How Much In Debt Are You?

[Barbarossa]

I know this is more UK news than World news, but anyway, maybe it's of interest to everybody..

Last night's Panorama programme on BBC1 was all about the levels of debt that we in the UK collectively have, it now mounts up to nearly a trillion pounds, that's over £15000 for every man, woman and child in the country. (I'm assuming this also includes mortgages&#33

One of the guys they were interviewing actually came out and said the levels of consumer debt being accumulated was the reason why the economy has stayed out of recession for the past couple of years.

I was quite surprised to hear this, as I have always done my best to stay out of debt and live within my means; currently all I owe is my mortgage (admittedly a little higher than I would have liked), but apart from that I'm clear, I own my car outright, and always make sure I pay my credit cards off completely every month.

But does this mean I am a bad person because I don't borrow lots money to buy nice things I can't really afford?

[MagicNakor]

It means you're earning enough money to be able to live from.

Other people aren't as fortunate.

[j2k4]

My debt is substantial.

Almost all medical.

[dingoBaby]

Colin - You are not a bad person. You are an intelligent person.

[Rat Faced]

Its a vicious circle at one end of the spectrum.

People borrow as they need the money, and then have to struggle to pay this debt off, often having to borrow more money to make ends meet.

The poverty trap is still alive and well in the UK.

Not all borrowing is because people want stuff now, and arent patient enough to wait.


How much of this Trillion are business loans though?

Business' borrow huge amounts.




Like j2k4, my debt is also quite substantial....I wouldnt mind if I'd been the one that spent it all

[RPerry]

even being out of work for 8 months only put me behind about $5,000. thats not bad considering I have seen worse from people who weren't unemployed

[Billy_Dean]

Nothing, not since I was 23, many, many moons ago.

If I can't afford it, I can't have it.

Medical is free here, so that helps, I suppose.

[UKMan]

Ive had substantial loans in the past - 2 businesses that didnt quite work out - but by pulling in the old perverbial belt, ive managed to pay off allmost all now. Its all too easy i think to borrow money - should be more controll, more pressure on the banks to check up.

The 80´s were terrible - money was free for all to borrow - then the IT branch made lots of promises - that burst wide open.

Looking forward to my meager pension and let those nurses take care of me

Peace
UKMan

[clocker]

Basically none.
I haven't used credit cards since the early eighties ( by choice) and have been fortunate health-wise.

Although I am possessed of the normal consumerlust, my financial circumstances are such that I pay cash for my purchases.
Things may take longer to get, but I have no nasty surprises at the end of the month.

[bigboab]

Originally posted by clocker@1 December 2003 - 18:22
Things may take longer to get, but I have no nasty surprises at the end of the month.

Wait till somebody contacts you from Chicago at the end of January.