Britain's debt epidemic worsens

mkpdavies · 03-11-2006, 04:17 PM

http://news.scotsman.com/latest.cfm?id=1624332006

Quote:

LONDON (Reuters) - Britain's debt epidemic has worsened, with the number of people in serious difficulties increasing by 400,000 in the past six months, figures showed on Thursday.

A total 8.4 million adults, a fifth of the population, now have unsecured debts of 10,000 pounds or more -- up from 8 million in April, according to debt consultancy Thomas Charles.

There may be trouble ahead.

brian pearson · 03-11-2006, 04:28 PM

Seems to me that virtually our whole economy is based on credit. I tried to buy a computer with cash and the assistant did not know how to process it. After 15 minutes of trying to sell me the thing over four years I gave up and went elswhere.

Nothing wrong with credit but the amount we are in is unsustainable.

Edward Longshanks · 05-11-2006, 05:44 PM

An economy built on credit, sucking in foreign goods to sustain a consumer led boom, will inevitably go bust. The Tories and New Labour have together just about sold all the family silver as well as destroyed Britain's manufacturing base. Still the "financial services" sector and allied industries will continue to prosper and with a cheap flow of labour from the new EU countries to keep profits up, no doubt we will continue to be told by our "independent" press that all is well. They said that in 1929. :shock:

John Carter · 05-11-2006, 06:46 PM

A few days back, I had a conversation with a leftie (I know, I know. Living dangerously, etc.). Upside of the conversation was that he thinks the economy is doing brilliantly.

:roll:

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03-11-2006, 04:28 PM	#2 (permalink)
brian pearson Senior Member Join Date: Dec 2005 Location: nottinghanshire Posts: 744	Seems to me that virtually our whole economy is based on credit. I tried to buy a computer with cash and the assistant did not know how to process it. After 15 minutes of trying to sell me the thing over four years I gave up and went elswhere. Nothing wrong with credit but the amount we are in is unsustainable.

05-11-2006, 05:44 PM	#3 (permalink)
Edward Longshanks Senior Member Join Date: Sep 2005 Location: Bucks Posts: 625	An economy built on credit, sucking in foreign goods to sustain a consumer led boom, will inevitably go bust. The Tories and New Labour have together just about sold all the family silver as well as destroyed Britain's manufacturing base. Still the "financial services" sector and allied industries will continue to prosper and with a cheap flow of labour from the new EU countries to keep profits up, no doubt we will continue to be told by our "independent" press that all is well. They said that in 1929. :shock:

05-11-2006, 06:46 PM	#4 (permalink)
John Carter Uber Member Join Date: Mar 2005 Location: On Sabbatical Posts: 5,110	A few days back, I had a conversation with a leftie (I know, I know. Living dangerously, etc.). Upside of the conversation was that he thinks the economy is doing brilliantly. :roll: