Re: NBC It's the economy stupid! NBC

[EMAIL PROTECTED] (Joe OB) wrote in message 
> December 2, 2003
> Manufacturing at Highest Level in Two Decades  (artcle snipped)

I wonder Joe, what are levels of debt and borrowing in the States?  In
the UK, we have an economy that is in a pretty good shape, with a
rising housing market and (propped up) by high levels of condsumer
spending by the public, however with credit card companies and banks
throwing money at people, there are many predicting serious debt
problems to arise (if they aren't already). I wonder if it all isn't
the tip of a rather large iceberg:

http://news.bbc.co.uk/1/hi/business/3281871.stm 

OFT issues consumer debt warning
   
Consumers are being warned of the dangers of spiralling debts in the
run-up to Christmas.

The Office of Fair Trading is launching a campaign urging people to
think twice before borrowing money to pay off debts.

Average household debt in the UK is Â6,800, excluding mortgages - but
almost a quarter of people do not realise how much they owe.

In addition, 23% of Britons are relying on credit to meet day-to-day
expenses the OFT said.

As well as urging financial restraint, the OFT has warned consumers
not to bury their heads in the sand and ignore the size of their
debts.

"Coping with debt early on is the key to avoiding serious problems.
You should act as soon as the bills start to mount up and payments on
credit agreements are missed," Penny Boys, executive director of the
OFT said.

The OFT suggests people in financial difficulties seek help from free
debt advice agencies, such as the Citizens Advice Bureau, Advice UK,
the Consumer Credit Counselling Service and National Debtline (see
links on right).

The OFT has recruited Coronation Street star Sue Cleaver, who plays in
debt Eileen Grimshaw, as part of its In Debt? Help Yourself Out!
campaign.

However, Vince Cable MP Liberal Democrat Shadow Chancellor criticised
the OFT for not tackling the root causes of debt.

"The tone of this campaign is patronising, and is doing nothing to
tackle irresponsible lending by banks and credit card companies.

"As the regulator, it is the OFT's responsibility to restrain the
rising volume of unsolicited credit," Mr Cable said.