Thursday, September 10, 2009
Here is a tale for our times if ever I heard one. It is about a 27-year-old who earns Â£25,000 and has unsecured debts of Â£21,000. She is a friend of a friend and came asking me for help. I do not suspect her case is rare. She graduated with a science degree from a four-year course at a good university having had no financial help through her time there. She worked, but it was not enough. After graduating she had to move away from home to find a job, moving in to a cheap shared flat in London. She does not live extravagantly â€“ she shares a flat with three other people her age. But she does live like a normal 20-something: going out on Saturday nights, taking one holiday a year. And yet in this time she has racked up this incredible amount of debt. Her monthly take-home pay is Â£1600.