The website MoneyExpert.com have published an article claiming that the personal debt of people in the UK has risen to an incredible £1.3 billion. It is the first time ever for debt to be greater than the GDP - Gross Domestic Product - basically how much money we make as a nation.
The figures, revealed by accountancy firm Grant Thornton, show how much we are borrowing on loans, mortgages and credit cards. It could take us a year or more until our GDP resumes its pole position.
With our materialistic and disposable ‘buy now, pay later’ culture should we be worried with the role reversals of these figures?
Stephen Gifford from Grant Thornton says;
Fortunately, most consumer debt is secured and can be repaid over several years, otherwise we would be technically bankrupt
It is certainly food for thought and perhaps indicates that we should all be making better decisions over our personal finances.
Read the whole article here.
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