1.8% 1.7% 9958

West Midlands

£158,343 -1.2% 4.5% 19571

East Midlands

£150,502 -3.1% 0.7% 18000

Northern Ireland

£145,987 4.6% 23.4% N/A

Wales

£142,121 -2.1% 6.4% 9871

Yorks & Humber

£139,967 -1.8% 7.4% 20681

North West

£137,503 -1.9% 7.6% 25173

North

£129,332 -3.1% 8.2% 11728

Scotland

124,481 -1.2% 8% 31,479

Sources:

England and Wales

Land Registry of England and Wales. The information above is based on figures provided by the Land Registry of England and Wales.

Figures for England and Wales are for the period January to March 2006.

Edited by Realistbear

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  • 336 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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