Qualified advisers answering your
Financial Questions
call 0800 092 1245

Respect debt but don't be frightened of it

The word debt can often instil significant fear into the minds of many in the UK but ultimately without debt there would be no growth in the economy and we would see no change in our personal situations. Can you imagine waiting until you have saved up enough money to pay for a home outright? Can you imagine saving up for a new car?

The truth is that without debt there would be significantly less growth in the UK economy and the worldwide economy as a whole. Debt, and the money markets in particular, are the oils which ensure that the cogs of the worldwide economy continue to move at a varying pace. You need to appreciate that debt is an everyday requirement for the vast majority of those in the UK but you also need to respect debt and the potential damage it can do unless controlled.

In many ways debt is taken on as a shortcut to meet an eventual target and even the "safest" of deals have a degree of risk attached to them. In the boom times we saw many people take on mortgage debt they could hardly afford yet still make significant money by selling before the peak. However we also saw many take on debt at the peak of the property market, with a significant number still suffering to this day. Respect debt but do not be scared of it.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details