The Office for Budget Responsibility has raised its prediction of total household debt in 2015 by a staggering £303bn since late last year, in the belief that families and individuals will respond to straitened times by extra borrowing. Average household debt based on the OBR figures is forecast to rise to £77,309 by 2015, rather than the £66,291 under previous projections.
Economists say the figures show that George Osborne's drive to slash the public deficit and his predictions on growth are based on assumptions that debt will switch from the government's books to private households – undermining his claims to be a debt-slashing chancellor.
Now, I am about to advance something of a radical idea, but hear me out... Are you ready?
When your household income drops, how about YOU DROP YOUR SPENDING TOO?
I mean, for fuck's sake, it's not a difficult concept. I know that, for the last 15 years or so, you have been watching financially incontinent governments piss money away like a drunken sailor who's just won the Lottery spending his way through the entire port—but emulating the government is just stupid.
If you haven't got the fucking cash, don't bloody spend it.
It's not difficult, seriously.