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Britain’s £173 Billion “Debt Timebomb”

UK households are sitting on a £173 billion debt time bomb after once again being lured into a spending splurge by banks and credit card companies.

The startling rise in debt levels due to people splashing out on new cars, TVs, conservatories, luxury items, consumer goods and home improvements was uncovered in an investigation by Money Mail.

With a rise in interest rates imminent for the first time in more than eight years, fears are growing that many families will be left struggling with repayments.

The amount of borrowing being taken on by households continues to grow at a startling rate, spurred on by hundreds of offers for credit cards and loans.

Bank of England governor Mark Carney has sent a letter to all fund managers asking for reassurance they are able to deal with an anticipated rush of investors making emergency cash withdrawals to cover their mortgages and other debts.

Read more on the GoldCore blog

DAILY PRICES
Today’s Gold Prices: USD 1122.30, EUR 1002.50 and GBP 730.38 per ounce.
Yesterday’s Gold Prices: USD 1120.85, EUR 1003.49 and GBP 728.27 per ounce.
(LBMA AM)

IMPORTANT NEWS

Gold Climbs for Second Day on Dollar Weakness Amid Asian Rally – Bloomberg
Gold firms above 3-wk low as traders await Fed’s rate view – Reuters
Gold prices gain in Asia as investors cautious ahead of Fed next week – Investing.com
Palladium Poised for Biggest Gain This Month on Supply Threat – Bloomberg
Treasure hunter says he has found 100 tons of Soviet gold hidden from Nazis during WWII – RT Question More

IMPORTANT COMMENTARY

Platinum upgrade to golden reserve status seen as monetary alchemy – Reuters
Advice to Putin: Default on foreign debt, put reserves into gold and BRICs bonds – Goldseek.com
When Governments mess with the price of money… – Casey Research
Britain sitting on a £173bn debt time bomb – and with rates set to rise its ticking even louder  – The Mail Online
Isle of Man tax haven with tailless cats becomes Bitcoin hub – Bloomberg

Read more News and Commentary

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