Borrowing to help your future

By: Alex Hartley Mar 24, 2016 Borrowing to help your future Debt is part of modern life – figures from The Money Charity indicate that in the UK the average household debt (inc. mortgages) is around £54,000 and collectively we owe £1.460 trillion. That’s mortgages, unsecured loans, credit cards, overdrafts, stored card, homeowner loans, etc. So, it’s very rare to come across someone who hasn’t some form of borrowing, particularly if they are younger. The idea behind consumer debt is simple – rather than saving first and then spending, borrow the money, make the purchase to get the benefit earlier and then worry how to pay it off. Yes, there is always the potential to get into trouble with debt but using it sensibly can help set you up for the future. Mortgages Borrowing to fund a property purchase is one of the most typical types of debt in the UK. We are a society very focused on property ownership but with house prices climbing at rates far faster than our salaries are incre
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