Originally Posted by Richard46:
“As I said unsecured debt is a different matter. I would question though whether credit card debt can be really be equated with true unsecured debt. For instance if every adult in the country had the same amount as myself on cards over Christmas then there would be a lot more 'credit card debt' than £66 bn. However I like many others who use credit cards for the sake of convenience and security have many times the cash in savings to pay these balances off completely monthly; as indeed I have done for the last 40 years.
My credit card 'debt' no doubt shows as part of total credit card debt but in reality it is just evidence of an administrative convenience. Perhaps just a sign that less and less people use cash and cheques?
Better evidence that unsecured debt has been increasing here;
http://www.thisismoney.co.uk/money/c...k-England.html
I blame low interest rates mainly.
Edit 'The value of household savings – including deposits, savings and pensions' are somewhere north of £3000bn. (in fact they where £3,545 billion in 2014 last figures I could find). £66bn is a drop in that Ocean.”
“As I said unsecured debt is a different matter. I would question though whether credit card debt can be really be equated with true unsecured debt. For instance if every adult in the country had the same amount as myself on cards over Christmas then there would be a lot more 'credit card debt' than £66 bn. However I like many others who use credit cards for the sake of convenience and security have many times the cash in savings to pay these balances off completely monthly; as indeed I have done for the last 40 years.
My credit card 'debt' no doubt shows as part of total credit card debt but in reality it is just evidence of an administrative convenience. Perhaps just a sign that less and less people use cash and cheques?
Better evidence that unsecured debt has been increasing here;
http://www.thisismoney.co.uk/money/c...k-England.html
I blame low interest rates mainly.
Edit 'The value of household savings – including deposits, savings and pensions' are somewhere north of £3000bn. (in fact they where £3,545 billion in 2014 last figures I could find). £66bn is a drop in that Ocean.”
Thank you, excellent contributions
HNY





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