Consumer credit has become the poisoned apple of the 21st century. For most, the temptation of its spoils has been too alluring to resist, believing the benefits of using credit to finance a lifestyle they cannot actually afford, out-dazzle the drawbacks. Unfortunately, the truth and harsh reality of this fatal assumption is now coming home to roost, as millions fall into the clutches of overwhelming debt and find themselves struggling to make ends meet.
Over the last 60 years, the growth of the global economy has relied heavily on credit consumption, propping industries and entire nations up on a shaky and unsustainable foundation. But, while the world was enjoying the heyday of credit induced economic growth and gluttonous living, no-one was asking, “What can go wrong?” Well, now we know the answer to that question and the future financial security of individuals, households, industries and entire nations, doesn’t look pretty.