brits personal debt exceeds britains gdp, page-2

"Britons have racked up so much debt on loans and credit cards that the total borrowed now exceeds the entire value of the economy, new research shows today. The financial consultant Grant Thornton is forecasting that gross domestic product (GDP) will hit £1.33 trillion this year, less than the £1.35trn which was outstanding on mortgages, credit cards and personal loans in June."


DUB,

This article illustrates perfectly why people should educate thmeselves to think independently and critically, rather than rely on lame sensational articles like the above.

What the above numbers *do not* tell you is the proportion of debt to the value of assets, which is not what GDP represents.

GDP is the *annual* income of the economy.
Personally, if someone tells me that the value of their debt is equal to one years personal income, I give them an award for financial prudency.