A leading thinktank claims Britain is finally shaking itself free of the grip of the “great recession” and that the economy is on the cusp of returning to its pre-crisis strength.
Furthermore, the UK economy will regain its pre-recession peak in the nest few months.
The director of the National Institute of Economic and Social Research said,
“It is quite important symbolically that the economy is, or will very shortly be, bigger than it was in 2008.”
Before you all rejoice in a universal hurrah, let’s ask ourselves, does the average man on the street actually feel like the recession is over?
How relevant are these positive, macro figures? Do they even count at all?
Can ordinary people feel or see the difference in their personal finances? Have their lives improved?
When your household budget has been squeezed dramatically and your income has fallen, these type of headlines mean nothing.
Pretending this mortgage crisis isn’t happening won’t make it go away
Today, more than one in ten borrowers is now in distress and falling behind on mortgage payments.
These type of optimistic headlines about the near-term outlook will not resolve the financial crisis.
A spokesperson for Rescue My Properties, a company that specialises on mortgage debt said,
“Personal debt has become an unfortunate way of life for many Brits.
“The reason people aren’t paying the mortgage on their homes is simply because they cannot. They do not have the money to pay that one very imperative debt. This then has a domino effect on personal finances. It means people cannot cover other basics of life, such as electricity and food bills. Feel good headlines or thinktank surveys do not report the reality that households are under constant worry and stress.
“Rescue My Properties have helped over 3000 clients in the past 8 years to deal with their property related problems and get rid of crippling debts.”