Personal debt in UK exceeds debt of Africa and S America combined

[wendigo100]

We passed this milestone a year ago, but I just read this from the BBC which puts it in context.

The amount of money Britons owe on credit cards, loans and mortgages has topped 1,000 billion pounds - £1 trillion.

This is equivalent to £17,000 of debt for every man, woman and child.

A trillion pound debt exceeds the whole external debt of Africa and South America combined.

What is worrying is that personal debt is rising exponentially, but without the counter of inflation to keep it under control in real terms.

So where will this lead us?

(And how about cancelling the debts of UK consumers, Bono?)

[Lucifer Box]

However, as The Economist pointed out this £1,000,000,000,000 of debt is secured against £3,000,000,000,000 of assets so it's not a problem in its own right, macro-economically speaking. Although it might be bad for Mr & Mrs Scum when they can't pay back their £25k Ocean Finance loan, the country is unaffected.

[n5gooner]

However, as The Economist pointed out this £1,000,000,000,000 of debt is secured against £3,000,000,000,000 of assets so it's not a problem in its own right, macro-economically speaking.

Yep I'd agree with this - I have in excess of £1.3m debt - but this is secured against £3.2m of assets - not a problem!

£1,000,000,000,000 is banded around, but it will grow - it always does....

[milanbenes]

flippin' 'ell mate you're doing well

Milan.

[Francko]

Milan:

debt != financial instability

You should have done that basic course in finance.

[milanbenes]

franko put your fecking specs on

what the feck have I said about debt and financial instability ?

Milan.

[Francko]

Oi Milan. Does it really matter if you have .NET in your pocket?

Take as much debt as you want as you might be a millionaire.

However, from a good knower of cars, and just to steer the subject, what do you think of the BMW series 1?

[n5gooner]

prefer my s-type - bit more class.........

[milanbenes]

well, I have to admit, in the beginning I didn't like the BMW 1.

but...

although one of those would never be on my shopping list, I think
it makes a great alternative for the status concious to that box of
nonsense the A class.

Milan.

[milanbenes]

gooner,

two things,

a, s type does not have class

b, anybody who uses the would class in this context does not
have good taste

Jags in general, no thanks - the charriot of choice for pub landlords
across the country, says it all really

Milan.