When will we ever learn about overspending?
Even though there have been sporadic signs of recovery in the UK economy there is no doubt that the recession will leave a scar on the lives of many inhabitants of the UK. The fact that so many people have overspent and over-borrowed in the good times has now been exposed in its full glory leaving more and more people literally on the verge of a financial abyss. So will we ever learn about over-spending?
While there is no doubt that over-spending has been a significant element of society in the UK for many years, maybe now is the time to act. In the good times each and every person in the UK was probably offered significant loans or a significant overdraft from their bank on numerous occasions. This easy money is perhaps one of the main reasons why so many people are struggling with large debts, which many of them will never pay off. However, nobody twisted our arms to take on this increased debt and nobody forced us to sign away on the dotted line.
We will only ever see a major shift in UK consumer debt as and when consumers become more switched on about their income capacity and UK banks refrain from offering easy money to people they know will struggle to repay it.
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