posted on Jan, 24 2010 @ 06:10 PM
The problem is that the UK is the most personal-finance-indebted nation in Europe. Those who rode high on the credit hog during the boom times are now
struggling to manage repayments on the lifestyle credit they took out on the back of rising house-equity.
Now as the false-economy is contracting, and as someone stated that our economy is comprised of some 75% of service sector, jobs are being shed as
there's fewer with the money spare to buy those services and those who have those credit-debts are fighting to keep their financial heads above
Should the interest rates rise from their current level, and they WILL have to rise at some point, then no matter what the salary offered to those
re-entering the employment market after being previously laid-off, the carnage of personal insolvencies will to huge.