Danielle Park had an interesting article on her site written by CNBC anchor Steve Sedgwick. He explores the concept of the Spend Now, Pay Never attitude that has swept the UK (and the US as well). Millions have leased shiny new cars and will never own them. They’ll never be paid off. This is a symptom of declining savings rates in many countries. Interesting turn of events. This story closely correlates with the fact that most of us concerning our personal finance, as in life, are our own worst enemies. We engage in long-term destructive behaviors for the sake of a short pleasure. In addition, we then look to correct a life time of failed financial planning by upping our appetite for risk, while being cheered on by the financial industry. A recipe for disaster.
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