The United States and millions of its citizens struggling with debts, whether it be a mortgage, credit card debt, or school loans. However, they are not the only citizens of a major global economy struggling with a mountain of financial burdens. Recent reports from the other side of the pond show that their “cousins” the Britons in the United Kingdom, are saddled with financial obligations that they are increasingly finding difficult to pay.
The Guardian gives several alarming but all-too-real scenarios. The percentage of adults in the U.K. who admit having a tough time paying their debt has risen to almost fifty percent. About one-sixth of the population realize they have very little monies left to pay their credit card after spending on their usual household needs. Roughly 83 percent simply do not have the resources nor the knowledge on how to address their ton of loans.
In five selected areas, including Wales and Northern Ireland, 30 percent of adults had experienced some kind of financial crisis recently. Throughout the U.K., 50 percent of adults confessed that their savings are just a little less than 100 British pounds—not enough for a rainy day when it finally pours.
A related report by ABC Money points to credit card debt as the heaviest that is weighing on many Britons. The total amount in this sector has reached $68.1 billion. Credit card reliance in order to make it through the week is much more frequent these days than they were two decades ago. Millennials who are new to the workplace, in particular, load up on credit card debt as they start spending on rent, transport, food, and other expenditures. Nevertheless, the best way to stay out of debt is to only spend money you actually have.
Another emerging source of debt, says Breaking Views, are vehicle loans. The number of owners securing loans to purchase a car has risen by ten percent. The overall amount of car loans in the U.K. now has grown to £197 billion as of March in 2017.
Texan city to open residential community for homeless individuals
UK consumer spending takes a hit from the heat wave
The secret to success, according to Amazon CEO Jeff Bezos
Will Lombok’s tourism recover from the recent earthquake?
Why the Greek economic crisis is not yet over
‘Phenomenal’ PotNetwork a ‘Strong Speculative Buy’ according to Harbinger Research
How IoT is revolutionizing the retail sector
Best ways to measure your employee’s productivity
PepsiCo CEO Indra Nooyi to step down this October
5 social media campaign ideas for restaurants
Strengthening the cooperation among countries to generate inclusive growth
H&R Block and IBM Watson are revolutionizing tax preparation
IMF message: Interconnectedness needs to be preserved
Can we use smartphones while driving 100% safely?
Innovative electricity tech from ABB provides better life
Business4 days ago
A ‘Guardians of the Galaxy’ reboot? It’s possible
Business5 days ago
The top reason mortgage fraud is still prevalent in the industry
Business2 days ago
Cyber firm claims WhatsApp flaw lets scammers manipulate messages
Crowdfunding4 days ago
3 crucial tips for crowdfunding success
Commodities4 days ago
Condor Gold receives go signal to build mine in Nicaragua
Entrepreneurship4 days ago
Manage the pace of innovation through outsourcing
Featured5 days ago
12 actionable tips on how to get rich
Featured4 days ago
Robo-advisor Hedgeable closes regulated investment management business