Wednesday, Sep 27, 2006

And all this is our 'economic miracle'

MSN: Brits 'have worst debts in Europe'

Overspending Britons are responsible for a third of all unsecured debt in Western Europe, according to a report. The average Briton owes just over 3,000, almost twice as much as his continental cousin.

Posted by uncle chris @ 09:58 AM (531 views)
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1. Ticktock said...

If only the 'average brit' did owe just 3 grand. However, I'm pretty sure that if you removed the top 5% of earners from these figures, the 'average brit' would seem to owe considerably more than is suggested here.

Much of the 'overspending' is as a result, one way or another, of the high cost of housing.

Apparently, high house prices are good, but high debt levels are bad!!!!

Wednesday, September 27, 2006 10:28AM Report Comment

2. J. B. M. C. said...

I actually thought it would be more than a 3k avergage. Still with low interest rates on secured debt and the prospect of only minimal IR rises no wonder people are still jumping on the property ladder.

Yet another reason why we'll see a market slowdown and not a crash.

Wednesday, September 27, 2006 11:02AM Report Comment

3. Surfgatinho said...

What's amusing about this article is it is excluding mortgages. So it paints a pretty grim picture without the even taking into account the main factor!

Wednesday, September 27, 2006 12:26PM Report Comment

4. paul said...

The BBC also features this not-too-much-of-a-surprise news, but jumps on it to add that the UK's "borrowing power" supasses eveyone else's in Europe.

The BBC - finding news ways to put a positive spin on really bad news since 1922!

Wednesday, September 27, 2006 01:16PM Report Comment

5. sovietuk said...

I noticed this as well, caught a gimpse of the story on BBC breakfast news this morning. The group of socially engineered presenters were also saying how other countries in Europe were accelerating their rate of borrowing at a rate exceeding the UK's giving the impression that we were'nt doing so badly after all.

Wednesday, September 27, 2006 01:35PM Report Comment

6. Northernlad said...

is it me or is there a big conspiracy?

Wednesday, September 27, 2006 06:55PM Report Comment

7. indiablue19 said...


To think this might be happening as part of ANY plan, even a conspiratorial one, would be giving the government at least some credit for being in nominal control of something. If this economic dementia is merely a random out of control chain of events which the government can't find a handle on at all, that's actually more damning than to think they've engineered the whole house of cards.

Wednesday, September 27, 2006 09:11PM Report Comment

8. Chilly said...

Transcript of the BBC Breakfast Business News 08:32 on 26 September 2006 regarding personal debt

Their main news story this morning led with Britain has become the borrowing capital of Western Europe, our debts are at record levels and theyre still growing, Britains have an insatiable appetite for credit, a third of all personal debt in Western Europe belongs to British consumers, the average European now owes 1,500 excluding mortgages in Britain that average is about 3,000.

Kate Silverton asks Manisha Tank (Declan's stand-in), how worried should we be?

Manisha replies (a complete word for word transcript), Well, it is quite alarming isnt it. We should be worried about the fact that there are a lot of people dealing with debt and its very stressful for them. The Consumer Credit Agency says that the number of calls they have received from people concerned about their levels of debt has risen by a fifth in the last year. However, that also shows you that in fact people are far more aware of how damaging it can be and they are concerned they want to do something to clear it. Debt can be good. Credit can be good. Its been good for the economy and the fact that we are able to get credit cards perhaps more easily than some countries in Western Europe the fact that here we actually have a tendency to get out there and want to spend has been really great for the British economy. Its been great for the markets as well. Uh, so there are plus points to this as well. Uh, just one last point for you, the Bank of England have said in fact that this level of borrowing in the UK has fallen now to a 12 year low so that is hugely encouraging.

So Kate. Now you know..

Wednesday, September 27, 2006 09:15PM Report Comment

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