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Jason

Credit Action - June07 - Debt Now £1,325,000,000,000.00

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http://www.creditaction.org.uk/debtstats.htm

+ Average debt at £28,189 per UK Adult

+ Up 10.4% YoY

It's just mad, innit!

is that all? :rolleyes:

sheesh, anyone would think debt is a problem, and not something to be embraced as something only the sexiest, most vibrant, most successful risk-takers understand.

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Guest Bart of Darkness
Me neither.

Opps. :blink:

Nor me.

Whoever's got my 28k worth, hard luck mate. :)

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Nope, me neither. I've got a healthy credit balance waiting to be a deposit on a home sometime in the future when prices aren't so crazy. Unless I decide to go wild and spend it :unsure:

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http://www.creditaction.org.uk/debtstats.htm

+ Average debt at £28,189 per UK Adult

+ Up 10.4% YoY

It's just mad, innit!

If the average property is 200K and there are 1.2 million tranactions per year then that number is going to grow by a 1/4 of a trillion per year, 10 years ago that was the combined debt of the UK since time began, THATS WAY IR ARE 5.5% AND RISING

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A typical two-income British couple buying their first property in Q4 2006 would have had to commit 34% of their take home pay to meet their initial mortgage payments, the highest level since 1990.

Affordability pressures continued to squeeze first-time buyers in March as income multiples were 3.31 times the average first-time buyer household income, according to the Council of Mortgage Lenders (CML). The average new mortgage for first time buyers has now reached £114,000. The average age of a first-time buyer is 28.

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330 people are becoming insolvent each day. There were 30,075 individual insolvencies (bankruptcy or IVA - Individual Voluntary Arrangement) in England and Wales in the first quarter of 2007 on a seasonally adjusted basis. This was an increase of 1.2% on the previous quarter and an increase of 23.9% on the same period a year ago.

scary :o

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Guest wrongmove

http://www.creditaction.org.uk/debtstats.htm

Debt Facts and Figures - Compiled 1st June 2007

Total UK personal debt

Total UK personal debt at the end of April 2007 stood at £1,325bn. The growth rate increased to 10.4% for the previous 12 months which equates to an increase of £114bn.

Total secured lending on homes at the end of April 2007 stood at £1,112bn. This has increased 11.4% in the last 12 months.

Total consumer credit lending to individuals in April 2007 was £213bn. This has increased 5.4% in the last 12 months.

Total lending in April 2007 grew by £9.4bn. Secured lending grew by £8.9bn in the month. Consumer credit lending grew by £0.5bn.

Average household debt in the UK is £8,816 (excluding mortgages) and £54,771 including mortgages.

Average owed by every UK adult is £28,189 (including mortgages). This grew by £165 last month.

Average outstanding mortgage for the 11.6m households who currently have mortgages is £95,871

Average interest paid by each household on their total debt is approximately £3,542 each year (this equates to 9% of take home pay).

Average consumer borrowing via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans has risen to £4,537 per average UK adult at the end of April 2007.

Britain's personal debt is increasing by £1 million every 4 minutes.

Today in the UK:

* Consumers will borrow an additional £313m today

* The average household debt will increase by over £13 today

* 330 people today will be declared insolvent or bankrupt

* Bank and building societies will hand out £1bn in mortgages today

* Citizen Advice Bureaus will deal with 5,300 debt problems today

* The average car will cost £15 to run today

* The average home will cost £30 today to run

* Raising a child to the age of 21 will now set you back £23.50 daily

* The price of a typical house will increase by £46 today

* 24.3m transactions worth £1.3bn will be spent on plastic cards today

* £82m will be spent online today

* 1/3rd of all groceries we buy today will end up in the dustbin.

........

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