Mudcat Café message #3044555 The Mudcat Café TM
Thread #133907   Message #3044555
Posted By: Smokey.
01-Dec-10 - 08:16 PM
Thread Name: BS: Who has all The Money?
Subject: RE: BS: Who has all The Money?
UK debt statistics

"Total UK personal debt at the end of October 2010 stood at 1,452bn. The twelve-month growth rate increased 0.1% to 0.8%. Individuals owe more than what the whole country produces in a year.

Total lending in October 2010 rose by 1.3bn; secured lending increased by 1.0bn in the month; consumer credit lending increased by 0.3bn (total lending in Jan 2008 grew by 8.4bn).

Total secured lending on dwellings at the end of October 2010 stood at 1,236bn. The twelve-month growth rate remained at 0.8%.

Total consumer credit lending to individuals at the end of October 2010 was 216bn. The annual growth rate of consumer credit increased 0.4% to 0.6%.

UK banks and building societies wrote off 9.9bn of loans to individuals in the last 12 months to end Q3 2010. In Q3 2010 they wrote off 1.83bn (740m of that was credit card debt). This amounts to a write-off of 20.10m a day.

Average household debt in the UK is ~ 8,556 (excluding mortgages)."

So what do the government do?

They lower interest rates to encourage more spending. Wonderful.