Huge cultural changes have put debt on the map for England.

People approaching retirement age are being forced to dip into their savings and work beyond their sixties. Also, many couples are opting to remain childless to avoid taking on the huge financial pressure of raising a family.

As debt becomes too difficult to manage, many will have to move to smaller accommodation, change location or increase the life of their mortgages which will add additional interest charges.

Over the next ten years, the total amount of household debt is set to burst to £1.6 million as consumers continue to spend without any thought of seeking debt advice and by 2014, 150% of household income will be swallowed up in debt.

During the past ten years, the country has experienced three major dramatic changes to spending habits. At one point, the Brits were very careful with their money. Then they succumbed to the ‘spend, spend, spend’ frenzy and now they have hit the debt culture as they struggle to survive on an income which will not sustain their lifestyles.

England has lost its pride and has fallen from its financial pedal stool. The English once stood out as a nation who avoided debt at all costs, but times have changed and the country is now pummelling its way through a trillion pounds worth of debt accumulated through mortgages, loans and other credit vices.

How did we go from a nation of sufficiency to a nation of indignity?
The Thatcher message encouraged the country to take responsibility for their financial positions and to stop relying on the state. This made more people look to their homes as a way of increasing profits.

As interest started to rise and jobs became scarce, the ease of being able to gain credit in an instant became an obsession with the country. However, the backlash of this spending has caused heads once raised in pride, to become lowered in shame.