mjw Posted November 3, 2017 Share Posted November 3, 2017 ^^Look at me everybody.look what I wrote! 0 Quote Link to comment Share on other sites More sharing options...
Benjamin_Nevis Posted November 3, 2017 Share Posted November 3, 2017 Ah, Oakshit's back. I assume yet another colleague at McDonald's has been promoted ahead of him. Splendid. 0 Quote Link to comment Share on other sites More sharing options...
Baxter Parp Posted November 3, 2017 Share Posted November 3, 2017 9 hours ago, oaksoft said: TBF I think you will find the overwhelming majority of us have not borrowed beyond our means. Why do you think that and is there any evidence that you're correct? 0 Quote Link to comment Share on other sites More sharing options...
Suspect Device Posted November 3, 2017 Share Posted November 3, 2017 https://www.theguardian.com/money/2017/sep/19/public-inquiry-debt-mps-households £200bn debt pile. 8.3m people with debt problems. That looks to me like some people have borrowed beyond their means. Apart from me. And Oaksoft, apparently. 0 Quote Link to comment Share on other sites More sharing options...
Granny Danger Posted November 3, 2017 Share Posted November 3, 2017 oaksoft is correct (yes I did just type that). It is the minority of folk who have debt problems though some of them are fairly significant. That said at the last crash caused by sub prime mortgages in the US it was caused by a minority of people defaulting on their mortgages. Of course the real culprits were the financial institutions selling the mortgages then selling the bundled instruments on. The moral of the tale being we can be collectively fucked by the actions of the minority. That's nothing new btw. 0 Quote Link to comment Share on other sites More sharing options...
Suspect Device Posted November 3, 2017 Share Posted November 3, 2017 34 minutes ago, oaksoft said: 8.3 million people with debt problems means around 50 million who don't have problems. I would say that was the vast majority wouldn't you? You're right but 8m folk who are in deep shit is quite worrying. Egged on by cheap finance availability and a consumption culture they are storing up a large problem. Government could show the way but they have done exactly the same. Our economy is built on debt which cannot ever be paid off. One day. 0 Quote Link to comment Share on other sites More sharing options...
NotThePars Posted November 3, 2017 Share Posted November 3, 2017 Government debt isn't the same as household debt though. 0 Quote Link to comment Share on other sites More sharing options...
Granny Danger Posted November 3, 2017 Share Posted November 3, 2017 20 minutes ago, Suspect Device said: You're right but 8m folk who are in deep shit is quite worrying. Egged on by cheap finance availability and a consumption culture they are storing up a large problem. Government could show the way but they have done exactly the same. Our economy is built on debt which cannot ever be paid off. One day. I’m pretty sure that one of the things Trump has actually managed to do is to reduce the effectiveness of legislation that was put in place after the last crash to minimise the chances of it happening again. #MAGA 0 Quote Link to comment Share on other sites More sharing options...
welshbairn Posted November 4, 2017 Share Posted November 4, 2017 2 minutes ago, oaksoft said: People are going to have to accept personal reponsibility for the mess they have got themselves into. There is no way any government can bail out anything like 8 million people and to be honest they shouldn't even try. The people who lose out most will be those they owe money to. £850 billion in 2008 probably covered that number of customers at failing banks. 0 Quote Link to comment Share on other sites More sharing options...
welshbairn Posted November 4, 2017 Share Posted November 4, 2017 They covered uncontrollable liabilities of £800 billion while the people who created the mess walked away with personal fortunes, about the same in value as the austerity measures introduced so far, around £80 billion. 0 Quote Link to comment Share on other sites More sharing options...
Granny Danger Posted November 4, 2017 Share Posted November 4, 2017 F*ck sake , oaksoft is becoming a paradody of himself. He’s unravelling and heading for a serious breakdown. Hopefully it will happen soon. 0 Quote Link to comment Share on other sites More sharing options...
Antlion Posted November 4, 2017 Share Posted November 4, 2017 6 minutes ago, Granny Danger said: F*ck sake , oaksoft is becoming a paradody of himself. He’s unravelling and heading for a serious breakdown. Hopefully it will happen soon. Becoming? 0 Quote Link to comment Share on other sites More sharing options...
Granny Danger Posted November 4, 2017 Share Posted November 4, 2017 1 minute ago, Antlion said: Becoming? Unbecoming? 0 Quote Link to comment Share on other sites More sharing options...
Zetterlund Posted November 4, 2017 Share Posted November 4, 2017 The original point from Suspect Device wasn't suggesting that a majority were borrowing beyond their means now, it was that many would be up the creek if we ever returned to the mortgage rates of old. Which is most likely true. The thing about the fiat money system is that it depends on debt for growth, so we have to keep borrowing and spending to keep the economy growing. The boom & bust cycle is the inevitable result. 1 Quote Link to comment Share on other sites More sharing options...
NotThePars Posted November 4, 2017 Share Posted November 4, 2017 That can't be right. Gordon Brown had assured us of the end of boom and bust. ETA tbf we've lost the boom aspect so maybe he was correct. 1 Quote Link to comment Share on other sites More sharing options...
Suspect Device Posted November 4, 2017 Share Posted November 4, 2017 8 hours ago, Zetterlund said: The original point from Suspect Device wasn't suggesting that a majority were borrowing beyond their means now, it was that many would be up the creek if we ever returned to the mortgage rates of old. Which is most likely true. The thing about the fiat money system is that it depends on debt for growth, so we have to keep borrowing and spending to keep the economy growing. The boom & bust cycle is the inevitable result. We can just grow a much big bubble the next time. All central bankers and all governments are complicit in this growth of unsustainable debt growth, whether it's companies, banks, governments or personal debt. Some day it will go pop. I can see no sensible way out of it. We are all living in a Micawberist fantasy thinking that something will turn up. It always has so it always will. Yes??? 0 Quote Link to comment Share on other sites More sharing options...
Baxter Parp Posted November 6, 2017 Share Posted November 6, 2017 On 03/11/2017 at 17:28, oaksoft said: See suspect device's post for the proof. TBH I am surprised this wasn't simply obvious anyway. Including under 18s who can't get into debt is as dishonest as you are. 1 Quote Link to comment Share on other sites More sharing options...
strichener Posted November 6, 2017 Share Posted November 6, 2017 2 hours ago, Baxter Parp said: Including under 18s who can't get into debt is as dishonest as you are. Under 18s certainly can get into debt. They may not be held liable for debt from credit agreements but they certainly can run up student debts, rent arrears, fines and other non-regulated financial debts. 0 Quote Link to comment Share on other sites More sharing options...
Baxter Parp Posted November 6, 2017 Share Posted November 6, 2017 10 minutes ago, strichener said: Under 18s certainly can get into debt. They may not be held liable for debt from credit agreements but they certainly can run up student debts, rent arrears, fines and other non-regulated financial debts. Thank you for this utterly useless information - from the article: "The £200bn of debt amassed on credit cards, personal loans and car deals". 0 Quote Link to comment Share on other sites More sharing options...
strichener Posted November 6, 2017 Share Posted November 6, 2017 1 hour ago, Baxter Parp said: Thank you for this utterly useless information - from the article: "The £200bn of debt amassed on credit cards, personal loans and car deals". You are welcome. Always happy to correct the shite that you post. 0 Quote Link to comment Share on other sites More sharing options...
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