£1 trillion debt

Former Member · July 2004

so i saw on the news that overall borrowing in the UK has nearly reached the 1 trillion mark, doesnt that strike you as obscene? why is everyone spending money they havent got? and when will the balloon burst? recession on the horizon surely..........?

Former Member · July 2004

This will all end in tears. We're all becoming too hedonistic and lavish.

Former Member · July 2004

Re: £1 trillion debt

Originally posted by apollo_69
so i saw on the news that overall borrowing in the UK has nearly reached the 1 trillion mark, doesnt that strike you as obscene? why is everyone spending money they havent got? and when will the balloon burst? recession on the horizon surely..........?

Worth remembering that the figure includes business debts, not just personal debt...

Former Member · July 2004

*yawn*

I'm in £15,000 of debt, and that is just so that I could have an education. It isn't people being "hedonistic", it is the Government of this country making it so that people have NO CHOICE but to borrow.

If one losesover 50% of one's wages in tax, one has to find the money from somewhere.

Former Member · July 2004

Yep, I'm £15,000 in debt from university as well.

Former Member · July 2004

Re: £1 trillion debt

Originally posted by apollo_69
the UK has nearly reached the 1 trillion mark,

see what happens when you let beckyboo loose with a credit card!

Former Member · July 2004

But the modern capitalist system we live in NEEDS people to spend spend spend - without consumers continuing to borrow the economy would have slumped in this country over the past 2 years. The system will fail unless we all continue to consume the world's resources at an unsustainable rate. Of course, the future implications of this are not good, but that's the nature of the beast.

Former Member · July 2004

I'm luckily only £2000 in debt, thanks mainly to me only getting a loan for one year at uni to supplement my wages.
I quickly realised however that if I stayed I'd be worse off so I quit.
I'm also lucky that an early age it was drummed into me to only buy things I can afford and to save up for things I wanted.

I do blame today's society, we live in a society where instant gratification is all that we need to be happy without realising the conscequences.

Former Member · July 2004

Originally posted by Whowhere
I do blame today's society, we live in a society where instant gratification is all that we need to be happy without realising the conscequences.

let me just rephrase that slightly ...

we live in a society where instant gratification is sold to us as happiness. pleasure is available around every corner ...at the touch of a button ...happiness is much harder to obtain and keep.
confusing pleasure for happiness is one of capitalisms greatest cons which has resulted in much unhappiness and fueled more need for pleasure.

Former Member · July 2004

What I wrote...but so much better. Thank you Mr Roll

Former Member · July 2004

yup i was taught not to spend what you havent got, but so many people get carried away with impulse-buying that they think will keep them happy, but in reality the misery of keeping up with all those monthly payments (with interest, naturally) outweigh the benefit.........

and yes getting a degree is costly, im £10000 down already but theres not a lot i can do about it, although i do plan to leave the country and never pay it back, teach that bum govt. to take away my grant. Surely education should be valued more highly than for instance military spending, pisses me right off.

so the IMF and World Bank need to do something surely, any ideas? if everyone's in debt then what are we borrowing against? i cant work it out..........

Former Member · July 2004

completly unpayable debt i swear is bankruptcy, and for a country it means erm HELL like in argentina, who are now resorting to workers taking over abandoned factories and bartering real goods instead of currency to keep their population fed etc

and borrwoing money is fine, when you know you can definetly pay it all off, but lots of people are borrowing beyond their means

Former Member · July 2004

Surely most people, average students need to borrow money at some point to better themselves, me included, when i go to uni this year i will be takin out a student loan. What i dont believe in is people being giving as many credit cards as they like, even if they have bad credit, and end up owing thousands, it goes to court and they claim they cant pay it, then end up with £10 a month payments on £5000 debts!:mad:

Former Member · July 2004

Why don't you just NOT BUY it???
That's what we used to do back in the day (I can't believe I said that, I'm only 21).
When I was at school/college if I couldn't afford it then I didn't buy it (this still applies now).
Whatever you want I can guarantee that you don't NEED it. If you live at home then there is very little you NEED to buy for yourself.
Before you goto the shop ask yourself if you really need it

Former Member · July 2004

Originally posted by Whowhere
Why don't you just NOT BUY it???
That's what we used to do back in the day (I can't believe I said that, I'm only 21).
When I was at school/college if I couldn't afford it then I didn't buy it (this still applies now).
Whatever you want I can guarantee that you don't NEED it. If you live at home then there is very little you NEED to buy for yourself.
Before you goto the shop ask yourself if you really need it

what gets me is ...you been realy looking forward to a new hi fi or new pc with big spec ...great when you get it but after a few weeks ...has it changed your life ...no.
'things' ...rarely give life changing results yet we all still clamour for new stuff.
much better for life satisfaction are travel ...adventours ...new faces ...interesting work ...(which i'm sure whowhere can confirm) 'things' ...aren't all they are cracked up to be ...they promise to fulfill but rarely do ,so what do we do ...move on to what else we can have ...what do i want now?
i'm sure we are all guilty of 'wanting' ...to some degree.
unfortunately the acyual getting wears off pretty quick.

£1 trillion debt

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