Did you know that compound interest is also chargeable from day one so that students pay interest on the interest? Thought you didn't. Did you know that to stop your student loan spiralling out of control, due to interest, a post graduate salary of £48,000 is needed before you begin to even chip away at the balance.
Companies design for planned obsolescence - so that products breakdown forcing us to buy more and more often. But it was us that created psychological obsolescence. We want the newest, shiniest whatever the second it is available regardless of whether the slightly older, slightly less shiny thing is still working perfectly or is in no way demonstrably inferior.
For years I allowed myself to believe material things were the key to happiness, love, admiration and friendships. I wanted people to respect me, believe in me and see me as the confident and vivacious woman that I truly didn't believe I was. Credit cards were like gifts from heaven as they hit the floor by the letterbox and the more I had in my purse, the better I would feel.
Child poverty is simply unacceptable and is damaging children's lives. Much more is needed to meet the government's commitment to end child poverty by 2020. By taking the actions we are calling for, the government would make a significant start towards achieving this goal and improving the lives of millions of children.
Our major survey of British family finances finds that 15 million people are already showing signs of financial difficulty, 13million wouldn't have the savings to keep up with their essentials bills for a month if their income dropped by a quarter, and 16million would consider using unsecured credit to keep up with essentials.
Debt is only as bad as the harm that it causes, which is why the Demos report out today has created a 'Harm Index' measuring the impact of debt. It suggests ways that debt support should be tailored to the individual struggles individuals face, and also argues that lenders who cause the most harm face stronger penalties.