The Debt Trap

[garlok]

Found this on Yahoo this morning:-

>The debt trap time bomb - Yahoo! UK & Ireland Finance

And this intriguing quote was in the article:-

"When David Cameron tried to raise the issue in his address to the Conservative conference in Manchester (Frankfurt: A0ETDJ - news) , he was nobbled by advisers. The Prime Minister’s expunged comments were deemed "unhelpful".
The Treasury, it seems, prefers to avoid the matter lest the afflicted start doing something about it. As for the Opposition, how could it possibly get stuck in without reminding us on whose watch this disaster began?"

Tory party party advisors are a bit late. We, the afflicted are already doing something about it,.

Don't they read AAD???

regards
Garlok

[Never-In-Doubt]

Re: The Debt Trap

You make me larf mate

[SaltnVinegar]

Re: The Debt Trap

Thanks Garlok thats a very interesting article.

But it did not mention where this £1.5 trillion of debt is owed to - the very financial institutions that contributed to this crisis, but are profiting to the extreme from it.

Quote:

"According to the OBR, UK personal debt will grow by nearly 50 per cent between now and the end of this parliament. Come 2015, it is forecast to reach £2.12 trillion pounds. How can this be right? The average British adult already owes £29,500, about 123 per cent of average earnings. I thought we were meant to be getting a grip, not letting rip."

So if this is correct then both consumers and banks have learned nothing, unless of course this surge in personal debt is going to result because of the financial institutions increasing their rates of interest, or if mortgage payments increase if we see the likes of the days of 17% interest rates.

Someone is making a pretty profit from all this woe and its all visible to see if you visit Canada Square as to who those people are!

So we hit £2.12 trillion pounds in personal debt in the next couple of years - then what? Are we going to bail out the banks again when it all goes tits up?



No wonder consumers are starting to fight back.

SnV

[pompeyfaith]

Re: The Debt Trap

The Government would love to put interest rates up only this time around it is not so easy to do, however soon as there is a chance to do so they will go up that is a dead cert worth betting on.

That personally is no bad thing as far as mortgages go because lets face it we have never had it so low and it is only fair that savers should also see a return, however I do hope they do not return to the levels of the last conservative government as that would kill the housing market again.