How long before Britain implodes?

  LastChip 13:22 10 Jul 2007

Rising debt, interest rates and a consumer lead society is leading to a debt burden never before seen in this country.

click here for an article that in the main I believe is well written and agree with.

The reality is, debt at this level is leading to a far more complex social situation that if I wrote for the rest of this year, couldn't give justice to. The interaction between debt, peer pressure, crime and all sorts of other components is mind boggling.

How do you all see the medium term future?

  crosstrainer 13:41 10 Jul 2007

I think one of the most concerning aspects of this is that it's hard to see where the leaders of tomorrow will come from. Whilst I'm not implying that all of the younger generation lack motivation, are possesion driven and have no interest in the future of the country, It seems that a high proportion are this way inclined.

Does this mean anarchy? I hope not, but your point is well taken, and a wake up call. If we fail our young people, Britain could well (as you state) implode.

  GANDALF <|:-)> 14:19 10 Jul 2007

'It seems that a high proportion are this way inclined.' has always been this way since time immemorial.


  newman35 14:32 10 Jul 2007

Successive generations are invariably 'better off' (financially anyway!) and their elders are usually jealous of this ("When I was a boy we didn't have.....").
We'll get over it, as all previous ones have!

  TopCat® 19:59 10 Jul 2007

Personal debt in this country is currently at a very high level click here and I reckon the bubble will start to burst sooner than later. The latest debt statistics shown are in my opinion unsustainable. I also think there will be at least one other bank rate rise before this year is out. TC.

  realist 21:45 10 Jul 2007

Debt is no longer a stigma and seems to be actively encouraged by uncontrolled misleading advertising of "loans" of the "pick up the phone and how much do you want...£100,000?" variety, aided and abetted by the govt. making it easy for an individual to make their debts supposedly "disappear" by entering into a voluntary bankruptcy arrangement.

  Forum Editor 23:34 10 Jul 2007

when interest rates were far higher than they are now, and one of the reasons they got that way is because there was concern about mounting levels of debt.

As a nation we are wealthier now that we have ever been, and getting wealthier, we'll cope with the present levels of debt, and to suggest that the country is in some kind of crisis because of personal debt is a wild overstatement. Of course it would be great if credit card debt levels reduced, but only for those who are in debt - it would be a devastating blow to retail and manufacturing industries.

Provided we exert gentle pressure via the bank rate, and the lending institutions exercise a degree of restraint we'll be fine. I don't expect to see stockbrokers leaping from city skyscrapers, or mass bankruptcies in the population as a whole. Natural checks and balances will ensure that, in the medium to long term we'll be just fine.

  LastChip 22:38 07 Oct 2008

to my title of this thread.

I don't think it's over yet though!

If this isn't a crisis, I don't know what is!

  peter99co 22:49 07 Oct 2008

Never a lender nor a borrower be.

  lisa02 23:19 07 Oct 2008

That's impossible in a modern society and anyway the phrase (to me) refers to borrowing money of friends and family.... it's a sure way to fall out.

  peter99co 23:21 07 Oct 2008

Seems to be causing a lot of fall outs at the moment.

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