As the FTSE 100 rises on the news that a deal has been reached to deal with greek debt how many ordinary UK householders are wishing that their banks would show the same forebearance with them?
Households across the country are finally having their “lightbulb” moment as they realise they have pushed the plastic until it has snapped and are looking to pay back their debt. Here in the Mammapolitico household we had our own debt crisis in 2009 when my temporary teaching contract came to an end accompanied by the arrival of baby number five. We cut up our cards and since then have never used another penny of credit.
This is no easy task with five children and only one member of the household working.we negotiated with lenders – some were fantastic some were a nightmare. With interest rates pushed up to 35% on one credit card alone there was no alternative but to stop borrowing and pay back. We budget hard, make meals from scratch, and are teaching our children to do the same.
It will be a long and hard road lightened by moments of humour – as my husband commented this morning “at least we’re not in as much of a mess as Greece!”