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Originally Posted by Osem
What Mertle seems to forget is that those who lend us the money to fund our spending don't do it out of love and won't keep doing so (or will at least charge a lot more for so doing) unless we can show we're taking this issue seriously. Contrary to what Brown evidently believed, borrowing isn't a bottomless pit and our international credit rating is now under severe pressure. Unlike Joe Soap who runs up a credit card bill and can conveniently walk away if he can't pay, UK PLC can't be seen to do that - certainly without facing very grave consequences for us all. IIRC we're already spending the equivalent of the entire education budget just servicing the interest on out debts!!! Do we really want that amount to increase??? That's the real world and those who still can't accept that we live in it really need to wake up.
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That is what is costing us dearly a quick google threw up this
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In the first six months of 2010, the debt interest payments were £21.6bn, suggesting an annual cost of around £43bn (3% of GDP)
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http://www.economicshelp.org/blog/uk...national-debt/
a scary number that will undoubtedly get bigger before it gets smaller .Saving that interest payment or even half of it would go a long way towards restoring sevices that have been cut so the quicker we can get rid of that burden the better imo .
I don't understand why people can't realise that the uk's budget works exactly the same in principle to a house hold budget ,this year i will be using any tax refund i get to reduce or if possible get rid of the majority of my debt ,(i don't have a mortgage so my debt is relatively small)but in doing that i hope to free up more cash to keep in the bank for the lean times i know are just around the corner ...no holidays or big telly for Martyh
but i will have the security of no or not much debt