You work at least 8 hours a day, at least 5 days a week, for at least 50 weeks a year. And at the end of each month, you check your bank balance and breath a sigh of relief as you’re re-assured all that effort – the sweat and stress of it all, is worth it.
But as quickly as it comes in….it goes straight back out. On rent or mortgage, gas and electric, groceries and essentials, and before you know it, that healthy bank balance is looking a little more stark again.
According to unbiased.co.uk, their research shows that during the first 83 days of 2009, Britons earned just enough money to pay off the interest on their bills, and are yet to make even a dent in clearing the actual debt they’re in.
They also confirm UK personal loan figures increased to £11.4 billion in 2008 (an increase of over £1.6 billion on 2007) and that mortgage debt from equity loans increased by £6.5 billion on the previous year. The only positive indication was that 2008 also saw credit card debt decrease by just over £4.9 billion.
With all these numbers flying about, is it even possible to pay off debt if you’re not in a manageable plan? It seems we somehow have a nation of Cinderella’s and one can only ask…will they ever make it to the ball….and more importantly, is there really such a thing as a Fairy Godmother? Oh do speak up Mr Brown!