It’s not just us in debt…
A while ago I mentioned that consumers were in debt. In Britain we owe 1.227 trillion pounds… (about $2.2 trillion, according to xe.com) that’s 1.015 trillion in secured debt (mortgages) and 211.6 billion in unsecured debt (credit cards, loans, overdrafts)… according to the Bank of England.
So, we’re in debt (up to our eyeballs). But who else is in debt?
Well, the government is in debt… either 500 billion (roughly), or a trillion depending on whether or not you include pension liabilities…
“With the net debt standing at £478.6bn and the pensions liability amounting to £530bn at the latest estimate last year, the decision (…to include liabilities…) would instantly catapult national debt above the £1,000bn mark. ” (source)
Oh, and don’t forget our companies…
“The public sector is not the only one with large deficits. The pension regulator’s first annual report, published yesterday, estimated that the UK’s top 350 listed companies have a combined deficit of between £250bn and £350bn.” (source)
So that’s OK then… just the people, the government and the top companies way in debt… just the odd £2.5 trillion ($4.66 trillion), equivalent to about 2.5 times what Britain earns each year! (its GDP… “The total market value of all the goods and services produced within the borders of a nation”)
I don’t know the figures for any other countries, but I doubt Britain is special in this regard… so, just as long as we all know everyone else is in debt too, we’re OK, right?
Hmmm… am I wrong in wanting to swim against this tide of debt?
