The only way out of a debt crisis is to deal with your debts. That means households – all of us – paying off the credit card card and store card bills.
Dave’s hastily-revised credit card debt line, as pre-briefed:
That is why households are paying down the credit card and store card bills.
Reality, as summarised by the Office for Budget Responsibility in April:
Last June, OBR forecasts showed that household debt would rise from an average of £58,000 in 2010 to £66,291 by 2015. Now its projections show it expects it to rise to £77,309. For the country’s 27.5 million households this means an average increase of £11,018.