Credit card debt
Do you really need to save 10 percent of your income?
Do any of these sound familiar?
Well yes, that was right-I have had to pay for every single penny and a rather hefty sum of interest in the process too. You see, there is only a certain amount of credit lenders will give you and once it's gone, it's gone, and so is your good credit rating. All of a sudden I went from living a life of luxury to one of near-poverty.
"The amount UK consumers owe on loans and credit cards grew by £1.9bn in March 2016, the highest figure in 11 years, driven
The UK's high level of personal indebtedness - our addiction to debt, as it's sometimes called - is a known phenomenon. If the upward trend continues, might self-employed people again be the most vulnerable, with their variable incomes?
Awareness of the burden of debt many people are struggling under is regularly discussed by national surveys, the media and government advisory bodies. For many students, young people and families increasing debt is a cause for serious concern.
Debt is a serious problem. It is not just a problem for those unfortunate enough to be struggling with financial difficulties, but for all of us - debt costs society £8.3billion. These costs come in the form of additional health care costs, increased welfare spending, and reduced workplace productivity.
An attempt to clamp down on the cost of borrowing from pay day lenders has been defeated in the Commons. MPs voted by 266
Families have added another £2,500 to their credit card and personal loan debts in the space of a year as they struggle with
David Cameron was a little misleadingly reported this morning as advising British households to pay back credit card debt. In fact he said that they were doing so and implied that this was a good idea.