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1988 All over again


onlyme

Debt poll (ANONYMOUS)  

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Can't do this for long. Surprised not already mentioned.

https://www.thesun.co.uk/money/6875699/british-families-have-more-money-going-out-than-coming-in-for-the-first-time-in-30-years-and-80billion-in-loans/amp/

DEBT CRISIS 

British families have more money going out than coming in for the first time in 30 years — and £80BILLION in loans

UK households took out almost £80bn in loans last year sparking fears of a new debt crisis

By Lynn Davidson, Whitehall Correspondent

27th July 2018, 12:46 am

Updated: 27th July 2018, 5:09 am  

BRITISH families spent £900 a year more than they made last year – sparking fears of a fresh borrowing crisis.

 

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sancho panza
1 hour ago, onlyme said:

BRITISH families spent £900 a year more than they made last year – sparking fears of a fresh borrowing crisis.

 

You do wonder what data the CB's watch................I'd be interested in the data and whether it's sifted for demogrpahics.I suspect younger cohorts are doing much worse than older ones.

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UnconventionalWisdom
1 hour ago, Bear Hug said:

It will be worse.  Debt is now the norm for most, starting from their student loan.

And they have even less money from their income  because of the repayments on their stupidly high student loan. 

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50 minutes ago, Banned said:

Presumably this excludes the 40 billion or so the govt borrowed over the last year.

Yes, this is just personal balance sheet. 

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goldbug9999

Well this is I'm afraid the inevitable result of private rental sector being dominant in the provision of housing for people on low incomes. Rents will always rise to soak up all disposable income of the lowest paid. Any unexpected cost (car needs some expensive work etc) or big ticket purchase will have to funded by debt. The second effect of such a dominant private rental sector is bidding up home purchase prices with credit underwritten by the aforementioned gouging rent levels.

 

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Strange. The government are already briefing the media that they're going to be rising rates next week http://www.thisismoney.co.uk/money/news/article-6000007/Interest-rates-set-time-2009-economy-improves.html

That Sun article is poorly timed. Someone's either not happy or made a booboo. Or perhaps that's their idea, to fill the old media with scare stories like this. 

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Bricks & Mortar

It's not a scare story.  It comes from the ONS and is reported throughout the MSM.  The workers in the ONS are publicly employed statisticians.  Their output is liable to be challenged by any political party that disagrees with it, and frequently is.  Therefore, they make sure they have the best data they can get to back up their work and aim for a high standard of professionalism.

Raising rates will hurt these people, (the indebted).  But a falling pound because we've lagged the US in raising rates will raise the cost of imported goods (we're already lagging considerably) - and that'll hurt everyone.

The government isn't briefing they'll be raising rates.  It's the BoE who do that in any case, and the decision is a vote, yet to be taken.  If anything, it's Thisismoney who are printing the scare story - as talking up an interest rate rise can cause the markets to react in such a way that the decision makers decide its not necessary.  (Although, I doubt they'll be taken in this time - my call is rates to rise).

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House prices/rent prices is everything that is wrong about our country.. If people have no money to spend except to service a mortgage or rent then there is no economy.. 

if generation rent are spending all their cash on shelter, then they will retire penniless.. and as the article points out they are not saving any money in pensions either.. 

This is storing up huge problems for the future as housing benefit is already £27 billion.. 

GREED is the problem.. Government and bankers the cause.. 

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What worries me?  The shortfall is £25billion, and there are 25 million households -- so, about £1,000 per household.  Good maths.

But loads of households are in the positive.  Pensioners, particularly, are doing relatively okay.  I'd really like to know the median 'working (age) normal household' debt.

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10 hours ago, Bricks & Mortar said:

It's not a scare story.  It comes from the ONS

The war of the technocrats between the ONS and the BoE broke out in public when the former was openly defiant in the face of the latter's claims that Q1's 0.1% GDP growth was down to the weather. The timing of the report is not convenient at least. The ONS seems to be functioning as another lever to keep rates low, effectively, dressing up sentimental arguments in statistics.

