The FSA recently announced that should the economy see further drops in unemployment and rises in interest rates the Middle Class familis of the UK will be hit the hardest.

Such vulnerability is shown due to the increased amount of borrowing over the years and can only be seen as more bad news should these two equations meet again.

The difference in this recession to the one in the 90’s is that a generation of ‘borrowing culture’ has been spawned and now that it is taking it’s toll on our pockets and bank accounts. We are used to spending on credit cards and being ‘rewarded’ for our loyalty, but now this has been reduced and families are finding it hard to keep up their repayments on their mortgages.

Apparently we are out of the recession, but the recovery for many of us may not bear the fruits of our labour for some time yet.