Brits are using higher wages to pay off credit card debt

[webfact]

Brits are using higher wages to pay off credit card debt
By Tim Wallace

Shoppers feel better off now that prices are flat and pay is rising, although mortgage borrowing is still rocketing as house buyers make the most of low interest rates

LONDON: -- British households are using higher wages to pay off their credit card debts, rather than relying on the plastic for their shopping, in the latest sign that the economy is performing well.

At the same time businesses are reducing their reliance on the banks by borrowing directly from investors such as pension funds and insurance companies through the capital markets.

Both developments are signs that the UK could be moving on from the pre-crash mentality of relying heavily on banks to fund consumption and investment.

Credit card debt repayments almost exactly matched new borrowing at £9.5bn in September, although interest payments meant overall credit card debt edged up by £67m to £41.4bn.

Overall unsecured borrowing, including loans and overdrafts, increased by £116m in the month, the slowest pace for 12 months.

Full story: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/11955696/Brits-are-using-higher-wages-to-pay-off-credit-card-debt.html

-- The Telegraph 2015-10-27

[trogers]

And so the higher wages are used to reduce debts and not for increasing consumption or economic growth.

[Brit_Doggie]

I'm a brit pls explain to me what is debt and more to the point what is a credit card, I vaguely remember a similar situation now let me think oh yeah I divorced the wife no more debts and tore up credit card but kept hers hehe.

Edited October 27, 2015 by Brit_Doggie

[darren84310]

And so the higher wages are used to reduce debts and not for increasing consumption or economic growth.

Are you the kind of person to find only bad in any situation?.... Or maybe you vote Labour and don't like to hear any good news that the Tories bring?

[elgordo38]

And so the higher wages are used to reduce debts and not for increasing consumption or economic growth.

Are you the kind of person to find only bad in any situation?.... Or maybe you vote Labour and don't like to hear any good news that the Tories bring?

England could take a lesson from Canada. Unfortunately Labor went from bad to worse in choosing a new leader. Socialism has to blend with Capitalism to make things work.

[cookee68]

And so the higher wages are used to reduce debts and not for increasing consumption or economic growth.

Are you the kind of person to find only bad in any situation?.... Or maybe you vote Labour and don't like to hear any good news that the Tories bring?

Maybe the Tories are talking shit, just to make people think they are delivering, only yesterday was they over ruled on one of their stupid budget plans,

[JetsetBkk]

Overall unsecured borrowing, including loans and overdrafts, increased by £116m in the month, the slowest pace for 12 months.

Nice that overall unsecured borrowing is increasing at a slower pace.

I had credit cards and paid them off every month. Then I retired early to Thailand.

I wonder if the two are connected?

.

Edited October 27, 2015 by JetsetBkk

[hugh2121]

And so the higher wages are used to reduce debts and not for increasing consumption or economic growth.

Are you the kind of person to find only bad in any situation?.... Or maybe you vote Labour and don't like to hear any good news that the Tories bring?

Maybe the Tories are talking shit, just to make people think they are delivering, only yesterday was they over ruled on one of their stupid budget plans,

Somebody is talking sh1t but it's not the conservatives this time.

[darren84310]

And so the higher wages are used to reduce debts and not for increasing consumption or economic growth.

Are you the kind of person to find only bad in any situation?.... Or maybe you vote Labour and don't like to hear any good news that the Tories bring?

Maybe the Tories are talking shit, just to make people think they are delivering, only yesterday was they over ruled on one of their stupid budget plans,

Somebody is talking sh1t but it's not the conservatives this time.

Yes, because these figures are by the credit card companies, also record employment, lowest inflation, higher wages... but of course you will always have those at the bottom of the pile whinging if they aren't getting a free loading lifestyle, you will also get the Liberal Left Wingers moaning at anything that the Tories do because they just hate them.... They are happier seeing a nation totally dependant on them, whereas the Tories want a nation of independence.