10 thoughts on “HERE WE GO AGAIN…”

  1. Happy New Year.

    This story may not be all it purports to be. Increasingly people are shopping online. You pay with cards. I buy stuff in other countries. I pay with cards. There are insurance benefits if you buy a holiday online. Its smartest to pay with a ccard. Many businesses are refusing cash any more, and as I said previously, cheques are going to die out. I get asked frequently about paying commercial bills with ccards – which was extremely rare 30 years ago.

    So the gross amount of money on credit cards, although it is classed as consumer credit, may not in fact signal a rise in indebtedness, but rather a shift in the methods people use to do their shopping. It may not be a good measure of what we are being told it is measuring.

    There is another issue. Savings rates are derisory. You are lucky if you can get 1% on savings. That is lower than inflation. So its actually probably cleverer to spend all your money rather than to save it. The amount of excess savings in the country chasing a return helps to boost stock market and house prices. All is not what we get told – huh, nothing new there.

    I feel like a character in some horror tale at times. Now I have learned to question absolutely every story I read I cannot seem to take anything at face value. It is maddening. I get no relaxation from reading “news” any more. Just the wheels whirring trying to work out what the actual story is.

    Liked by 1 person

    1. I accept that people do use credit cards for more things these days. I’ve a 1% cashback on my credit card, so I use it for more or less every purchase now and immediately I get home, pay it from my current account, now that they have reduced the balance on which they pay interest (and reduced the interest rate). It makes sense to do that.

      I’m wondering how many people are just keeping that credit card debt to the end of the month and will pay it all off. £2 452 per person would suggest it would take most of January’s salary to clear. Interest rates are ridiculously low, of course, for a variety of reasons, one of which is the fact that there would be a breakdown in the housing market if they put them up. However, as far as I know, the interest on credit card “loans” is ferociously high. Banks are desperate for you to use them and chalk them up some earnings.

      Of course, all is not as it seems, but we do seem to be a heavily indebted nation and surely even if only 50% of the £66 billion, in a nation of 66 million, it’s a scary amount of debt.

      God only knows what will happen when inflation takes off seriously, as it is predicted to do, and credit card interest rates rise.

      Fortunately, Munguin’s millions will start earning him the kind of money he could afford to retire on… but then what shall I do for a living? 🙂


  2. Proverbs 22:7
    The rich rules over the poor, and the borrower is the slave of the lender.

    Ezekiel 18:13
    Lends at interest, and takes profit; shall he then live? He shall not live. He has done all these abominations; he shall surely die; his blood shall be upon himself

    And so sayeth the Lord

    Liked by 1 person

    1. Well, that’s the rich bankers stuffed then, Niko. They shall not live?

      There should be some good wills coming up then. I wonder if I’m mentioned in any of them?


    2. Yeah, Jesus *really* didn’t like money lenders.

      There’s a story about him flogging them off the temple steps at easter, that somehow has lost favour in easter broadcasting.

      Liked by 1 person

  3. Westminster could always step in and rescue us, 66 billion, peanuts when it comes to quantitative easing, well they didn’t have a problem helping the bankers out, and Westminster is directly responsible anyway.
    I’m with davidbsb, sceptical of any pronouncements on the state of the nation, or should that be family of nations.


    1. Yes, I suppose they could. But they wouldn’t.

      I’m sceptical too, but this is something from the FT rather than the Daily Record, so it has a bit more gravitas in my book, and it came to me via a QC who is a tax expert, so again that adds some gravitas.

      I suppose you might say family of nations, given that so many families are dysfunctional.


  4. Dysfunctional, yes, a very good description of the UK. I think I have developed hyper cynicism, there’s no cure. I can’t help but wonder at why the Governor of the BOE would state the obvious, people are becoming poorer, they borrow, use credit cards to make up the short fall, a deliberate policy of the Westminster government. His statement would to my mind carry more weight if he stated the reasons why, rather than just the result.
    The new format is great.

    Liked by 1 person

    1. Yep, I can see that… and I think it is a great idea to be cynical. The trouble with Brits is that they take too much as it is for granted.

      Of course, when you become poorer what you should do is cut back and of course i know that many people are cutting back (and there are many at the bottom who have no choice) but money borrowed either has to be paid back, or it has to be defaulted upon.

      Of course the governor of the bank of England is part of the establishment on a massive salary with an unbelievable pension. He’s hardly likely to be standing up for Mr Ordinary.

      I wonder what they could do. Take people’s credit cards away? That would just mean collapse of the economy in another way as everyone stopped buying.

      Dysfunctional is exactly what the deal is.

      Glad you like it. I have to say I preferred the old one, but it was shut down for some reason, and they won’t engage with me over it.


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