Barbadian households are up to their necks in debt – more than $4.5 billion worth.
The average Bajan home owes banks, credit unions and other lending institutions at least $53,000 for various things including mortgages, credit cards and personal loans, new research by a group of local economists found.
And the analysis concluded the problem was so bad – including the fact that up to late September 2010 Bajans had defaulted on more than $161 million of these borrowings – that they predicted it would take between 10 and 30 years to clear the arrears.
Additionally, University of the West Indies Senior Lecturer in Economics, Dr. Winston Moore, who is a former Barbados Economic Society head, Central Bank Senior Economist Mahalia ���!Q)
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