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It’s the bank statement, shall I open it or will you?
I don’t want to worry you but, as a nation, we owe £1,500,000,000,000. If you want to speak it, its one and a half trillion pounds – try it, it’s very scary.
What’s worse, it doesn’t look as though we can pay it back based on growing repossessions and missed mortgage payments. The average household in the UK with personal, unsecured debt, such as personal loans or credit cards, owes £22,190. If you include mortgages, the average household debt is £59,715.
Just focusing on Gordon Brown’s bail outs, which amount to some £500,000,000,000, reveals that we are paying about £8,000 each to rescue the banking system. You can’t help asking yourself, ‘Would they have done that for me?’
£20,000,000,000 of the bail-out money has gone directly to the Royal Bank of Scotland – which made a net profit of £7.5 billion in 2007. Mmmm. You know that advice about not getting yourself into debt beyond your means to repay and also the sound principle of putting money away in the good times against possible adversity?…
If all this depresses you, look at it another way. That personal loan you took out to buy yourself a nice new car is only a pittance compared to the debt mess Gordon Brown is in, and he’s an experienced chancellor of the exchequer and a very, very prudent man. What chance have you got if he can’t manage his finances?
December 23, 2008 at 11:16 am | personal loan | No comment
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