Like/Tweet/+1
Latest topics
» Old Film Trailers (to 2009)
by Neon Knight Yesterday at 22:25

» Animals - News & General
by Neon Knight Yesterday at 22:13

» Real Time Lightning Map
by Sary Sun 19 Aug - 18:47

» Favourite Film Scenes
by Neon Knight Sat 18 Aug - 21:46

» Now listening to . . .
by Neon Knight Wed 15 Aug - 21:59

» Tommy Robinson
by Neon Knight Mon 13 Aug - 23:56

» Radioactive milk 32 years after Chernobyl disaster
by Neon Knight Sun 12 Aug - 22:58

» The Doomsday Clock
by Neon Knight Mon 6 Aug - 22:07

» Monty Python Scenes & Sketches
by Neon Knight Mon 6 Aug - 21:44

» Following the Progress of Germany's AfD Party
by OsricPearl Fri 3 Aug - 22:10

» Austrian identitarians go on trial
by Neon Knight Wed 1 Aug - 23:30

» Godzilla .V. Cthulhu
by Aëlwenn Tue 31 Jul - 20:53

» Using Thee, Thy, Thou & Ye
by Neon Knight Tue 31 Jul - 19:02

» Song Cover-Versions & Originals
by Neon Knight Sat 28 Jul - 23:50

» Distances Between European Languages
by OsricPearl Fri 27 Jul - 20:51

» Reincarnation
by Neon Knight Thu 26 Jul - 22:16

» Nationalist Artwork
by Neon Knight Wed 25 Jul - 23:48

» Project to put Sadiq Khan balloon over London
by Neon Knight Wed 25 Jul - 17:42

» Over-consumption of earth's resources continues
by Neon Knight Tue 24 Jul - 19:39

» The Baltic Sea Anomaly - solved at last?
by Neon Knight Sat 21 Jul - 21:14

» Israel declares itself a Jewish state
by Neon Knight Sat 21 Jul - 16:05

» I wrote a book
by Neon Knight Thu 19 Jul - 22:07

» Origin of the Terms 'Left' and 'Right' in Politics
by Neon Knight Thu 19 Jul - 8:12

» What wi-fi would look like if we could see it
by OsricPearl Thu 19 Jul - 3:12

» Cockerels on Church Steeples
by OsricPearl Wed 18 Jul - 15:03

» Ronnie James Dio Appreciation Thread
by Neon Knight Thu 12 Jul - 21:47

» 700,000 migrants wait in Libya to cross the Med
by Neon Knight Tue 10 Jul - 23:42

» Beautiful Feminine Art
by Sary Fri 6 Jul - 1:02

» Dr. Asperger is believed to have sent many children to their deaths
by Sary Sat 30 Jun - 0:57

» Personality traits linked to political orientation
by Neon Knight Fri 29 Jun - 12:41

» Does France have a wolf problem?
by OsricPearl Tue 26 Jun - 3:30

» New & Recent Film Trailers (2010 +)
by Neon Knight Sun 24 Jun - 22:16

» Fishing tribe evolved for deep water diving
by Neon Knight Sat 23 Jun - 23:20

» Hungary Refuses to Sign Migration Declaration
by Neon Knight Wed 20 Jun - 8:31

» Steam tells the SJW's to Stuff it.
by frankhammer Tue 19 Jun - 16:41

» New exhibition of JRR Tolkien's art in Oxford
by Sary Tue 19 Jun - 0:40

» Chinese village reclaimed by nature
by Sary Sat 16 Jun - 22:21

» 42% support for a united Ireland in Northern Ireland
by Neon Knight Fri 15 Jun - 21:04

» Austria’s Kurz wants ‘axis of willing’ against illegal migration
by OsricPearl Fri 15 Jun - 3:04

» How will morality change in future?
by OsricPearl Thu 14 Jun - 3:12


Personal debt in Britain getting out of control

Reply to topic

View previous topic View next topic Go down

Personal debt in Britain getting out of control

Post Neon Knight on Fri 25 Aug - 23:40

http://www.dailymail.co.uk/news/article-4695080/Banks-fear-debt-crisis-default-rates-soar.html

Banks have reported the biggest surge in the number of customers missing loan repayments since the financial crisis. In the most worrying sign yet that household debt is out of control, high street lenders informed the Bank of England that default rates have soared on credit cards, personal loans, overdrafts and car finance.

