Britons the biggest debtors in Europe how come ?

Question

seems like eveybody wants to marry banks the blind wish for connsummism and the wish of living with what they do not have.
engaged to the americanized systems where do u want to go from here?

Answer 1

Because we live in a must have, must get society. Has no one ever said to you, don't you think it's time to change your car, television, microwave etc?
This is the root cause of the problem, it used to be called keeping up with the Jones family but that was before credit cards and large overdrafts.
They will live and learn but it will be a bitter experience for these material slaves.

Answer 2

thats a very good question. I know that the price of real estate and renting causes part of the debt along with the price of an automobile. I don't have figures on the price of an automobile but a modest home will sell for 400,000 pounds in the uk which if converted into american dollars will work out to well over a half a million dollars. I think they are engaged to the american system whether they care to admit it or not. My uncle said to me recently that if I moved back to the uk where I was born - then I would have to make alot more money than I make in Canada in order to enjoy the same lifestyle as I have in Canada. I would have to give up alot to move there --- no car - not as much going out etc etc..

Answer 3

Because credit is easy to get & rates are currently low due to some reasonable handling of the economy over the last decade. It will not last as GB's balance of payments is getting larger (what the country sells versus what it imports). More use of credit forces up prices, the BofE reacts by increasing interest rates to try to counter inflation (you may have noticed it is creeping up), then, due to incredulously high property prices people -re-mortgage, to release built up equity, they pay off some debts....maybe....but likely spend more to keep up with the 'Jones's' & the problem gets larger. This happened in the late eighties but was amplified by other factors (notably an incomptent government). Slowly but surely the UK will implode financially.
So, UK has easy credit due to unsustainably high property prices, everyone thinks they are sitting on a 'sure thing' with property, but it is a time bomb not far from exploding.

Answer 4

The reason the British are the biggest debtors in Europe is simple,we want to spend it before Brown steals any more of our cash!

Answer 5

the cost of living here, balanced with the need to work for a decent standard of living, means debt is so easy to get into, ppl just want some luxuries for the hard work and all the tax they pay.. consumerism in UK is a way to beat the blues that most European countries don't have to face..

Answer 6

@ athene noctua - i trust this question is about why TURKEY is listed as a ecu u . s ., the question quite obviously does no longer ask " WHY IS the united kingdom listed AS A MEMBER OF EUROPE", you moron. So whose information is slightly lacking? Or did you answer merely to achieve 2 factors without truly interpreting the question incredible? As for the question itself, i imagine its quite stressful that Turkey are listed with present ecu individuals. i wish its lack of awareness on the area of someone at Reuters,and in no way a demonstration of issues to go back

Answer 7

Many be if we got rid of all the waste of spaces that trawl thru umpteen countries and come to England to sponge of our systems.............we would not have as much debt..the countries infra structure is getting dangerously close to falling in on its self, and tell me why we should NOT have items that we have worked damm hard for, it is just asinine to assume that we are blindly following anyone............

Answer 8

wish i knew howcome. i can`t even get a bloody credit card it`s not fair i demand my right to be as deep in debt as the rest of the country

Answer 9

Because the cost of living is so high.

Answer 10

Because we want it and we want it now