This is a scary stat: the average Brit who is in debt (who isn’t unlike an American in debt) will likely spend all of the earnings they had in January to pay the interest the accrue for the year on their debt.
That’s depressing, isn’t it? You spend a full month working and that money doesn’t really go to anything worthwhile in your life (not even groceries!). It’s all going to pay interest to your bank and/or credit card company.
If that’s not a wake up call, I don’t know what is. The money you earn is yours! Stop giving it all to credit card companies in the form of interest. Set a budget, stick to it, and get yourself out of debt!
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