Did I hear this right about the crisis?

[heebeegeetee]

I was listening to the george Galloway show t'other night, and he had a financial bod on the show.

Now the medium wave reception in the vehicle i was driving was pretty dire, so i didn't quite hear properly a point he had made.

Did i hear him say "the amount of personal debt on average, as a percentage of the *value of the household* (that's the point or words i didn't quite catch - i took it to mean the value of the average household, ie value of equity in the home plus other assets).

Anyway, I thought i heard him say "the amount of personal debt on average, as a percentage of the value of the household, is 77% in the US, 45% in France and germany, 39% in Italy, but 97% in the UK.

Did i hear that right? Because if so, that is absolutely horrendous. What on earth has gone on here that had to be so different from the rest of europe? Or did i mishear and he said something else entirely? (Don't think he did though )

[Plotloss]

Yep, highest debt per capita in the Western World I believe.

Its come about through

Lack of regulation
A chancellor with an ego the size of Alaska
Cheap money

[thehawk]

You don't have to be that smart to see the difference.

In Europe people rarely use credit cards or cheap store loans, in addition there are many other differences. They are far less focused on consumerism and having the latest thing or best houses etc.

[Ordinary Bloke]

heebeegeetee said:

What on earth has gone on here that had to be so different from the rest of europe?

I believe UK personal debt exceeds the total debt of all other European nations combined. People bought stuff they couldn't afford, on finance, and didn't worry about how thet would pay it back. Good times, while they lasted...

[thehawk]

Ordinary Bloke said:

heebeegeetee said:

What on earth has gone on here that had to be so different from the rest of europe?

I believe UK personal debt exceeds the total debt of all other European nations combined. People bought stuff they couldn't afford, on finance, and didn't worry about how thet would pay it back. Good times, while they lasted...

You only have to look at some of the spending stats to see why - the UK is the biggest convertible car market in Europe, biggest market in Europe for Audi TT's - probably just the tip of the iceberg.

[heebeegeetee]

Ordinary Bloke said:

I believe UK personal debt exceeds the total debt of all other European nations combined.

Jeez, that cannot be right surely?

I've often said though, i could spend a week in France and see 1 audi TT, one Z4, One S2000 (and that belonged to the english couple who owned our gite), one MX5 and so on. Over here i'm told the UK is the biggest TT market in the world.

Spent a week in the northern third of spain recently. Saw one TT and nowt else. Even our Boxster was turning heads. We didn't see one other spanish registered Porsche.

[Parrot of Doom]

I would be interested to know if that figure included debt repaid in full each month - ie credit card users who pay the balance in full each month.

[Ordinary Bloke]

I'm not going to google it, but I believe it's true.

The whole economic miracle thing was a dream. The city made their bonuses gambling on Florida subprime mortgages and 125% mortgages for BTL-ers.

I'm stunned by the number of people who have interest only mortgages, no pension, credit card debts... but drive TT's and have Sky+, gym membership, big TV's, ski holidays, designer clothes...

[Airbag]

That's insane, lucky we Canucks are debt averse types!

[s3fella]

Ordinary Bloke said:

heebeegeetee said:

What on earth has gone on here that had to be so different from the rest of europe?

I believe UK personal debt exceeds the total debt of all other European nations combined. People bought stuff they couldn't afford, on finance, and didn't worry about how thet would pay it back. Good times, while they lasted...

Of course, the fact that our gods in "rip off Britain" were consistently higher than equivalent cost ont he continent did not help us, either!

[elster]

Plotloss said:

Yep, highest debt per capita in the Western World I believe.

Its come about through

Lack of regulation
A chancellor with an ego the size of Alaska
Cheap money

No it has come about because half of the population are retards, I don't think many could even tell you how much they owe.

[NoelWatson]

heebeegeetee said:

I was listening to the george Galloway show t'other night, and he had a financial bod on the show.

Now the medium wave reception in the vehicle i was driving was pretty dire, so i didn't quite hear properly a point he had made.

Did i hear him say "the amount of personal debt on average, as a percentage of the *value of the household* (that's the point or words i didn't quite catch - i took it to mean the value of the average household, ie value of equity in the home plus other assets).

Anyway, I thought i heard him say "the amount of personal debt on average, as a percentage of the value of the household, is 77% in the US, 45% in France and germany, 39% in Italy, but 97% in the UK.

Did i hear that right? Because if so, that is absolutely horrendous. What on earth has gone on here that had to be so different from the rest of europe? Or did i mishear and he said something else entirely? (Don't think he did though )

We are best placed to deal with the downturn that started in the US and is a global problem.

[GlenMH]

NoelWatson said:

We are best placed to deal with the downturn that started in the US and is a global problem.

Hi Noel

Interested to know your reasons for saying that. The reason is: from the outside of the UK it all looks as though it is going down the crapper fairly quickly....

Glen

[thehawk]

swerni said:

thehawk said:

Ordinary Bloke said:

heebeegeetee said:

What on earth has gone on here that had to be so different from the rest of europe?

I believe UK personal debt exceeds the total debt of all other European nations combined. People bought stuff they couldn't afford, on finance, and didn't worry about how thet would pay it back. Good times, while they lasted...

You only have to look at some of the spending stats to see why - the UK is the biggest convertible car market in Europe, biggest market in Europe for Audi TT's - probably just the tip of the iceberg.

Who would have thought it...........



That many hairdressers in one country.

There has to be, most wives these days need monthly haircuts that cost 350 pounds.

[NoelWatson]

GlenMH said:

NoelWatson said:

We are best placed to deal with the downturn that started in the US and is a global problem.

Hi Noel

Interested to know your reasons for saying that. The reason is: from the outside of the UK it all looks as though it is going down the crapper fairly quickly....

Glen

Sorry, I thought I was Gordon Brown for a moment.

http://uk.youtube.com/watch?v=lKz-aO6LU8s
http://uk.youtube.com/watch?v=VlmYctj_UzE

Indeed, we are utterly FUBAR.

[GlenMH]

NoelWatson said:

Sorry, I thought I was Gordon Brown for a moment.

http://uk.youtube.com/watch?v=lKz-aO6LU8s
http://uk.youtube.com/watch?v=VlmYctj_UzE

Indeed, we are utterly FUBAR.

I did wonder - it was such a change from your usual position on this kind of thread

[NoelWatson]

GlenMH said:

NoelWatson said:

Sorry, I thought I was Gordon Brown for a moment.

http://uk.youtube.com/watch?v=lKz-aO6LU8s
http://uk.youtube.com/watch?v=VlmYctj_UzE

Indeed, we are utterly FUBAR.

I did wonder - it was such a change from your usual position on this kind of thread

Just one more

http://uk.youtube.com/watch?v=sEyj9Ui6p20&feat...

[jeff m]

I wonder how much the company cars that aren't really company cars and number plates with the year on them contribute to this state of affairs.

Anyone know of any other country that ran out of numbers in (insert year)
We must have less numbers than other countries

[Mr Dave]

Does this figure include mortgages?

[Jasandjules]

NoelWatson said:

We are best placed to deal with the downturn that started in the US and is a global problem.

1. It's a recession. NO amount of Nu Laba "change everything so it doesn't sound so bad" speak will change that

2. What? How do you work that out? We are in a substantially worse position than the other G8 countries as I understand it (Ok, I've been out of banking a few years now, but the economy still remains the same system).