130% of 0 is 0

I’m amazed at consumers’ abilities to dig themselves very deep holes: Personal debt on brink of £1 trillion.

The predicted debt levels were described as alarming by Citizens Advice Scotland. Last February, it said a record number of Scots were now so seriously in debt they would never be able to pay back what they owed.

Can you imagine – to never, ever be out of debt? To never, ever save anything you earn because it all goes to interest payments? It boggles the mind. I’m boggled. Wow.

(‘Splains all those advertisements about managing and consolidating debt, though. Too bad it only means being beholden even more.)

5 Comments

  • neil says:

    When I was back in Scotia in January Danny was talking about how guys at work joke about how much they owe on their credit cards. Also I know more than one person who actively looks for balance transfer deals to dodge the interest payments! Nevermind, once the repo’s start it means it’ll be easier for me to afford to buy something! Cash, there really is nothing like it…

  • andrea says:

    You want to buy stuff second hand from the repo?

  • neil says:

    Houses lah! The banks auction them off after the kick everyone out. Same thing happens with cars I think.

  • andrea says:

    But… but it might have bad credit karma!

  • mdmhvonpa says:

    Heh, I used to work at a bank … MBNA (evil bastards), and I was required to do 4 hours of telephone support every month (more evil). The amount of debt people acquire astounded me. And the worst part was that our 'asset recovery' agents burned out so quickly that we almost reccomended bankruptcy so that we could recover the debt through the legal system at no cost. Ack! I no longer serve the Big Evil and NEVER CARRY A BALANCE. I'd sooner sell a kidney now than give up an eye, lung and testicle later.