Friday, February 10, 2017

Borrowing to keep afloat

According to TUC figures the average household debt reached a record high of £12,887 in the three months to the end of September 2016. That is a startling amount given that it doesn’t even include the biggest debt – your mortgage.

 “These increases in household debt are a warning that families are struggling to get by on their pay alone,” says Frances O’Grady, the TUC’s general secretary.

“Families plunging deep into the red, living hand to mouth even when in work, is concerning in the world’s sixth larges economy,” says The Mirror. “Blaming individuals for spending too much overlooks the bigger scandal: breadline earnings with low wages is a terrible British disease and the cost of living is increasing again.”

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