The question is, is the UK Economy Really Getting Better or not? You hear politicians from one side saying it is getting better and politicians from the other bench telling us it is not.
Then you have the bombardment of statistics the media feed us regularly, sometimes in support and sometimes against. As someone once said, you can get statistics to prove anything you want!
The Bank of England are supposed to be pretty neutral when it comes to financial and economy matters and should not be swayed by government, but they too seem to be of differing opinions inside the Monetary Policy Committee. Last time they voted on what to do with interest rates, there were 3 members voted for raising the interest rates and the remainder said no.
Representative 277.5% APR - Representative Example: Amount of credit: £750 for 12 months at £119.21 per month. Total repayment of £1430.52. Interest: £680.52. Interest rate: 140% pa (fixed). 277.5% APR Representative.
If there is so much difference of opinion, even at the highest levels of the country, how or what is the ordinary man or woman supposed to know?
Perhaps we should be looking at hard facts around us to see what can be gleaned ourselves
Are food banks now reducing in number? Well, no, actually they are increasing massively in number. What about wages, are they increasing more now? No again, as people are worse off now.
Perhaps the cost of living is coming down? Er, no again, as it is going up with inflation.
At least fuel like petrol, diesel, gas, oil, etc. are affordable. No, again another major indicator with fuel prices rising.
We better not touch on the health service, schools, etc.!
Should You Borrow to Make Ends Meet?
That is the road to disaster! We are loan brokers promoting credit, but borrowing money just to pay for essentials would be folly and not recommended at all.
If you are finding things very tight, do not borrow more, but find out different ways to help your particular situation.
If debt is a problem, there are companies that will help to relieve you of this anxiety. If you need more income and cant get a job or extra job, contact citizens advice bureau for help.
We cannot change the UK economy on our own, but you can take steps to try to sort your own personal economy out.