Telecom plus quick
linksCollision course for financial disaster
November 30, 2006
by Jez Tromans
Filed under Distributor Opinion
Are you on a collision course for financial disaster?
Britain’s personal debt mountain has grown larger than the annual output of the economy for the first time in recorded history.
Families owe £1,158 billion on credit cards, loans, overdrafts and mortgages, up 10% on last year, and the economy generated £1,127 billion, up 1.8% – £31 billion less than the national debt and personal debt is growing faster than the economy.
Most people in the UK are on a collision course for financial disaster and just because they have made the minimum payments this month, think that everything is going to be alright. It’s said that 95% of us have insufficient investments in place to fund our retirement, that time in life when we plan to do all those things that until that day, we had been putting off!
From recent copies of the Daily Mail, spiraling debt is pushing an ever-growing number of families to breaking point, there are signs of ‘growing distress’ among consumers as they struggle to cope with debt totaling over £1.1trillion, said the Financial Services Authority (FSA).
The statistics show:
- Individuals declaring themselves insolvent have risen 95%
- Bankruptcies are up by nearly a third
- Home possession orders have jumped 66% and repossessions 47%
- The average personal debt of visitors to advice charities has topped £30,000.
How long to you plan on living? When will your financial circumstances actually allow you to retire? The difference here is the amount of time that you will need to fund your retirement. Most of us have our heads burried in the sand and perhaps, do not want to consider the truth.
The Utility Warehouse business offers an effective financial solution, that can with hard work and over a two – seven year time period, create a significant ‘walk away’ residual income…or pension. 100′s can already testify to this and 1000′s more are already earning significant residual incomes.
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