UK debts highest in the world

UK debts highest in the world

Huge household debts in the UK are just part of a chilling picture that sees overall debt levels in the UK and Japan soar far beyond all other major economies.

 

Household, business and Government debts have seen UK debt as a percentage of GDP continue to soar in the wake of the banking crisis, rising to over 500% in 2011.

 

Only Japan exceeds this ratio (512%), owing to unprecedented levels of Government debt, while it almost doubles that of the United States (279%).

 

A report on Debt and Deleveraging by consultants McKinsey has shown that UK household debt, held in mortgages, credit cards, and personal loans, stands at a huge 98% of GDP.

 

This is second only to Australia in the world’s top ten major economies. Of the struggling Eurozone economies, this proportion of household debt is exceeded only by Ireland (124%).

 

Total Debts as % of GDP

 

Levels of household debt have actually reduced since the inception of the banking crisis. This is offset, however, by government borrowing, which has leapt from 53% of GDP in 2008 to 81% in 2011. The much maligned austerity measures are attempting to bring this under control.

 

UK private sector debt exposure to the five ‘crisis’ Eurozone countries (Greece, Italy, Ireland, Portugal and Spain) is estimated at $294 billion, which is second only to France. The report notes that UK banks have improved their capital ratios and have moved to structure their debts over longer terms for greater stability.

 

The ratio of debt to GDP is not the most accurate indicator of debt affordability. At 507% of GDP, the UK’s debt-to-output ratio far exceeds that of Italy (314%) and Greece (267%), the least financially secure countries in the Eurozone.

 

British Sentiment: Mortgage Lifelines

McKinsey also finds that British sentiment may have made a difference to the debt climate and therefore of the ability to grow.

 

Stricter conditions in the United States have seen many homeowners unable to pay expensive mortgages handing keys back to the banks. After taking the initial hit on repayments, banks have sold on properties to recover large chunks of their debt more quickly. This process of deleveraging coincides with a distinct recovery in business confidence.

 

UK banks, on the other hand, have been more sympathetic to troubled borrowers and mortgage holders, which may have prevented a considerable number of defaults or foreclosures.

 

These may yet become a problem, according to McKinsey, as it slows the deleveraging of debt and presents a climate of nervousness that affects confidence and the flow of credit.

 

Hence, it could take many more years to finish an 'orderly deleveraging' in the United Kingdom. With consumers worried about meeting mortgage payments, and banks unsure about the security of many of their existing mortgages, the opportunity for consumer spending or banking investment to drive a recovery appears slim.

 

In an unusual twist of fate, outside onlookers might argue that UK banks have been cruel by being kind. To the government, one might expect, by doing more to ensure roofs are kept over heads, we prove that ‘we’re all in this together’.

 

Certainly, choosing the right mortgage at these times is vital. And, the falling UK household debt ratio in a stagnant economy may yet suggest that Brits are ready to struggle through resolutely without having to hand everything back.

 

Keith McDonald
Which4U Editor

Friday, 20 January 2012 13:34
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Barclaycard Simplicity

Advice

Get 7.9% Representative APR (variable)
(Applies to every purchase and/or balance transfer you make)
No balance transfer handling fee!

Introductory Offer
Balance Transfer Rate: N/A
Balance Transfer Fee: N/A
Purchase Rate: N/A
Representative APR
Purchases: 7.90% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 7.9% (variable) your Representative APR will be 7.9% (variable).
Annual Rates
Balance Transfers: 7.90% p.a.
Cash Advance: 15.8% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 56 days
On-Line Banking: Yes
Approval Criteria
  • You are at least 21 Years of Age
  • You have a Good Credit History
  • You are a permanent resident/citizen of the UK
  • You have a bank or building society account
  • You have an income over £20,000 p.a

Lloyds TSB Advanced Mastercard

Advice

You must spend a minimum of £100 in the 1st 3 months or the 6 month 0% purchase duration is reduced to 3 months only. Keep track of your money across your Lloyds TSB personal current and credit card accounts with Money Manager and Active Account Monitoring to spot any suspicious spending.

Introductory Offer
Balance Transfer Rate: 4.90% for 12 mths
Balance Transfer Fee: 1.50%
Purchase Rate: 0% for 6 mths
Representative APR
Purchases: 11.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 11.95% (variable) your Representative APR will be 11.9% (variable).
Annual Rates
Balance Transfers: 11.9% p.a.
Cash Advance: 24.9% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: £50,000
Interest Free Days: Up to 56 days
On-Line Banking: Yes
Approval Criteria
  • You are at least 18 Years of Age
  • You have a Good Credit History
  • You are a permanent resident/citizen of the UK
  • You have a bank or building society account
  • You have an income over £25,000 p.a

Amex Platinum Cash Back

Advice

Get 5% cashback on up to £2,000 spend within 1st 3 months (Max £100). After this you can earn cashback rates of 1.25% with NO spend limit!!

Introductory Offer
Balance Transfer Rate: N/A
Balance Transfer Fee: N/A
Purchase Rate: N/A
Representative APR
Purchases: 18.5% p.a. (variable)
Representative Example: If you spend £1,200 at an annual interest rate of 14.0% (variable) with a £25 annual Fee your Representative APR will be 18.5% (variable).
Annual Rates
Balance Transfers: 18.5% p.a.
Cash Advance: 22.9% p.a.
Annual Fee: £25 p.a.
Standard Features
Credit Limit: £50,000
Interest Free Days: Up to 56 days
On-Line Banking: Yes
Cashback
Introductory Cashback Rate: 5% p.a.3 mths
Standard Cashback Rate: 1.25%
Approval Criteria
  • I am aged 18 or over
  • I have a current UK bank or building society account
  • I have a permanent UK home address
  • I have a household income of at least £20,000
  • I have no history of bad debt
  • If self-employed, I have been working for more than one year.

AA Balance Transfer Credit Card

Advice

Earn AA Reward Points on your everyday card purchases, and earn double points on motoring, fuel and AA products. Use your points to purchase from a range of motoring products and services.

Introductory Offer
Balance Transfer Rate: 0% for 16 mths
Balance Transfer Fee: 3%
Purchase Rate: 0% for 3 mths
Representative APR
Purchases: 17.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 17.9% (variable) your Representative APR will be 17.9% (variable).
Annual Rates
Balance Transfers: 17.9% p.a.
Cash Advance: 22.9% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 58 days
On-Line Banking: Yes
Approval Criteria
  • You are currently employed
  • You are over 23 years of age
  • You are a homeowner
  • You have an income of over £20,000
  • You do not have any recent credit defaults (CCJ's, current arrears or missed payments) on credit cards / loans / mortgages
  • You are a resident in the UK and can prove residential addresses for the past two years

AA Credit Card

Advice

Earn AA Reward Points on your everyday card purchases, and earn double points on motoring, fuel and AA products. Use your points to purchase from a range of motoring products and services.

Introductory Offer
Balance Transfer Rate: 0% for 12 mths
Balance Transfer Fee: 3%
Purchase Rate: 0% for 10 mths
Representative APR
Purchases: 16.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 17.9% (variable) your Representative APR will be 17.9% (variable).
Annual Rates
Balance Transfers: 16.9% p.a.
Cash Advance: 22.9% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 58 days
On-Line Banking: Yes
Approval Criteria
  • You are currently employed
  • You are over 23 years of age
  • You are a homeowner
  • You have an income of over £20,000
  • You do not have any recent credit defaults (CCJ's, current arrears or missed payments) on credit cards / loans / mortgages
  • You are a resident in the UK and can prove residential addresses for the past two years

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