Tuesday, May 23, 2006

High earners struggle to meet debt

BBC: High earners in debt firing line

Consumer Credit Counselling Service (CCCS) said that the number of people earning 30,000+ who are seeking help with them has risen 257% in last three years.

Posted by denzil @ 09:05 AM (657 views)
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1. talking rot said...

People in London and the South-East have particularly turned to credit to bridge income and outgoings. Isn't this the area which has lead economic growth and house price growth?

Following on from the article in yesterday's Guardian, there is currently NO problem. Should interest rates rise, then many will experience financial pain. Whether or not sufficient people experience financial collaspe and have to sell their home as a result remains to be seen. This is a big risk but one that has not yet occurred.

Perhaps IVAs will be the saviour for many families and forced sales in a declining market. I wonder if New Liebour thought of this when they introduced the legislation?

Tuesday, May 23, 2006 10:14AM Report Comment

2. Retiredbanker said...

Since when does 30k p.a. (even as a net income) qualify as "high earning" ?
I remember an article in the money section of the Daily Mail, which must have been about 20 years ago, in which
they stated that a married man with 2 children, a non-working wife, living in Kent and commuting to work in London,
whilst not on the breadline, would be on the baked-bean line with a salary of 30k.
This family would have a 3 bedroomed house, run a second-hand car, only be able to afford a modest 2 weeks holiday
in the UK each year, and have to buy "used" school uniforms for the children.

Tuesday, May 23, 2006 01:10PM Report Comment

3. Fair_deal said...

I wonder why these indebted people would worry or force sell their houses yet. There are helplines to find them solutions, companies like spectrum offering loans and since they are in a majority they keep the high street sales floating they also dictate the IR in a way.

If nothing works at all they always have the painless option of going bankrupt and then live on benefits from there. There is no shortage of such social parasites feeding on the tax payers money.

Tuesday, May 23, 2006 01:28PM Report Comment

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