Tuesday, 4 August 2009

Credit card crisis

The international monetary fund has sent out a warning that Britain could be plunged into more economic gloom as people are unable to pay off their credit card bills. The IMF has estimated that £1.5 billion will not be paid off, and most of this will be in Britain. This has already happened in the USA.
Calls to the Natonal Debtline have doubled.
The country faces ever increasing interest on its debts too. The outcome of all this is that we will all be poorer (except bankers of course), have to work longer (that is if we are lucky enough to have jobs), and will face ongoing cut backs in key services.

We will all have to tighten our belts - that is if we can still afford them.


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