or perhaps because the masses all in debt expect as has been the case in the past that as so many are affected the government will bail them out perhaps drawing off wealth from those who were greedy/rich (delete as applicable) enough to save during their life and all in the name of fairness
careful with your savings, they'll have it off you in the future
Milan.
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Previously on "Two-thirds of EU credit card debt is British"
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Originally posted by milanbenes[url]"Britons in debt to the tune of £1.13 trillion "
It will come as a shock when they get to their sixties and realise they won't be able to fund retirement - and in many cases they are still in debt!
When I were a lad there was a growing culture of paying off debts and investing in PEPs and stuff, to build up wealth. That has dissipated over the past few years.
People don't think about their future wealth any more. And as there are so many others in the same boat, they feel some sort of comfort in carrying on like it.
Perhaps a painful recession would be good in the long run, because it might move attitudes in the other direction.
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Milan
Ask yourself what would happen if the US went bankrupt
Cheers
Rebecca
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Originally posted by NoddYAmerica 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.
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Originally posted by milanbenesBeccy luv,
"I don't think the world can afford the US to go bankrupt",
what makes you so sure ?
Milan.
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.
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Beccy luv,
"I don't think the world can afford the US to go bankrupt",
what makes you so sure ?
Milan.
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would be nice Milan, I'd create lots of tax loopholes for you guys
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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!
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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.
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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.
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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.
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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.
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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.
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