Money Tips Daily By Charles Kelly, Former Ifa And Author Of Yes, Money Can Buy You Happiness.

The UK is now paying almost £9 billion per month to service its debt of £2 trillion – close to 100% of GDP. In America, the situation is even worse with an acknowledged debt of $30 trillion costing $600 billion per annum. The real American liability amounts to over $150 trillion if you take into account pensions and social security liabilities. The UK has a similar problem with unfunded pensions, state benefits, elderly care and the NHS. With record low interest rates the debts I’ve just about manageable, but what would happen if interest rates went up to a normal five or 6%? The ONS said that by December 2020 9 million people had to borrow more money. Where will this all end? The answer is that nobody knows because we’ve never been in this situation before where every country in the world is printing money like there’s no tomorrow. Inflation looks set to rise which will force up interest rates plunging millions and some government into bankruptcy. You need to educate yourself about money, so that you know ho