'Obsession with money' led to national debt
'Obsession with money' led to national debt
Tuesday 27th January 2009
Writing in the Guardian, Jacques Monin states that public and personal debt was allowed to reach "barely imaginable" levels because of a major preoccupation with borrowing and spending among British citizens.
After spending three years in the country, he claims that UK people have become "addicted to the credit drug" and are now paying the price.
"The constant encouragement to borrow a lot and spend even more has caused the whole machine to crash, steaming, into the mire," Mr Monin comments.
"Your government, meanwhile, is now up to its neck in debt, and you personally have probably borrowed too much too."
The Guardian journalist compares the level of household debt in the UK - 173 per cent of gross disposable income - with France's level of 72 per cent.
According to Credit Action statistics, Britain's total personal debt stood at £1,456 billion at the end of November.
News article brought to you by Debt1 - UK debt management specialists.
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