Video: Is the UK debt problem under control?


Most of us were affected in some way or another by the financial crisis of 2008/2009. For some, it has meant learning to be more sensible with money and cutting down on expenditures. For others less fortunate, it has meant redundancy, bankruptcy and losing their homes.

debt-sadThe UK has finally dragged itself out of recession. But has the debt situation in the UK improved significantly? A new video released by Payplan, the debt management company, casts doubt on this.

As the video shows, the debt 'overhang' from the recent recession is still with us, and it does not look like it will get better any time soon. To make things worse, the sovereign debt crisis in Greece is threatening to spread to other countries in the EU, such as Spain, Portugal and Italy.

Worse still, if the debt crisis spreads, experts warn that it could eventually lead to a so-called 'double-dip' recession in the UK, along with other western countries.(Already, members of the Bank of England's Monetary Policy Committee have warned the UK has a "significant" chance of slipping back into recession.)  

The video begins with the question, "Do you think the UK debt problem is under control?" and follows with some startling statistics. Did you know, for example, that the national debt will reach £15,000 for every man, woman and child in the UK before the end of 2011? The video also includes eye-opening statistics about:

Take a look for yourself, and if you'd like to share it with others, simply use the code underneath to embed it into your own website or blog.

Source: Payplan – IVA and Free Debt Management Plan provider

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See related: Study: Worst consequences of recession 'still to come'; 6 tips for dealing with debt stress

Published: 28 October 2011