Default rates on credit cards are expected to get even worse over the summer. According to the Bank of England's latest Credit Conditions Survey, 24.4 per cent more lenders reported default rates on credit cards rising rather than falling over the last three months. The picture is even more worrying on other unsecured borrowing, including personal loans and car finance, with 30.3 per cent more lenders reporting an increase in customers missing repayments.

Banks fear many customers will be unable to pay off these debts – particularly when interest rates finally rise from record lows. Rising inflation has also led to a fall in real wages, which is putting household budgets under pressure.

Wes Streeting, a Labour member of the Treasury Select Committee, said: 'For some time there have been warnings that the rise in unsecured borrowing is becoming unsustainable and Britain is on the brink of a household debt crisis. These figures confirm that this debt crisis has arrived, with a rise in people defaulting on their debts even before a rise in interest rates. We have a perfect storm here of rising borrowing, rising inflation and a rise in interest rates coming down the track.'

Former pensions minister Baroness Altmann said: 'This rise in default rates on loans and credit cards is another siren warning of trouble ahead for over-indebted consumers. Action to curb irresponsible lending should have been taken long ago.'



So why has the government not stopped all this excessive borrowing/lending and debt?

----------------------------------------------------------------------------------------------------------------------------------------------------------------------

Between the velvet lies, there's a truth that's hard as steel
The vision never dies, life's a never ending wheel
- R.J.Dio
avatar
Neon Knight
The Castellan

Male Posts : 1038
Join date : 2017-03-05

http://castle-europa.forumotion.com

Back to top Go down

re

Post Guest on Sat 26 Aug - 17:53

@Neon Knight wrote:http://www.dailymail.co.uk/news/article-4695080/Banks-fear-debt-crisis-default-rates-soar.html

Banks have reported the biggest surge in the number of customers missing loan repayments since the financial crisis. In the most worrying sign yet that household debt is out of control, high street lenders informed the Bank of England that default rates have soared on credit cards, personal loans, overdrafts and car finance.

Default rates on credit cards are expected to get even worse over the summer. According to the Bank of England's latest Credit Conditions Survey, 24.4 per cent more lenders reported default rates on credit cards rising rather than falling over the last three months. The picture is even more worrying on other unsecured borrowing, including personal loans and car finance, with 30.3 per cent more lenders reporting an increase in customers missing repayments.

Banks fear many customers will be unable to pay off these debts – particularly when interest rates finally rise from record lows. Rising inflation has also led to a fall in real wages, which is putting household budgets under pressure.

Wes Streeting, a Labour member of the Treasury Select Committee, said: 'For some time there have been warnings that the rise in unsecured borrowing is becoming unsustainable and Britain is on the brink of a household debt crisis. These figures confirm that this debt crisis has arrived, with a rise in people defaulting on their debts even before a rise in interest rates. We have a perfect storm here of rising borrowing, rising inflation and a rise in interest rates coming down the track.'

Former pensions minister Baroness Altmann said: 'This rise in default rates on loans and credit cards is another siren warning of trouble ahead for over-indebted consumers. Action to curb irresponsible lending should have been taken long ago.'



So why has the government not stopped all this excessive borrowing/lending and debt?

Never thought UK has such problem.

Guest
Guest


Back to top Go down

Re: Personal debt in Britain getting out of control

Post de Burgh on Sat 26 Aug - 19:07

Debt is a nasty thing... I wholeheartedly sympathize. Especially on a regional scale...

