Borrowing to make things good..
It’s a concern to read that debt levels are increasing again to levels seen in 2008 when the UK experienced a financial crisis. The FCA estimate that 2 million people are carrying persistent debt which is defined as when an individual pays more in interest and fee payments over 18 months than the amount borrowed in the first place!
The strength of the economy depends on people spending money, but borrowing to facilitate this can have disastrous consequences. We should learn from the past!