It's getting bigger

STEED · 08-23-07, 01:03 PM

£1,330,000,000,000

The above is consumer debt in the UK

It's far to easy taking out of these loans, let us not forget the Government told people to spend there way out of a slump and they did now look at this mess.

bradclark1 · 08-23-07, 01:30 PM

As of the end of 2006, the total U.S. federal public debt was $4.9 trillion.
Thats with 1,112,542 bankruptcies, down 1/3 from 2005 because of changes to the law.

fatty · 08-23-07, 01:38 PM

USA has 5x the population though so per capita it isn't quite so bad.

bradclark1 · 08-23-07, 01:41 PM

Quote:

Originally Posted by fatty

USA has 5x the population though so per capita it isn't quite so bad.

Yeah. I thought about that after I posted. I'll change it a bit.

lesrae · 08-23-07, 03:00 PM

Quote:

Originally Posted by STEED

£1,330,000,000,000

The above is consumer debt in the UK

It's far to easy taking out of these loans, let us not forget the Government told people to spend there way out of a slump and they did now look at this mess.

My wife and I are still in £30,000 worth of personal debt, after paying off over £1,000 a month for 3 years +. Nobody held a gun to our head and made us take out the cards/loans/HP - it was our own stupid fault. Admittedly, the banks made it easy for us, but that's their job - I really can't see how you can blame the government for this one.

STEED · 08-23-07, 03:04 PM

lesrae,

They are only partly to blame not out right.

But they did encourage all to spend there way out of recession which was just voided.

SUBMAN1 · 08-23-07, 03:07 PM

Now you see why it ha become my personal goal of having a FICA score of '0'. I'm just the otherside of 800 right now, but my future I plan to have 0 - and this is not because I plan to have bad debt, but because I plan to not ever borrow money again. Period. I might go as far as to keep a VISA around or something for convienence, but that is about it.

So far, I'm doing quite good. American Express cancelled my card on me last year due to inactivity (Hadn't used it once for about 2 years). Maybe I can continue that trend and have another card cancel out on me for the same reason before the end of this year too! :p

The logic - I have a decent income, so why should I have one penny of debt to my name? It is just plain stupid since I would simply be financing my creditors Ferrari.

-S

Tchocky · 08-24-07, 08:12 AM

The current mess in debt markets is the straight result of a credit bubble.

The kind of thing you can see coming months off, but once it hits the papers it's a meltdown/crisis/Armageddon.

Mush Martin · 08-24-07, 08:13 AM

12 months from zero almost to the day

Skybird · 08-24-07, 08:24 AM

Quote:

Originally Posted by SUBMAN1

The logic - I have a decent income, so why should I have one penny of debt to my name?

I tell you why: for German anti-terror investigators you are fulfilling one criterion that makes you a terror suspect when you do not have a certain ammount of financial debts. I think it is like this in other countries as well. It is not normal - it is too inconspiciuous - if somebody does not have made some debts.

Tchocky · 08-24-07, 08:27 AM

That's me safe then

It makes suspect status quite desirable..

Takeda Shingen · 08-24-07, 08:32 AM

Quote:

Originally Posted by SUBMAN1

Now you see why it ha become my personal goal of having a FICA score of '0'. I'm just the otherside of 800 right now, but my future I plan to have 0 - and this is not because I plan to have bad debt, but because I plan to not ever borrow money again. Period. I might go as far as to keep a VISA around or something for convienence, but that is about it.

So far, I'm doing quite good. American Express cancelled my card on me last year due to inactivity (Hadn't used it once for about 2 years). Maybe I can continue that trend and have another card cancel out on me for the same reason before the end of this year too! :p

The logic - I have a decent income, so why should I have one penny of debt to my name? It is just plain stupid since I would simply be financing my creditors Ferrari.

-S

Me too. The credit card is a pox on the American consumer.

Kapitan · 08-26-07, 06:09 AM

Well il be honest here, i am in debt i owe £5,000 on a loan and about £720 on a credit card, now im not in unmanageable debt i can afford the monthly repayments and im doing so.

Reason for the loan was to get a car pay the insurance and also have so money left to save which i did.

Main reason for taking out the loan was to build a credit history

Tchocky · 08-26-07, 08:39 AM

I don't see anything wrong with owing money, as long as you're not going insane with debt.
That said, I'd rather not owe what I do today, but I know I can pay it back.

mookiemookie · 08-26-07, 09:26 AM

Quote:

Originally Posted by Takeda Shingen

Quote:

Originally Posted by SUBMAN1

Now you see why it ha become my personal goal of having a FICA score of '0'. I'm just the otherside of 800 right now, but my future I plan to have 0 - and this is not because I plan to have bad debt, but because I plan to not ever borrow money again. Period. I might go as far as to keep a VISA around or something for convienence, but that is about it.

