It is Obvious

Chris Rick has got altogether too much to say

The simple question

Posted by chrisrick13 on February 9, 2010

It is obvious.

Insolvencies last year in the UK were nearly 140,000.  This is in excess of 3 times the level in 1992, the time of the last big recession.

Since then the amount of personal debt has gone from £400bn to £1,400bn.  A lot of that is on credit cards at usurious rates.

During that time salaries have not done much.  Indeed my income has gone down as it has for many others.  Therefore 3 times the debt is being supported on the same income. 

Soon taxes will rise reducing the available income to pay off debt so that the government can pay of debt it has incurred on our behalf. 

Soon interest rates will rise making the cost of that debt a lot higher.

Soon a lot of people with no debts will lose their jobs and try to survive on their savings.

What will happen?

It is obvious.

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