DAVE - "STOP SPENDING AND PAY OFF YOUR CREDIT CARDS"

[Cannydc]

I imagine that Britain's beleaguered High Streets are going to be pretty upset with this.

Many shops will be desperately hanging on for the Christmas rush in the vain hope they will be saved.

Now we can expect even more empty shops in out towns, come January.

Cheers, Dave - you sure know how to engender growth (not).

[Cactus Jack]

Canny You have to try to get into the mindset of Dave.

1 - UK private debt is still running very high and our banks are very exposed to it
(UK private debt makes Greek debt look AAA+ rated)

2 - If people pay off their private debt when banks margins are high and government interest rates are low his friends the bankers will make bigger profits, get bigger bonuses and give larger contributions to Tory funds.

The only problem is it won't work. If no-one is buying no-one needs to make so no-one earn so debts don't get paid and banks lose out anyway

[jaceylacey]

Well I think it is a sensible thing to do...families have lost the homes due to high loans and credit card debt.

[Courdelion]

What did we do before the credit card, simple, we saved up until we could afford to go buy whatever it is we wanted, This way you never owed anyone anything, Today people want everything instantly, it is part of our culture, I taught both my 2 not to have any debt and like my self only use a credit card for guarantees, like holidays or appliances,TVs etc. And to pay them off as soon as you get the bill. The same applies in my Business, I get some great discounts by paying up front.