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.
