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.
The Project that Encourages the Industrial and Medical Production of Cannabis in Argentina
The production of medical cannabis has grown exponentially since the beginning of the century: in 2000, 1.4 tons were produced...
The Effects of the Bitcoin Mining Ban in China are Beginning to be Felt
China has long been considered a good location for Bitcoin miners, as mining can be done cost-effectively due to low...
Crowdfunding Campaign to Recover the Heritage of the Former Asland Cement Factory
A crowdfunding campaign was launched by LaFábrika detodalavida (LFDTV), to recover the old Asland cement factory located in Los Santos...
Cotton Futures were Higher on Friday in Recovery Trading
Cotton futures were higher on Friday in recovery trading, but lower for the week. Trends are mixed on the daily...
22 Million Euros and New Investors for Finleap Connect
Finleap Connect had ventured into other European countries early on. Specifically, the Berlin-based company is active in France, Italy and...
Biotech6 days ago
HoMu Health Ventures Launches in Reproductive Medicine
Featured5 days ago
Finlombarda Invests 1.5 Million in a Fund Promoted by P2P Lending October to Finance SMEs in Lombardy
Featured6 days ago
Due to Demand Concerns, the Rice Prices were Lower Last Week
Business6 days ago
Transitory Inflation Debate