Back to your future…

As reported in The Times by Harry Wilson 24th July 2017.
 
Ratesetter revealed to clients of its peer- to- peer lending platform last week that it had taken over vehicle trading group, a sub-prime auto industry business, which had defaulted on £38m it owed its customer, the report goes on to say Liberum, a city stockbroker, have calculated that customers of Moneybarn motor lending unit are on average using close to a quarter of their monthly income to make car repayments and then once adding in rent and credit card debt this takes the figure to c66% of the borrowers monthly wage, before they have even put food on the table.
 
For my readers, there are two points here, as a lender (saver) be careful who you lend your money too as you may not get it back if the borrower has no assets and the second is that the borrower described above has a low probability of retiring even modestly if they do not change their spending habits.