Personal finances suffering from national debt

Wed, 20 Jun 2012

The UK's national is having a significant impact on personal finances, it has been suggested.

Stephen Archer, business analyst and director of Spring Partnerships, a consultancy founded in 2003, explained every household is currently using around ten per cent of its earnings in order to relieve this burden.

Mr Archer noted this deficit - as well as the consumer crisis - has come as a result of the UK's disposition to debt, with some people wearing their problems like a badge of honour.

This was especially true of businessmen in the 1980s and 1990s who welcomed the taking on of increasing debt levels.

Mr Archer observed a generation of Brits are hiding from the fact they will have to settle what they owe, with many people having large limits on their despite their income suggesting a much lower level would be more suitable.

He went on to note: "The spending from the credit has masked the reality that structurally we are not generating enough wealth as individuals or a nation to sustain this."
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