Saturday, February 24, 2007

Yet more debt stories

Consumers hit by credit squeeze as debt spirals

High street banks are preparing to write off an unprecedented £6.6 billion as Britons default on a record amount of personal loans and credit card debt.

Posted by holding out @ 03:46 PM (584 views)
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4 thoughts on “Yet more debt stories

  • How much will it be next year and then the year after and then the year after that? How long will it before before banks start dipping in to people’s savings pots to cover other people’s reckless spending sprees.

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  • A credit squeeze is the first step in a recession – the first touch on the brakes after a prolonged period of steady acceleration. Before long, the speeding traffic grinds to a standstill as more people become aware of the increasing number of brake lights and react accordingly. It’s all unavoidable – if you remove all the economic speed limits and positively encourage people to keep their foot to the floor, then sooner or later you have one almighty crash.

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  • Soviet – they already are. Can guarantee that all banks will be following Llyods suit and be charging for standard accounts.

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  • japanese uncle says:

    Typical fee for an ordinary current account in Japan is 1 or 2 pounds per month, and their statements are as accurate as machines, unlike their UK counterparts. I am happy to pay one pound per month but not any more, particularly when customers are forced to cope with sub-contitent accents when they need to communicate with banks.

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