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Britain’s £173 Billion “Debt Timebomb”
UK households are sitting on a £173 billion debt time bomb after once again being lured into a spending splurge by banks and credit card companies.
The startling rise in debt levels due to people splashing out on new cars, TVs, conservatories, luxury items, consumer goods and home improvements was uncovered in an investigation by Money Mail.
With a rise in interest rates imminent for the first time in more than eight years, fears are growing that many families will be left struggling with repayments.
The amount of borrowing being taken on by households continues to grow at a startling rate, spurred on by hundreds of offers for credit cards and loans.
Bank of England governor Mark Carney has sent a letter to all fund managers asking for reassurance they are able to deal with an anticipated rush of investors making emergency cash withdrawals to cover their mortgages and other debts.
Read more on the GoldCore blog
DAILY PRICES
Today’s Gold Prices: USD 1122.30, EUR 1002.50 and GBP 730.38 per ounce.
Yesterday’s Gold Prices: USD 1120.85, EUR 1003.49 and GBP 728.27 per ounce.
(LBMA AM)
IMPORTANT NEWS
Gold Climbs for Second Day on Dollar Weakness Amid Asian Rally – Bloomberg
Gold firms above 3-wk low as traders await Fed’s rate view – Reuters
Gold prices gain in Asia as investors cautious ahead of Fed next week – Investing.com
Palladium Poised for Biggest Gain This Month on Supply Threat – Bloomberg
Treasure hunter says he has found 100 tons of Soviet gold hidden from Nazis during WWII – RT Question More
IMPORTANT COMMENTARY
Platinum upgrade to golden reserve status seen as monetary alchemy – Reuters
Advice to Putin: Default on foreign debt, put reserves into gold and BRICs bonds – Goldseek.com
When Governments mess with the price of money… – Casey Research
Britain sitting on a £173bn debt time bomb – and with rates set to rise its ticking even louder – The Mail Online
Isle of Man tax haven with tailless cats becomes Bitcoin hub – Bloomberg
Read more News and Commentary
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Perspective: If 15% default rate, then it would be a £26 billion debt default; hardly a "time bomb". There are many time bombs out there however. I see the FED raising rates by .10% only to save face & maybe they begin to change the rhetoric as the IMF has warned about raising rates leading into an "official" QE4. Expect a vast media campaign to the tune of "Everything is Awesom"!
https://www.youtube.com/watch?v=StTqXEQ2l-Y (listen carefully to the lyrics at the 50 second mark)
my 2 cents. lived in London during the 1990's. went back in 2012 and was absolutely shocked with the abysmall state of the city; run down, lots of unrented buildings in prime areas etc. and apparently london is booming....
I am working in shitty little house in Tooting, not the best area, £1.1m!
Time for the housing bubble to burst and all the buy to let rentiers to get their greedy little fingers burnt
me thinks.
Have no fear, our printing presses were made when we could still manufacture things - they can keep up with the best of them!
Optimists are never pleasantly surprised. Everybody assumes that things will never change, and if you point out history to them, they'll tell you that was then and it's different this time. Sigh... it's different every time, but that doesn't keep it from happening again.....
Peanuts compared to the Debt American households are looking at.
Yes but the Dollar is the reserve currency, the Stirling is largely on it's own - even in Europe
Stirling is thermodynamics.
Sterling is money.
Money in name only; it use to have silver when it was money.
Great point. The UK can print for domestic purposes, but not for foreign purposes. The USA can print and buy oil or I-Phones. The UK must earn a trade surplus of FX to then buy oil and I-Phones.