A Nation Living on Credit... Should We be Worried by Borrowing?
Never mind a nation of shopkeepers, as the old saying would have it, the British are now a nation of borrowers. The average household in the UK now has about $14,000 in debt, and that’s not even including the cost of their mortgage or student debt.
Bank of England data also shows that personal debt shot up 10.8 per cent in the year to November 30 last year. Both figures are the highest they have been since the financial crash of 2008.
Once you factor in all debt, the average household owes almost$60,000 and the total owed on credit cards across the country is almost $70 billion, about $3,000 per household.
It’s clear, then, that owing money is commonplace. But, what should we make of it all? Is this a worrying sign of a financial crisis being stored up for the future or just a natural part of modern life?
Yup, just as bad here in America. Getting rid of credit card debt at all costs was my weekly quick tip on the MSPWaves Music and Money show last week.
Yeah that's a great tip, paying off debt starting with the highest interest rates first is the best way to go :D