Why is the PM telling us to pay off our own debt?

[Halifaxmum]

When it would be (according to Moneysavingexpert Martin Lewis) the exact opposite of what our economy needs - the "paradox of thrift"?

Surely Cameron knows how short sighted this idea is?

[BertiWooster]

It's laughable , isn't it - i dont think he quite understands the plight of the ordinary joe , out there .

The point he appears not to have grasped ( from his privilege position ) is that people are in debt because of the financial situation gripping the economy .
Folk are losing their jobs , left right and centre .

That is why most people have got debts .

Where are they to find the funds to ' pay off their debts ? '

[ummmm]

People are also buying luxuries that they cannot afford....On credit cards.

[Halifaxmum]

agreed Bertie, they don't have a clue do they?

Ummm - no-one I know is doing that - it's all about being able to do your shopping at the supermarket and pay for fuel, bills...

The Con-Dems don't really have a damn clue - since they've implemented their policies, there's been no growth, cuts to benefits for the sick and poor, but at least the rich have had their council tax frozen!

[Everhelpful]

Well said,Bertie.

[steg]

i don't have any dept to pay off

[Halifaxmum]

steg - you may have no dept, but do you have any debt?! lol ;)

[steg]

no, don't have that either

[boxtops]

You're lucky, steg - at least one week's food shopping each month has to go on our credit card these days.

[steg]

nothing to do with luck

[boxtops]

No, I'd agree it isn't - I just wish I'd been a bit more judicious with my spending in my formative years :-(

[ladybirder]

I make money on my credit card. I put everything I can on it, pay it off in full every month, and get 1% cash back. Not a lot but better than giving them money.

[BertiWooster]

I've got some greek government bonds going cheap

Any takers ? - They will eventually head northwards again

[boxtops]

Nice work if you can get it - I get vouchers back on my Tesco credit card spend, but I would prefer not to have to use it.

[Twenty20]

Sorry, but you're saying that the economy needs us, as individuals, to have more debt?

Wrong. What it actually needs is for those who can to spend money without going into debt. Why on earth would you spend money that you don't have and that you'll have to pay back at a high interest rate?

People need to learn to live within their means. Surely we've all learnt that from recent events? Maybe we haven't though.

I know you're just looking for ways to criticise, but you're way off the mark with this one!

[ichkeria]

Encouraging people to save, while at the same time trying to make mortgages easier.
All sound bite and no clear vision I'm afraid
A nice man out of his depth with some decidedly scary people behind him.
The most incompetent governement I can remember.

[Dodger666]

Wilkins Micawber from Dickens' David Copperfield had the right idea:-

"Annual income twenty pounds, annual expenditure nineteen nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery."

Which simply means don't live beyond your means. The same should apply to countries as well as individuals.

[Davethedog]

What you need to understand is this, the entire mess is the total responsibilty of the banking/economic community. This was excacerbated by stock exchanges around the world. These debts are enormous however these "people" are the mainstay and contibutors to the Torys ipso facto the ordinary people who made no contribution to the "crises" at all have to pay for it. Simples

This is up there with the NHS is safe in Tory hands and we care for the poor people.

[andy-hughes]

Mr Cameron is a millionaire - he wouldn't know what a credit card debt was if it jumped up and bit him.

Debt is for 'the ordinary people' - and he knows less than nothing about them.

[ummmm]

<Ummm - no-one I know is doing that - it's all about being able to do your shopping at the supermarket and pay for fuel, bills... >

I know people that do that.....

Some people I feel sorry for....others just live beyond their means.