Money problems
Money problems can come in all shapes and sizes, but debt can be one of the hardest to deal with. After all, someone whose bank balance is low might consider themselves to be in financial trouble, but someone who owes more money than they have is clearly worse off financially - they`d probably be happy to wipe out whatever savings they have if they could just wipe out their debt too!
In purely mathematical terms, Mr A, with £5 in the bank and no debt, is in a better position than Mr B, who has £2,000 in the bank but £3,000 of credit card debt. Mr B would probably be well advised to use his savings to pay off as much of his debt as possible, since debts tend to grow much more rapidly than savings. Today, it`s easy to find a credit card charging 20% interest, but most people would be pleased if their bank account paid a tenth of that in interest.
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