Cost of doing nothing is enormous when in debt, expert says
Cost of doing nothing is enormous when in debt, expert says
Thursday 23rd October 2008
Cesarina Holm-Kander, a financial expert who hosts Channel 4's Your Money or Your Wife programme, said many people might have thought the good economic times of recent years were never going to stop.
But house prices have now lost about 13 per cent of their value in the last year and people who thought of credit as being a free commodity are now suffering, she said.
Some people have been complacent and did not have any level of savings when the economic climate was in a healthier state, Ms Holm-Kander noted.
"Unless those people start fixing something ... they will be in real trouble. The cost of not doing anything is enormous," she said.
Her comments come as statistics from the money education charity Credit Action show that total UK personal debt at the end of August 2008 stood at £1,448 billion.
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