Vocal Voices

A report says that UK household debts are at £1.5tn - that is equal to £30,000 for every adult. Apparently 87% of the debt, about £26,000, is in the form of mortgages with the rest as overdrafts, other loans and credit cards.

I recognise that averages are strange things. Some will have higher mortgage debts where others will have higher CC and other loans debts, but crikey, £1.5tn between us cannot be healthy for the economy.

Here and Here

If you look at that second link, it talks about 10% and 20%. In fact the reserve ration for under $5m deposits currently stands at 3% in the US and the UK, which gives a money multiplier of 33. In other words for every £1 you save they can loan £33.

That is exactly where they money comes from. They invent it.... And we spend it.

Workingman wrote:A report says that UK household debts are at £1.5tn - that is equal to £30,000 for every adult. Apparently 87% of the debt, about £26,000, is in the form of mortgages with the rest as overdrafts, other loans and credit cards.

I recognise that averages are strange things. Some will have higher mortgage debts where others will have higher CC and other loans debts, but crikey, £1.5tn between us cannot be healthy for the economy.

It's the property and mortgage market which is out of control - £300K interest-only mortgages for first time buyers ...... as Suff intimates, it's all "invented" value.

We are cruising and spending our kid,s inheritance,
We still have some savings but we are enjoying ourselves while we can.
Providing we still get our state pension the government can try any other efforts to control the financial indusrty.

cruiser2 wrote:We are cruising and spending our kid's inheritance,
We still have some savings but we are enjoying ourselves while we can.

I don't blame you, mate.

AliasAggers wrote:

cruiser2 wrote:We are cruising and spending our kid's inheritance,
We still have some savings but we are enjoying ourselves while we can.

I don't blame you, mate.

Nor me.

With 'us' £1.5tn in debt, and the government another £1.6tn in debt, something will have to give, sometime,. Spend it while you can.