OVERVIEW
A brief look at debt and its problems
As our banner states: 'debt can be a mine field' and raises the question about living beyond our means, that is, on borrowed money.
Debt is like digging your own grave, the deeper the grave the bigger the debt - and remember, a deep grave is hard to get out of when you are digging it yourself.
Words of wisdom
Words by Charles Dickens
The longer you borrow for, the quicker your debts grow.
Sadly, compound interest tends to have an even bigger impact on debts than on savings, because interest rates are higher. Borrow £1,000 at 15% over 20 years without making any repayments, and you'd owe a massive £16,400 (without compound interest it'd be £4,000).
Pay Day Loans
Remember that there is whopping 1509% APR interest on some of these - something that may be overlooked by the borrower.
And now look at our menu, which aims to help anyone with a debt problem.
