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UK personal debt.....

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By (user no longer on site) OP   
over a year ago

Apparently it keeps climbing.

I'm not surprised!

One of my credit cards has just raised my credit limit to over £20k. My other card has a £12 k limit but just had a letter saying "as a valued customer" I can have a £25k loan at an APR of 4.7% (it says their representative APR is 7.9% but some people may get better).

Has anyone else got people throwing money at them? It can't be just me!

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By (user no longer on site)
over a year ago

It depends if you take it or not. I used to work for a credit card company and the amount of people who spent their limit and got an increase every 6 months only to spend it again was unreal. They had debt they'd never pay off

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By (user no longer on site) OP   
over a year ago


"It depends if you take it or not. I used to work for a credit card company and the amount of people who spent their limit and got an increase every 6 months only to spend it again was unreal. They had debt they'd never pay off "

I currently owe a small amount on one card. I could clear it but it's interest free until next year...so why would I? Just seems they are encouraging more debt....does nobody learn from the last crash?

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By (user no longer on site)
over a year ago


"It depends if you take it or not. I used to work for a credit card company and the amount of people who spent their limit and got an increase every 6 months only to spend it again was unreal. They had debt they'd never pay off

I currently owe a small amount on one card. I could clear it but it's interest free until next year...so why would I? Just seems they are encouraging more debt....does nobody learn from the last crash?"

Nope they don't learn. Then they blame the banks for their situation when it was their choice to take the loans and increased limit

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By (user no longer on site)
over a year ago

The short answer is... There isn't one!.

The debt is an integral part of the current system and its managed to get to the point where it's now weighing it down.

I think there'll be contemplating a debt jubilee sometime soon or at least a new world currency, maybe in the style of the imf one which I think is called SDRs.

The interesting thing to watch will be how the Chinese deal with it in the next few years, being a communist dictatorship they have a distinct advantage over Western democracies in that there'll just use the line... Fuck it were not paying!

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By *igsteve43Man
over a year ago

derby

The banks only way of making money is for people to be in debt and it doesn't stop the if we all only bought what er could afford a lot of businesses would soon go under

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By *ophieslutTV/TS
Forum Mod
over a year ago

Central

It's standard policy - reduce state burden with a shift onto individual debt. It's been done before and creates the illusion of growth too.

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By (user no longer on site)
over a year ago


"Apparently it keeps climbing.

I'm not surprised!

One of my credit cards has just raised my credit limit to over £20k. My other card has a £12 k limit but just had a letter saying "as a valued customer" I can have a £25k loan at an APR of 4.7% (it says their representative APR is 7.9% but some people may get better).

Has anyone else got people throwing money at them? It can't be just me!"

I deliberately don't have a credit card.

A few years ago I totalled up the credit I could have got on all the (unused) cards in my wallet.

£275,000. Totally ridiculous amount and thank God I didn't use it.

Putting into perspective, at the time I could have bought 2 three bedroom houses.

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By (user no longer on site)
over a year ago


"I deliberately don't have a credit card.

A few years ago I totalled up the credit I could have got on all the (unused) cards in my wallet.

£275,000. Totally ridiculous amount and thank God I didn't use it.

Putting into perspective, at the time I could have bought 2 three bedroom houses. "

Credit Cards can be good if used properly and WILL BOOST your credit score

If you have 3 or 4 credit cards, use them regular and ensure they are fully paid off before your bill due date, you will watch your credit score rise rapidly

that is; until it reaches 999 then it stays there

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By *om and JennieCouple
over a year ago

Chams or Socials

I take people to Court for non-payment of debts.

I don't like credit but have 1 card for emergencies.

I also have a separate account for my bills so I know how little I have to play with for the month.

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By *erbyDalesCplCouple
over a year ago

Derbyshire

Mainly it's not about credit cards though, it's mortgage lending (with, presumably car financing second). So debt is increasing simply as house prices rise.

Besides, it's all hunky-dory while interest rates are at 0.5%, the fun starts when these start to rise...

(Our first mortgage was at 15½% )

Mr ddc

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By (user no longer on site)
over a year ago


"It's standard policy - reduce state burden with a shift onto individual debt. It's been done before and creates the illusion of growth too.

"
.

That is the shift there'd like, however if you look at personal debt it collapsed after the 07/08 crises, now base money is created through debt and even more importantly if you pay off debt it has the effect of destroying money and it does it at the 10:1 ratio that it was created by, so what we actually got was alot of people paying off debt which reduced base money massively, this was the deflationary aspect and still is really as to why they couldn't get inflation going upwards.

The states(every country) stepped up their money creation by increasing their debt as an attempt to make up the short fall from private debt, this is really the argument by most economists on the austerity question.

The fundermentals are when the "state" trys to run a balanced book or worse still as the Tories would like a surplus, what your actually doing is taking money out of the private sector(the sector that actually is meant to create your wealth) so the private sector is hampered constantly by a deflationary currency.

Standard neo economic theory is that debt and credit are the same thing and that money plays no real role in economic activity, however they don't seem to grasp the problems that interest on debt repayment causes on the consumption side!.

The balance is very fine and the system can't live without debt, however it can't work with too much of it either and right now the world economy is drowning in debt that will just have to be cleared one way or another

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