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Two-thirds of EU credit card debt is British

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    Two-thirds of EU credit card debt is British

    http://news.independent.co.uk/uk/thi...icle336255.ece

    "Britons in debt to the tune of £1.13 trillion ",


    at least bankruptcy is an easier option....

    "Bankruptcy has become an easier option for individuals in the past 18 months with the introduction of the 2002 Enterprise Act. For a fee of £500 most borrowers are freed of debt and bankruptcy ends after one year, though there may be continuing problems obtaining credit.",


    nuff said.

    Milan.

    #2
    Nuff said indeed.

    Enterprise act sounds like something intended to encourage enterprise, ie so that people who fail in business can get started again. Not necessarily a bad idea, I believe it is fairly easy in the US and they have a much better record in business success. But why is it used to help feckless individuals with personal debts?
    Last edited by xoggoth; 3 January 2006, 08:34.
    bloggoth

    If everything isn't black and white, I say, 'Why the hell not?'
    John Wayne (My guru, not to be confused with my beloved prophet Jeremy Clarkson)

    Comment


      #3
      morning Xog, happy new year.

      Simple answer, that's to keep the economy growing innit.

      No wonder economic growth is soooooo slow in the Euro zone, those countries have much stricter rules on the availability of credit.

      Milan.

      Comment


        #4
        Happy new year to you beans.

        I think if I had not got a new contract (bore) I would seriously consider starting a school to teach meanness. I never get into debt because I am extremely mean, I have always considered it a virtue.
        bloggoth

        If everything isn't black and white, I say, 'Why the hell not?'
        John Wayne (My guru, not to be confused with my beloved prophet Jeremy Clarkson)

        Comment


          #5
          Looks like the UK and the US are fuelling the economies with easy credit.

          Will it all end in tears?
          Well, I don't think the world can afford the US to go bankrupt, and the UK is piggy-backing on that.... quite clever. Meanwhile, continental european countries have a more penny-pinching attitude, which cripples their growth. So overall, the UK is probably right to do what it does.
          Chico, what time is it?

          Comment


            #6
            Happy and prosperous 2006 all!

            Your school of meanness is not a bad idea Xog. Just package it as a new and trendy lifestyle fad and you're off. I think I probably need to sig up!
            Hard Brexit now!
            #prayfornodeal

            Comment


              #7
              Beccy for Chancellor

              Milan.

              Comment


                #8
                would be nice Milan, I'd create lots of tax loopholes for you guys
                Chico, what time is it?

                Comment


                  #9
                  Beccy luv,

                  "I don't think the world can afford the US to go bankrupt",

                  what makes you so sure ?

                  Milan.

                  Comment


                    #10
                    Originally posted by milanbenes
                    Beccy luv,

                    "I don't think the world can afford the US to go bankrupt",

                    what makes you so sure ?

                    Milan.
                    America currently pays for cheap Chinese imports in anything but cash - it constantly defers payment using options / shares / stocks. This works, so long as the dollar is 'good' and the US is 'good' for its debts.

                    When Uncle Sam is seen as a bad debtor production and trade grind to a halt leading to unemployment. Unemployment is the most complete economic disaster.

                    Comment

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