So far, I'm doing quite good. American Express cancelled my card on me last year due to inactivity (Hadn't used it once for about 2 years). Maybe I can continue that trend and have another card cancel out on me for the same reason before the end of this year too! :p

The logic - I have a decent income, so why should I have one penny of debt to my name? It is just plain stupid since I would simply be financing my creditors Ferrari.

-S

Me too. The credit card is a pox on the American consumer.

You both may want to rethink that...

http://www.bargaineering.com/article...ld-be-bff.html

08-23-07, 01:03 PM	#1
STEED Lucky Jack Join Date: Jan 2006 Location: Down Town UK Posts: 27,695 Downloads: 89 Uploads: 48	It's getting bigger £1,330,000,000,000 The above is consumer debt in the UK It's far to easy taking out of these loans, let us not forget the Government told people to spend there way out of a slump and they did now look at this mess. __________________ Dr Who rest in peace 1963-2017. To borrow Davros saying...I NAME YOU CHIBNALL THE DESTROYER OF DR WHO YOU KILLED IT!

08-23-07, 01:30 PM	#2
bradclark1 Ocean Warrior Join Date: Feb 2003 Location: Connecticut, USA. Posts: 2,794 Downloads: 29 Uploads: 0	As of the end of 2006, the total U.S. federal public debt was $4.9 trillion. Thats with 1,112,542 bankruptcies, down 1/3 from 2005 because of changes to the law. Last edited by bradclark1; 08-23-07 at 01:41 PM.

08-23-07, 03:04 PM	#6
STEED Lucky Jack Join Date: Jan 2006 Location: Down Town UK Posts: 27,695 Downloads: 89 Uploads: 48	lesrae, They are only partly to blame not out right. But they did encourage all to spend there way out of recession which was just voided. __________________ Dr Who rest in peace 1963-2017. To borrow Davros saying...I NAME YOU CHIBNALL THE DESTROYER OF DR WHO YOU KILLED IT!

08-23-07, 03:07 PM	#7
SUBMAN1 Rear Admiral Join Date: Apr 2005 Posts: 11,866 Downloads: 0 Uploads: 0	Now you see why it ha become my personal goal of having a FICA score of '0'. I'm just the otherside of 800 right now, but my future I plan to have 0 - and this is not because I plan to have bad debt, but because I plan to not ever borrow money again. Period. I might go as far as to keep a VISA around or something for convienence, but that is about it. So far, I'm doing quite good. American Express cancelled my card on me last year due to inactivity (Hadn't used it once for about 2 years). Maybe I can continue that trend and have another card cancel out on me for the same reason before the end of this year too! :p The logic - I have a decent income, so why should I have one penny of debt to my name? It is just plain stupid since I would simply be financing my creditors Ferrari. -S __________________

08-24-07, 08:12 AM	#8
Tchocky Navy Seal Join Date: Jul 2004 Posts: 5,874 Downloads: 6 Uploads: 0	The current mess in debt markets is the straight result of a credit bubble. The kind of thing you can see coming months off, but once it hits the papers it's a meltdown/crisis/Armageddon. __________________ [SIGPIC][/SIGPIC]

08-23-07, 01:38 PM	#3
fatty The Old Man Join Date: Jul 2005 Location: Canada Posts: 1,448 Downloads: 10 Uploads: 0	USA has 5x the population though so per capita it isn't quite so bad.

08-24-07, 08:13 AM	#9
Mush Martin Eternal Patrol Join Date: Dec 2006 Posts: 4,398 Downloads: 4 Uploads: 0	12 months from zero almost to the day __________________ RIP Mush Tutorial

08-24-07, 08:27 AM	#11
Tchocky Navy Seal Join Date: Jul 2004 Posts: 5,874 Downloads: 6 Uploads: 0	That's me safe then It makes suspect status quite desirable.. __________________ [SIGPIC][/SIGPIC]

08-26-07, 06:09 AM	#13
Kapitan Sub Test Pilot Join Date: Mar 2005 Location: UK + Canada Posts: 7,130 Downloads: 77 Uploads: 7	Well il be honest here, i am in debt i owe £5,000 on a loan and about £720 on a credit card, now im not in unmanageable debt i can afford the monthly repayments and im doing so. Reason for the loan was to get a car pay the insurance and also have so money left to save which i did. Main reason for taking out the loan was to build a credit history __________________ DONT FORGET if you like a post to nominate it by using the blue diamond Find out about Museum Ships here: https://www.museumships.us/ Flickr for all my pictures: https://www.flickr.com/photos/131313936@N03/ Navy general board articles: https://www.navygeneralboard.com/author/aegis/

08-26-07, 08:39 AM	#14
Tchocky Navy Seal Join Date: Jul 2004 Posts: 5,874 Downloads: 6 Uploads: 0	I don't see anything wrong with owing money, as long as you're not going insane with debt. That said, I'd rather not owe what I do today, but I know I can pay it back. __________________ [SIGPIC][/SIGPIC]