Don't Ignore Your Debt

01 Sep 2009 Tell a Friend

In today's society, debt is a part of everyday life.  House prices are at such a level that most people would not be able to buy a house without the aid of a mortgage, and bank overdrafts become a habit for many from their teenage years onwards.  However, there is a massive difference between necessary debt (mortgage, student loans) and destructive debt that ties you into paying back the same loan or credit card for years after you first needed the money.

Credit Action, a money education charity, recently found that £181m is paid in interest in the UK each day, and that a property is repossessed every 11.5 minutes.  These are worrying figures, indicating a level of personal debt that is becoming increasingly unmanageable.  A common reaction to excessive debt is to pretend that everything is fine.  However, ignoring the problem will only make it worse.