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I've added an anonymous poll just to see about the state of DOSBODers debt affairs. If anyone doesn't want to vote then that's understandable.

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38 minutes ago, spunko2010 said:

I've added an anonymous poll just to see about the state of DOSBODers debt affairs. If anyone doesn't want to vote then that's understandable.

Is it truly anoymous or can you see on the backend xD ?

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Cosmic Apple

I've gone for net debt of £0 as savings outstrip my 0% CC and 2.19% (small, fixed) mortgage debt. If interest rates went up quickly I'd pay off the debt before the fixed terms ended.

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3 minutes ago, The XYY Man said:

I That's a canny achievement mind - since I've had at least two wives who spent money quicker than the love child of Viv Nicholson and Gordon fucking Brown...!!!

 

How may ex wives have you got?

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XYY, you crack me up :D

My mortgage is joint between my 'common law' wife and me. We have savings that will cover the remaining mortgage which is still significant.

I don't want to pay off the mortgage with savings though and leave us with no liquidity, because who knows when I'll be out of work again for a while !

Several people consider us 'rich', my missus doesn't even pay tax she earns so little and I'm not a 40% tax payer. But, we don't spunk money on shit and I fix everything, the house, cars etc etc. I even fix other people's houses and cars for some pocket money. 

I guess rich = not in debt these days O.o

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Bricks & Mortar
22 hours ago, darkmarket said:

The war of the technocrats between the ONS and the BoE broke out in public when the former was openly defiant in the face of the latter's claims that Q1's 0.1% GDP growth was down to the weather. The timing of the report is not convenient at least. The ONS seems to be functioning as another lever to keep rates low, effectively, dressing up sentimental arguments in statistics.


Could also be used to justify a rate increase - in order to encourage more saving,  less borrowing?  But, whichever way the rate setters choose to view it, I'll agree its timing means it'll be in their minds on decision day.

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Chewing Grass
On 27/07/2018 at 20:56, onlyme said:

Can't do this for long. Surprised not already mentioned.

https://www.thesun.co.uk/money/6875699/british-families-have-more-money-going-out-than-coming-in-for-the-first-time-in-30-years-and-80billion-in-loans/amp/

DEBT CRISIS 

British families have more money going out than coming in for the first time in 30 years — and £80BILLION in loans

UK households took out almost £80bn in loans last year sparking fears of a new debt crisis

By Lynn Davidson, Whitehall Correspondent

27th July 2018, 12:46 am

Updated: 27th July 2018, 5:09 am  

BRITISH families spent £900 a year more than they made last year – sparking fears of a fresh borrowing crisis.

 

Ties in nicely with this I screen-shotted earlier today.

1165903671_Screenshot-2018-7-29GoogleNews.png.610c076022a5910c55d6554ea1481a56.png

Apparently the economy is doing so well they are going to raise interest rates - supposedly.

Also ties in with the Banks adjusting their T&Cs on credit cards that was posted last week in one of the threads.

All the local muppets are driving Mercs round my way these days, but then again we are only talking A & C-classes.

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8 hours ago, Admiral Pepe said:

Is it truly anoymous or can you see on the backend xD ?

It's being resold to a marketing company as we speak. Expect phone calls! 

I'm in the upper ranges of the results which I suppose isn't that shocking as I've not had a mortgage for long. Think I need to start overpaying again...

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10 hours ago, spunko2010 said:

It's being resold to a marketing company as we speak. Expect phone calls! 

I'm in the upper ranges of the results which I suppose isn't that shocking as I've not had a mortgage for long. Think I need to start overpaying again...

Was that you just now on the phone pretending to be from Microsoft? Apparently my computer is infected with a dos bod virus and I have to login to my online banking to clear it. Sorry I couldn't help you with that but I'm with the TSB. 

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I wonder where this data comes from?

i remember ten years back some woman with a clipboard asked me a lot of questions and one of them was how much I had in savings etc. I told her a pack of lies.....

 

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