Friday, August 24, 2007
US households now have company in the UK
According to some, the major problem in today's global financial system is that the rest of the world's households don't spend enough and the American consumers don't save enough. The Alliance of the Willing comes to the rescue. Seems like the first half of the problem is about to be solved... The Brits have got into the act:
Britons have racked up so much debt on loans and credit cards that the total borrowed now exceeds the entire value of the economy, new research shows today. The financial consultant Grant Thornton is forecasting that gross domestic product (GDP) will hit £1.33 trillion this year, less than the £1.35trn which was outstanding on mortgages, credit cards and personal loans in June.