Tuesday, April 17, 2012

They will need to create a lot of new money to pay that back!

DEBT STATISTICS – APRIL 2012 SUMMARY

Outstanding personal debt stood at £1.457 trillion at the end of February 2012. This is up from £1.452 trillion at the end of February 2011. Individuals owed nearly as much as the entire country produced during the whole of 2011. Outstanding secured (mortgage) lending stood at £1.249 trillion at the end of February 2012. This is up from £1.241 trillion at the end of February 2011. The estimated average outstanding mortgage for the 11.2m households that carry mortgage debt stood at £111,358 in February.

Posted by khards @ 09:09 AM (1530 views)
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7 thoughts on “They will need to create a lot of new money to pay that back!

  • Khards, I filled up with Diesel, yesterday and it cost £69.45.

    I know a lot of folk who have debts like the article says – they seem quite unconcerned. “Someone will do something”, they say. Perhaps they depend on our nanny state too much?

    For a funny article on firemen & seabirds see:
    http://nannyknowsbest.blogspot.co.uk/2012/04/health-and-safety-at-carshalton-ponds.html

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  • Money is debt. One man’s debt is another’s asset. As such, the money to pay it off already exists, well bar the interest anyway but we can always borrow that into existence.

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  • mark wadsworth says:

    This is splendid news – the flipside of interest paid by households is all that lovely “wealth” created by the hard working hard pressed bonus bankers; and of course lovely high house prices which also make us so much richer. And you’re quibbling about the fact that this all has to be paid for by people at the bottom? That’s how Home-Owner-Ism works, this is what people want.

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  • So that is £2.69 Trillion (exc. interest) to be paid back by 65 million people during their 50 year working life..

    With interest, lets call it £4 trillion / 65 million people = £62,146 over a 50 year working life.

    That is around £1,243 a year each which doesn’t seem that bad until you look at the distribution of the wealth and debt.

    If you wanted to clear all of the debt, you would need to print £80 billion per for the next 50 years.

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  • If you cleared all the debt you’d have no (well very little anyway) money.

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  • general congreve says:

    Only around 30k per adult then. Obviously a little bit more if you’re working, as you have to also bear the burden of the OAPs, disabled, housewives, unemployed etc.

    Sure it’ll all be fine.

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