Is the UK’s Household Debt Out of Control?
Household debt is defined as the combined debt of all members of a household, including consumer credit and mortgages. An increase in household debt has been linked to several severe economic crises and was the direct cause of the US and European financial recession of 2007-2012.
Now household debt is on the rise again. But is all debt bad? We look at how credit can work in your favour if managed properly and the signs to look out for when debt starts going bad. Keeping an eye on your credit score can be a good way to see how financially stable you are. And if you find yourself under the burden of debt what can you do to come out from under?