Wednesday, January 2, 2008

Xmas is over, now is the time for debt junkies to go cold turkey

Britons' personal debts are increasing by £1 million every 4 minutes

Total UK personal debt at the end of October 2007 stood at £1,391bn. The growth rate increased to 9.7% for the previous 12 months which equates to an increase of £122bn. Total secured lending on homes at the end of October 2007 stood at £1,169bn. This has increased 10.5% in the last 12 months. Total consumer credit lending to individuals in October 2007 was £222bn. This has increased 5.8% in the last 12 months.

Posted by converted lurker @ 10:34 AM (654 views)
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6 thoughts on “Xmas is over, now is the time for debt junkies to go cold turkey

  • tyrellcorporation says:

    Kick away the HPI foot stool and the neck cracking will start in ernest!

    HAPPY NEW YEAR!?!

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  • The government are utterly incompetant if you ask me and should have done much much more to steer us into calmer waters years ago. Nevertheless, they will have considered strategies for how they intend (to attempt) to get us out of this mess. Of course, they would never admit to it because they can’t but they won’t be sitting on their hands waiting for chaos to happen. I wonder what they have up their sleeve? Anyone care to guess? Considering the abyss into which we are staring I’m not filled with confidence that it’s going to be pretty. What’s the economic equivalent of Martial Law called? To be followed by, well, Martial Law itself????????

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  • I have a feeling that they’ll ‘pass’ on sorting this one out. They’ll prop things up as much as then can till the conservatives win the next election and then point the finger. I can just hear them now ‘Look what the conservatives have done with Browns miracle economy’.

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  • @ Wiltshire – they could lower interest rates, print more money, and spend it on infrastructure to create jobs. That’s what Hilary Clinton is planning on doing anyway. I’d be careful where you put your savings if I were you.

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  • I love your title, CL. Very witty!

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  • converted lurker says:

    Thanks Su, a tabloid career awaits eh? ;¬) Might be all that’s left after the mortgage Industry fully implodes

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