Personal Debt

[nucastle]

Anyone looking to sell, would do well to price their houses to sell, instead of at levels where people are being put off (i.e. 'market' prices).

Look at what you want to sell it for, then swallow your pride and knock 10% off the price and sell it for that.

You'll be glad you did that 6,12,24 months down the line when NOBODY can sell and prices keep dropping.

[BlasterBates]

You might have a point there

[Bagpuss]

“It was so easy to get the loans and the credit that you almost think the goods are a gift from the shop,” she said. “You don’t fully realize that it’s real money you are spending until you actually sit down and consolidate your bills and then it’s a shock.”


People like this make me want to puke

[DimPrawn]

The report suggests that for affordability to return to its long-term average, house prices would need to fall 27pc.

Hooray! The bedsit above the kebab-shop in Peckham will no longer be £500K but a mere £365K.

I'll have two please.

[ratewhore]

Why's there a picture of Jack Bauers brother on page 2 of said article?

[Platypus]

People like this make me want to puke

Why? What did they ever do to you?

[Marina]

For most of the last decade, consumers here went on a debt-financed spending spree that made them the most indebted rich nation in the world, racking up a record £1.4 trillion in debt ($2.8 trillion) — more than the country’s gross domestic product.

By comparison, personal debt in the United States is $13.8 trillion, including mortgage debt, slightly less than the country’s $14 trillion G.D.P.

Possible dodgy statistics (NYT not mine!) alert

Isn't it better to compare personal debt with population rather than GDP?

Assuming the population of the UK and US is 60M and 300M respectively, the UK's average per person debt is almost the same as the US:

0.0466 = 2.8 / 60 < 13.8 / 300 = 0.0460

[Bagpuss]

Why? What did they ever do to you?

Nothing apart from exacerbate the financial crash that will effect us all

The 21st century will be defined as the era adults started behaving (financially) as children

[gingerjedi]

The report suggests that for affordability to return to its long-term average, house prices would need to fall 27pc.

Thus bringing house prices back to historical norms... winners and losers as per usual, move along, nothing to see.

[Sysman]

How many times have I heard that before, including recently muttered by myself

I expect the foreign housing markets relying on UK money will be hit hard.

The Spanish housing market hass been hit before by hard times in the UK. Perhaps France as well this time?