world credit
Posted on 11/25/2007 8:30:13 PM PST by Flavius
Families are stretched to the limit of their borrowing capacity, with personal debt having almost doubled since the turn of the century, an independent report warns today.
As borrowers default on their debts in growing numbers and banks and building societies try to recoup their losses, annual fees on credit cards will become standard, the report says. These would equate to up to £30 a year.
Despite the prospect of annual charges and higher interest rates on monthly bills, many people are likely to have to use their credit cards more often to meet the rising cost of mortgage repayments.
(Excerpt) Read more at telegraph.co.uk ...
world credit
I wish....I just entered low 8s
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68,100.74 USD |
Low 8s what?
Why would credit card debt grow to pay mortgage debt?
That seems a bit backwards to me.
Payoff credit card debt in full and on time every month.
No exceptions.
Not a word on how much their assets, income and tax burden changed in the same period. The level of debt is a worthless metric unless the broader financial context can be known.
It’s backwards alright but definitely the pattern in the U.S. recently also.
Rest assured their house values and income didn’t go up much and their taxes didn’t go down much.
"The average adult now owes £33,000 through mortgages, credit cards and personal loans compared with £17,000 in 2000, the international accountancy firm PricewaterhouseCoopers claims."
Considering that includes mortgages, that seems kind of low.
It just shows how relatively few people are paying on mortgages compared to the total number of adults.
Considering that UK real estate prices make real estate in Greenwich Connecticut look like a bargain, this is actually very low. I have never been able to figure out how the British manage.
I'm into high 5s myself.
my personal debt as a portion of my LLCs and Corp S and C entitities
is low 8 figures....i remember the old sarcastic adage about if I was only worth what I owed...lol
chain of car washes and self storage etc
private....
sometimes I wake up at 4 in the morning second guessing myself....my loan to value is healthy but still, it gives me pause...I’m not a Mellon, it still feels like a lot of personal debt to this 50 year old father of 5 and head of an extended clan of 11 who depend on me for food on the table...not to mention employees...and I am lucky in that regard..
one good thing...I doubt at this age i’ll ever owe 100 million.....but you never know do ya?
Probably so, but no judgment can be made without the context.
People don’t understand do they, if you are self employed it sometimes takes a lot of money on the table to make money.
Give ‘em more loans. Asians will underwrite them. ;-)
I was more comfortable taking big risks at half my age though I am pretty much a bricks and mortar sort these days unlike in the 80s when I would venture the farm.
I’m envious of young people with stellar education like good law or medical jumping right out into comfortable salaries...it’s the smart move if one has the aptitude
It’s fun to be the master of your own universe but the various taxing entities and the banks or instituional lenders require their own reckoning
I never planned on what I do now...lol.....I lived a life of adventure the first 20 years of adulthood
I thought I’d cashed out two years ago, but I’m forced back into rolling the dice again on some relatively big stuff. I simply am too old and my resume too long to get a job at Starbucks, so strangely I’m doing things with lot’s of zeros behind them because I can’t do the small stuff - go figure.
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