Monday, February 1, 2010

Spending/borrowing culture? Where…?

Demand for credit back on the rise

New borrowing on credit cards, loans and overdrafts has outstripped the amount being paid back by UK consumers for the first time since June. And what with the higher interest payments! Why worry about debt, tax payers will bail everyone out!

Posted by markj69 str05 @ 10:43 PM (1488 views)
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10 thoughts on “Spending/borrowing culture? Where…?

  • markj69 str05 says:

    I’m guessing it’s just the xmas phenomenom. So long as mortgage rates remain extradordinarily low, then repayments will no doubt increase again.

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  • “Why worry about debt, tax payers will bail everyone out!”

    This f**k**g tax payer won’t bail out the ba**a*ds!

    B**L*cks to them.

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  • Apologies for the rant and language @2 but after the events of the last 18 months to 2 years, as a saver, I’m sick and tired of being sh*fted.

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  • @mr g

    Better get used to it, I’m sorry to say. Achieving inflation beating saving looks harder than ever for most of us and I expect that monetary policy will be tilted in favour of banks and mortgage borrowers for quite a while.

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  • 3.

    You let them do that to you?

    No wonder you feel sore! There has been ample opportunity to stick it back to the man, with more to come.

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  • £52m is nothing for national Christmas spend. The genuinely surprising thing is that it wasn’t much, much higher – not that the BBC will mention that though.

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  • The only news is that we have reached a ceiling on growth via credit expansion, the last phase of which was driven through freakish levels of house price inflation. In the face of this, monthly figures like this are close to meaningless, and in a recession, no doubt in part an expression of payment for essentials.

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  • Mark Wadsworth says:

    Markj69: “tax payers will bail everyone out!”

    Nope.

    Taxpayers will bail out The Hallowed Hardworking Mortgage Borrower and the banks, and out of political necessity the depositors. Ornery credit card debtors are seen as the scum of the earth and will be left to fend for themselves. The trick is converting uncouth and unworthy and shameful credit card debts into Lovely Shiny Responsible Mortgage Debt.

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  • @6. “no doubt in part an expression of payment for essentials.”

    Yes…mortgages and rent. Someone said it before, credit is replacing disposable income.

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  • [email protected] “There has been ample opportunity to stick it back to the man, with more to come.”

    Would you care to enlarge on that please?

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