Debt – A Growing Concern
I don’t know about you but I have this strong aversion to this word. Debt comes in many forms but in the end, it means the same thing – you owe somebody something. When it comes to finances, despite the common negative tag associated with debt, not all debt is bad. However, debt sometimes gets out of hand and people get mired in its cycle.
In the UK today, it seems that there are mounting debt problems. An estimated 8 million adults are supposed to have unsecured debts of around £10,000 each. This information was supplied by top debt management consultancy Thomas Charles. Scotland is not exempt from these concerns as well. The same consultancy found out in a study it commissioned that 1 out of 4 Scottish people are in debt.
I could go on and on about the statistics but I think I have driven the point home. We live in a nation of debt, so to speak. We have lifestyles and mindsets that are prone to having to borrow money. If you think about it, though, we are not alone in this problem. The United States has similar issues – maybe even worse. Yet this does not excuse us from being more responsible for our finances. Just because the Americans (or some other people for that matter) are in debt does not mean that we should be as well.
In the next several posts, I would like to talk about some solutions to address debt.  In the meantime, try to stay out of it!
