Estimates for casualty numbers vary to a great extent. Military casualty statistics include losses caused by accidents, disease and prisoner of war deaths as well as combat related deaths.

Most civilian deaths were due to war related famine and disease, those due to the Spanish flu have been excluded. Furthermore, estimates of civilian deaths include the Armenian Genocide but debate continues as to which degree this event should be included.

If they are not serviced for some time banks usually treat assets as non-performing. If payments are late for a short time a loan is classified as past due. Once a payment becomes really late (usually 90 days) the loan is classified as non-performing.

A high level of non-performing assets may be a sign of problems. However this needs to be looked at in the context of the type of lending being done. Some banks lend to higher risk customers and therefore tend to have a higher proportion of non-performing debt but will make up for this by charging borrowers higher rates of interest. A mortgage lender will almost certainly have lower non-performing assets than a credit card specialist, but the latter will have higher spreads and may well make a bigger profit on the same assets even if it eventually has to write off the non-performing loans.

Children traditionally request a “penny for the guy” to buy fireworks, although in recent years this custom has widely been supplanted by the American import trick or treat.

For the 300,000 people who are behind with their mortgage payments it is not only debt which could cause them to lose their possessions. Many burglars take advantage of the celebrations to sneak in and grab a few unattended items. So while you’re round at the neighbours having a glass of wine over the fireworks display, someone could be in your house stealing your goods.

Williams chief executive Adam Parr told Reuters the 2005 and 2006 figures needed to be taken together to show a more normal break-even over the period.

The team co-owned by founders Frank Williams and Patrick Head, also increased bank debt.

The decision to increase net debt to support a return to competitive on-track performance was driven by a strong long-term business plan.

Parr said 2007 had been tough but 2008, despite turmoil in global financial markets, would see a reduction in debt. Our debt is coming off its peak and we are paying it off. The debt facility is perfectly secure and has been for 18 months so we are not in the position of having to negotiate a new loan. No one would want to be doing that right now.

Other useful investments could have been made with the loaned money so the fee is compensation to the lender foregoing those opportunities. These foregone investments are known as the opportunity cost. The borrower enjoys the benefit of using assets ahead of the effort required to obtain them, while the lender enjoys the benefit of the fee paid by the borrower for the privilege. The borrower is in debt. The amount lent is called the principal. This principal value is held by the borrower on credit. Interest is therefore the price of credit, not the price of money as it is commonly – and mistakenly – believed to be. The percentage of the principal that is paid as a fee (the interest), over a certain period of time, is called the interest rate.

Increases in oil prices in 1973 forced many poorer nations’ to borrow heavily to purchase essential supplies which is when much of the current levels of debt were amassed At the same time OPEC funds deposited in western banks provided a ready source of funds. A proportion of borrowed funds was lost to corruption , about one-fifth was spent on arms and a proportion went towards infrastructure and economic development financed by central governments.

The European game’s governing body has set up a working group to discuss how to extend its licensing system and restrict the levels of debt that clubs are permitted to operate with. The financial stipulations are currently limited to bans on clubs who have outstanding debts on transfer payments. It also states that staff should be paid on time.

Proposals being drawn up would see the system delve far deeper into the financial workings of clubs. “The ultimate sanction is not to be in our competitions” Debts fixed against assets, for stadium building, are considered more acceptable than those run up in the acquisition of players or for takeovers. This would affect clubs such as last season’s Champions League finalists, United and Chelsea, and one of the semi-finalists, Liverpool, unless they significantly reduced their debts.

“It won’t happen this year, it won’t happen next year but, yes, that could happen in years to come,” a spokesman said. “Some of us believe it shouldn’t be an absolutely free market and we are in favour of controlled regulation. An increasing number of people in football believe we have to do more.” There are some excellent examples of those who support the system, and Arsène Wenger is one of the strongest supporters of the need to do more.”

On 22 February 2008 the bank was taken into state ownership. The nationalisation was a result of two unsuccessful bids to take over the bank, neither being able to fully commit to repayment of taxpayers’ money. Within three to four years the bank is planning to repay the government debt. One of the measures they have taken is by reducing their numbers of staff. As of 30 September 2008 the bank is repaying the debt well ahead of target, owing a net balance of only £11.5 billion of the loan which stood at £26.9 billion at the end of 2007.

By October 2008 customers appeared to be regaining confidence in the bank, when it emerged that there had been a surge in the number of new accounts which had been opened. People appeared to see the Northern Rock as a safe place to put their money, after a number of other banks around the world ran into trouble. This will be in part as a result of its’ reducing debt levels.

To describe this collapse three phrases – Black Thursday, Black Monday, and Black Tuesday – are used. As the crash was not a one-day affair all three are appropriate to describe this collapse Initially the crash occurred on Black Thursday (October 24, 1929), but it was the catastrophic downturn of Black Monday and Tuesday (October 28 and 29, 1929) that precipitated widespread panic and the onset of unprecedented and long-lasting consequences. The collapse continued for a month.

What role did the crash played in subsequent economic, social, and political events? Economists and historians disagree.

A good debt advice service will only suggest a debtor pays what they can realistically afford after their priority costs such as their mortgage ,utilities ,food etc. Creditors will want to review the debtor’s situation annually to ensure they are paying as much as they can reasonably afford. A Debt Management Plan is recognised as a workable debt solution.

The figures will show an increase of at least 30,000 people unemployed to 1.75 million, the TUC has stated.

An extra £100m has been made available, by government, for re-training workers who may lose their jobs as a result of the economic slowdown.

Crunch puts pressure on those in debt

The latest news will be a blow to many people with debt problems and people struggling to make debt repayments.
The number of people unable to maintain debt repayments is likely to increase in line with the predicted rise in unemployment.

The official rise in the unemployment rate is up from 5.3% to 5.5%, and the number of people claiming Jobseekers Allowance is up by 32,500 in August to 904,900.