What does debt matter? — Scope | Disability forum
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What does debt matter?

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Biblioklept
Biblioklept Community member Posts: 4,698 Disability Gamechanger
in Coffee lounge
Time for another question to highlight my ignorance!! :D  I'm just wondering about the UK's debt and how most countries are in debt to each other and that ours is bigger than ever etc.

And I don't really understand what the impact of this debt is? Like how does it affect the country? And individuals? And if all countries owe each other does it even matter?

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  • 66Mustang
    66Mustang Community member Posts: 13,914 Disability Gamechanger
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    I'm no expert but a couple of things I know...

    A lot of the debt is not necessarily owed to other countries but is actually owed to bondholders who may not be countries but investment funds, pension funds, even private individuals, so it does matter as these people want their money back!

    Debt also affects a country's credit rating, similar to a private individual. So, similar to a single person, if they are in a lot of debt and/or fail to maker repayments, they are less likely to be lent money in future.
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  • leeCal
    leeCal Community member Posts: 7,550 Disability Gamechanger
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    It also matters because we’re paying interest on the debt, ie around five percent! That comes from us the taxpayer and it is now leading to serious shortfalls in the governments finances. 

    “This is my simple religion. No need for temples. No need for complicated philosophy. Your own mind, your own heart is the temple. Your philosophy is simple kindness.” 
    ― Dalai Lama XIV

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  • Tori_Scope
    Tori_Scope Scope Posts: 12,496 Disability Gamechanger
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    My head hurts when I think about it! 

    That's my not-very-insightful comment for you :D 
    National Campaigns Officer, she/her

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  • Biblioklept
    Biblioklept Community member Posts: 4,698 Disability Gamechanger
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    Tori_Scope said:
    My head hurts when I think about it! 

    That's my not-very-insightful comment for you :D 
    It's more helpful than you think!! It reassures me that I'm not the only person who's head it makes hurt to think about :D 
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  • L_Volunteer
    L_Volunteer Community Volunteer Adviser, Scope Member Posts: 7,978 Disability Gamechanger
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    Glad we could provide you with some reassurance @Biblioklept. You are never alone.

    Please don't hesitate to let us know if we can do anything to help though. We are all here for you and, at the very least, listening to you  :)
    Community Volunteer Adviser with professional knowledge of education, special educational needs and disabilities and EHCP's. Pronouns: She/her. 

    Please note: if I use the online community outside of its hours of administration, I am doing so in a personal capacity only.
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