Question - Where's the money?

[d000hg]

If anybody is massively in debt and cannot finance repayments they have only themselves to blame. Personally, I have my lowest debt levels for years, achieved by living within my means.

Unless you become unemployed and can't get another job at a similar pay level.
Unless you become long-term ill or are injured seriously.

Also, where on earth do you get the idea people are smart?

[NickFitz]

Oh and I've got a quarter of a mill. And no you can't have any

I had

[DimPrawn]

DimPrawn and threaded have got it all.

HTH

WHS

[Cyberman]

Loans, overdrafts and mortgages are payable on demand. As the banks run dry they are calling in loans particularly business loans even though the borrower has paid on time and regularly.

Those are 'normal' debts and will always occur. The post refers mainly to personal debt which has exploded since Gordon deregulated the banks and banks started lending vast amounts for mortgages that people had no chance of paying once interest rates hit almost 8%.

[Cyberman]

Unless you become unemployed and can't get another job at a similar pay level.
Unless you become long-term ill or are injured seriously.

Also, where on earth do you get the idea people are smart?

Unemployment is a fact of life and worst-case scenarios should be envisaged when taking out loans. Too many people did not allow themselves any leeway for saving for a rainy day, or for covering increases in mortgage interest rates. Unfortunately, Gordon did not save either because he thought the good times would never end !!!

[Ivor Bigun]

That's only been true since Brown started interfering.

Before Brown, banks had similar amounts on deposit and lent out. What they obviously lacked was the liquidity to pay everyone at once.

But that wasn't really a confidence trick, because everyone accepts that's how banks were supposed to work. I save £100 and earn interest because the bank lends it back out to someone else at a higher rate.

Safe for work - what money actually is.
- the video doesn't start until 10 seconds in
http://video.google.com/videoplay?do...74362583451279

[GreenerGrass]

Its in China and Japan.

Yup, and some of the OPEC countries.

[expat]

Cyberman This user is on your Ignore List.

I took the hint, and now don't quote him so as not to thwart people who Ignore him.

[Cyberman]

I'm dreadfully in debt.

I owe the CC company £83.79.

Good man.... I mean reptile !! I always pay my CC balance off each month and haven't incurred interest or late payment charges for years.

[oracleslave]

I always pay my CC balance off each month and haven't incurred interest or late payment charges for years.

Fascinating. Your mom must be so proud.