More than 20% of households in arrears

[X-ray]

Just to put a little perspective on this, this includes utilities,and other forms of credit, eg credit cards,to name one.

Now if there is one person on this site have never been in arrears on any form of bill/loan etc, please step foward and tell the rest of us how its done, because the rest of us need to know...

This is a non-story, unless they can categorise the arrears into the various heading's.

I have no doubt that people are struggling btw...

you think that it is a non story that a very large sector of society cannot pay its bills?

[Middleaged]

you think that it is a non story that a very large sector of society cannot pay its bills?

When did 20% of 100% or a fifth, become "very large"? Its not even half of a majority.

Again people are in "arrears" when they do not pay on time, so for example, when my TV licience was due for renewal on the 31st of Oct and I paid it during the first week of November, as I did, I was technically in arrears.

Yes this is a non story..... I'm afraid

[X-ray]

When did 20% of 100% or a fifth, become "very large"? Its not even half of a majority.

Again people are in "arrears" when they do not pay on time, so for example, when my TV licience was due for renewal on the 31st of Oct and I paid it during the first week of November, as I did, I was technically in arrears.

Yes this is a non story..... I'm afraid

I suspect the number is even higher now and that it is not a late TV license that we are talking about. Looking at my own circle I see people struggling very badly that never did before. I think this will be the biggest story of 2010.

[Middleaged]

I suspect the number is even higher now and that it is not a late TV license that we are talking about. Looking at my own circle I see people struggling very badly that never did before. I think this will be the biggest story of 2010.

A appreciate that many people are struggling,as I said earlier, I think we all are, however blanket statements like "20% of Households in arrears", doesn't help.

As I said if the data was broken down in say mortgage, rent, utilities, etc, we'd have a better appreciation.

Also, people who use that wonderful service called Mabs will be in arrears for a long time, but will be paying an amount that allows them to survive, with the express agreement of the provider.So they are making an effort, but will still be classified as "in arrears".

Thats why its a non story in my opinion, it doesn't break down the figure, and frankly its lazy journalisim

[wexfordman]

I suspect the number is even higher now and that it is not a late TV license that we are talking about. Looking at my own circle I see people struggling very badly that never did before. I think this will be the biggest story of 2010.

I am overdrawn every month and pretty much have been for 3 years, so effectively I am in arrears!!, yeet day to day, I am coping fine. I think the article does not give any form of reasonable/reliable indication as to how real the issue is.

[Sync]

Yeah it's a very poor article. Doesn't mean the core of the statement is true or untrue, but the lack of context renders the entire thing meaningless.

[Cassandra Syndrome]

When did 20% of 100% or a fifth, become "very large"? Its not even half of a majority.

Again people are in "arrears" when they do not pay on time, so for example, when my TV licience was due for renewal on the 31st of Oct and I paid it during the first week of November, as I did, I was technically in arrears.

Yes this is a non story..... I'm afraid

Hello?, we are talking about Fractional Reserve Banking here. They are supposed to keep 10% of their deposits in cash and have 90% of their deposits as loans. Irish banks have only between 1 - 5% of their deposits in cash and over 120% of their deposits as loans. They are completely insolvent. Even if only 25% of them 20% loans in default become bad debts, they are seriously f*cked. And that was 2008, imagine how many more are defaulting now?

Add in the commercial sector which is about to face a massive wave of bankruptcies after Christmas, the Irish Financial system is doomed and will have to be Nationalised. Which will then finally bankrupt the country.

[Middleaged]

Hello?, we are talking about Fractional Reserve Banking here. They are supposed to keep 10% of their deposits in cash and have 90% of their deposits as loans. Irish banks have only between 1 - 5% of their deposits in cash and over 120% of their deposits as loans. They are completely insolvent. Even if only 25% of them 20% loans in default become bad debts, they are seriously f*cked. And that was 2008, imagine how many more are defaulting now?

Add in the commercial sector which is about to face a massive wave of bankruptcies after Christmas, the Irish Financial system is doomed and will have to be Nationalised. Which will then finally bankrupt the country.

.

Ehh..... no we are not, we are talking about people who don't pay the ESB etc on time.

You truly are a gobshyte...

[Eamonn20Bn plus interest]

Instead of helping the victims of the bubble the government through NAMA are going to lose €40 Billion bailing out the people who caused it. We have been lied to on everything about NAMA.

[Cassandra Syndrome]

.

Ehh..... no we are not, we are talking about people who don't pay the ESB etc on time.

You truly are a gobshyte...

Mmmm. Gosh, you Pollyannas are big into your personal attacks and insults. Its too bad that you don't bother your ar*es to check out how deep the rabbithole goes. Just take the mainstream media report as it is.

If you went and checked the actual CSO report as per OP you might have spotted what I was on about. This is link. Please go to page 34.

http://www.cso.ie/releasespublicatio...rrent/silc.pdf

You will see that the vast majority of arrears are related to the financial institutes. Yes I was aware of utility bills, rent and other non financial bills being are included in that 20% grand total. But the vast majority of those bills are under 570 Euro and are paid monthly / bimonthly. Therefore the principal or capital behind them is the amount itself.

But people who may be behind by the same amount of a mortgage repayment may have 300,000 Euro of principal running behind it. Term loans, overdrafts and credit cards may have huge amounts too.

So it is safe to say that the percentage level owing to Banks out of all the complete balance that are in arrears is over 90%.
The number of items that are in arrears stands at 20.3%. Taking a conservative estimate of 90% of the total value of all the loans that are in arrears being financial house related, thats 18.27%.

Thats still massive.

PS - Look before leap, will you?