----------------------------------------------------------------------------------------------------------------------------------------------------------------------
'The most merciful thing in the world, I think, is the inability of the human mind to correlate all its contents. We live on a placid island of ignorance in the midst of black seas of infinity, and it was not meant that we should voyage far. The sciences, each straining in its own direction, have hitherto harmed us little; but some day the piercing together of dissociated knowledge will open up such terrifying vistas of reality, and of our frightful position therein, that we shall either go mad from the revelation or flee from the light into the peace and safety of a new dark age. [...]'
˜ H.P. Lovecraft
avatar
de Burgh
A knight of the castle

Male Posts : 117
Join date : 2017-06-10

Back to top Go down

Re: Personal debt in Britain getting out of control

Post Neon Knight on Sat 26 Aug - 23:15

This all began with the introduction of credit cards (in the 1960s I think). Combine that with the power of advertising and marketing and people will spend irresponsibly. I think it is one of the big evils of modern culture and persuasive advertising should be banned (if it's just simple and informative, that's okay). I don't suppose it could be kept off the internet but it could be policed on TV and radio and in magazines and newspapers. And, obviously, money lending should be much more restricted.

----------------------------------------------------------------------------------------------------------------------------------------------------------------------

Between the velvet lies, there's a truth that's hard as steel
The vision never dies, life's a never ending wheel
- R.J.Dio
avatar
Neon Knight
The Castellan

Male Posts : 1038
Join date : 2017-03-05

http://castle-europa.forumotion.com

Back to top Go down

Re: Personal debt in Britain getting out of control

Post Sary on Sun 27 Aug - 23:11

It is the same way here in the US. Most middle class people do not live within their means,they over spend and do not save for retirement. Working class folks living week to week to support the welfare class.

Every thing is so expensive and of course people desire to live a comfortable life,give things to their children,a little extra
Unfortunately the debt that this generation is accruing,will be a tremendous burden for our children and grandchildren.
avatar
Sary
A lady of the castle

Female Posts : 325
Join date : 2017-07-10

Back to top Go down

Re: Personal debt in Britain getting out of control

Post Neon Knight on Mon 28 Aug - 22:57

It seems to me that all this lending of money is a substitute for paying people fair wages. The rich want the rest to keep on buying goods and services to maintain profits so instead of paying them properly they lend them the money so they can profit on that as well through interest.

But also, I feel that many people's idea of what is essential and what is a luxury has become distorted. The old devil of greed and people chasing status. Will that never change?

What would be the consequence if money lending and credit buying was severly restricted or stopped altogether?

----------------------------------------------------------------------------------------------------------------------------------------------------------------------

Between the velvet lies, there's a truth that's hard as steel
The vision never dies, life's a never ending wheel
- R.J.Dio
avatar
Neon Knight
The Castellan

Male Posts : 1038
Join date : 2017-03-05

http://castle-europa.forumotion.com

Back to top Go down

Re: Personal debt in Britain getting out of control

Post Guest on Mon 28 Aug - 23:04

@Sary wrote:It is the same way here in the US. Most middle class people do not live within their means,they over spend and do not save for retirement. Working class folks  living week to week to support the welfare class.

Every thing is so expensive and of course people desire to live a comfortable life,give things   to their children,a little extra
Unfortunately the  debt that this generation is accruing,will be a tremendous burden for our children and grandchildren.

The situation almost similar in Hungary, just we don't have middle class. There are some rich & many poor ppl, and everybody wants to spend (e. g. with credit card).

Guest
Guest


Back to top Go down

.

Post Guest on Mon 28 Aug - 23:06

@Neon Knight wrote:What would be the consequence if money lending and credit buying was severly restricted or stopped altogether?

Great idea, it would be beneficial.

Guest
Guest


Back to top Go down

Re: Personal debt in Britain getting out of control

Post Sponsored content


Sponsored content


Back to top Go down

View previous topic View next topic Back to top

- Similar topics

Permissions in this forum:
You can reply to topics in this forum