In a recent post, UK personal debt, we looked at why UK debt had fallen for the first time since records began. Nevertheless, personal debt is still over £1.45 billion. Within this debt are many overburdened with debt from a variety of sources from personal loans to credit cards and store cards. Debt consolidation is a way to integrate all loans into a single payment. There are pros and cons to these schemes. It may be suitable for people in certain situations. But, it is good to get impartial advice before undertaking such a scheme. Unfortunately, financial literacy in the UK is often quite poor. I feel personal finance would make an excellent subject to be taught at school.
Questions on Public Debt
The UK ‘Public sector Debt’ is now approximately £800 billion (July 2009 – ) Question: Who do we owe it to? People and financial institutions who bought the UK bonds and gilts. These are mainly financial bodies such as pension funds, investment trusts. The irony is that many people in the UK who have private …