The problem in a nut shell: savings versus debt
5 Feb 2010 [0 Comments | 426 views]
Saving is back. Turn on the TV and you are hit by one ad after another telling you how good it is to save. Saving has replaced retail therapy as the most fun you can have with your clothes on. Okay, maybe saving isn’t that good, but Brits are waking up to the joy of [...]
Insolvency levels set to soar as government introduces bankruptcy-light
7 Apr 2009 [3 Comments | 68 views]
There are going to be record levels of insolvency this year, predicts KPMG.
But it seems that 2009 will be characterized by a new form of insolvency too, with KPMG predicting 50,000 people turning to a kind of bankruptcy-light option made available by the government.
Brits repay debt
2 Apr 2009 [0 Comments | 71 views]
Brits reduced the total size of mortgage debt by around £8bn in the final quarter of last year, according to a Bank of England data release yesterday. So it seems we are finally repaying our debts.
Mortgage lending to fall to zero: solution is not what we are being told
26 Nov 2008 [3 Comments | 85 views]
Well, the Crosby report published yesterday suggested that mortgage lending could actually fall to zero, or even go negative.
You can almost smell the panic over the ether.
Household debt overtakes GDP
3 Sep 2008 [1 Comment | 94 views]
You know there is this thing called a Credit Crunch – which presumably means credit is hard to come by. Well, explain this. In July 2008, UK personal debt exceeded GDP.
According to Credit Action, personal debt at the end of July 2008 stood at £1,449bn. This has increased 6.9 per cent in the last 12 months, which equates to an increase of ~ £93bn. According to the latest data, GDP currently stands at £1,410bn, having increased by 5.1 per cent over the past year. In short, we owe more than we earn.
Total secured lending on dwellings at the end of July 2008 stood at
