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.
Solana Price Forecast for July: Trading Volume on NFT Marketplace Magic Eden Increases
Most recently, Solana was used to develop Magic Eden, the fast-growing non-fungible token (NFT) marketplace. It has become a leading...
Dedalus Extends its Network in Spain with the Creation of a Digital Health ‘Hub’ in Barcelona
Currently, Dedalus has a presence in the UK and Ireland, Northern Europe, Austria, Switzerland, Spain, China, Brazil, Australia, New Zealand,...
MODHEM+ : The Progress Report in Burkina Is Considered Satisfactory
The MODHEM+ project has allowed to set up infrastructures that are now used by the communities. It has also made...
Nextsense Collects €600,000 from Ulixes Capital Partners and €1.5M through Azimut Direct
The investment in Biovitae represents the 16th deal completed by Ulixes Capital Partners since it began operations in July 2019...
How Competitive is the German-Speaking Fintech Industry in an International Comparison?
Although the challenging framework conditions have led to fundamental economic resilience in the German fintech sector and enabled a clear...
Biotech2 weeks ago
Satellos Bioscience’s Stem Cell Signaling Research Could Turn the Tables on Muscular Dystrophies
Cannabis2 weeks ago
Luis Figo Launches His Brand of CBD Products
Featured2 weeks ago
Ecopetrol Shares Led the Stock Market Decline, with a Drop of 11.92%
Biotech2 weeks ago
Biotech Startups Double their Innovative Capacity