New Survey Shows Just How Hard It Is To Make Ends Meet: ‘Half Of People Need Credit Cards Just To Make It To Their Next Payday’

by | Sep 20, 2017 | Conspiracy Fact and Theory, Experts, Forecasting, Headline News | 45 comments

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    A new survey was done in the United Kingdom and it shows just how hard it is for young people to survive paycheck to paycheck. Almost half of those surveyed admitted to needing credit to make ends meet until they get paid again.

    More than half of young women have to borrow to make their funds last to the end of the month, highlighting the impact of stagnating wages, insecure work, and rising prices like taxation on millennials. A survey of 4,000 people aged 18-30 shows that 51% of young women and 45% of young men regularly use credit to stretch their finances until payday. The report also found that a quarter of these young people in the UK are constantly in debt.

    When asked how they borrow to make ends meet, one in five claimed they used overdraft credit or borrowed from family members. The next most common form of borrowing was the use of credit cards. The Young Women’s Trust, which commissioned the representative sample of young people, said many of those questioned in the survey also worked extra hours or skipped meals to make their cash stretch to the end of the month.

    The survey was conducted after a growing number of people began asking for help from debt charities with personal debts and monthly bills. The debt charity StepChange said it was concerned about a steep increase in the number of “under-40s” and renters who were struggling to make ends meet. This adds to the trend for low-income families to rely on credit to buy essential items. This debt epidemic is not likely to go away either, with the added burden of regulations and taxation on personal income, it isn’t a surprise that people have begun to struggle financially.

    Even if a credit company forgives a debt, in the United States, the IRS will demand that the company give a 1099-C form, which is then reported as income, and taxed as such. Being in poverty becomes the norm when a society drifts toward more government control, and we are beginning to see this credit epidemic rise in first world countries.

    The Young Women’s Trust charity’s chief executive, Carole Easton, a former chief executive of ChildLine, said 25% of young people believed their level of debt had gotten worse in the past year and 61% expect to be still in debt when they are aged 40. She warned that this is a scary outlook for many. This could leave young people with “little hope for the future”, especially as the Bank of England has hinted in recent days that it is likely to raise interest rates in the near future. “The worry is many young people will be pushed further into debt,” she said.

    “Much more needs to be done to improve young people’s prospects. This means giving them the right skills and support to find jobs, ensuring decent and flexible jobs are available, and paying a proper living wage that doesn’t discriminate against age. This would benefit businesses and the economy too,” said Easton, letting the government off the hook.

    But that money has to come from somewhere. Increased wages mean increased prices. It’s an economic cycle that is being strangled by regulations and taxation. Perhaps a reduction in their tax burden? Maybe if the government would climb off the backs of workers, they could begin to get ahead.


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      1. It’s made of people.

      2. The UK had a choice: restart its economy by making products and services people around the world wanted, or, just increase the supply of credit to juice the consumption economy. The UK chose the later. In order to stay one step of its debts, the UK has to import more mouths to feed and to do this with either borrowed credit or borrowed welfare payments. The mouths are then used to calculate the national wealth and this hypothecated fake wealth is used to borrow more money for overseas investments (property etc.).

        On the plus side, those young women will need to turn tricks pretty soon to pay their debts: happy days lay ahead!

        • That is a plus!!! Now,…. what’s the cheapest shipping method to get the birds over here?

        • How about the Credit Card the US Government is using, backed by Tax payers. About $230 Trillion in unfunded liabilities. Its time to take it all back from the Politicians who squandered it. I surely am not going to pay it back. I’m on a sit down strike and will not owe any taxes again this year. Do not work or produce anything for their Grid tire squander. F-em, Starve the beast.

        • You’d “the Man” Frank that “cat scratch fever” got a hold on you ‘ol boy.

        • in-happy days Frank.

          STDs make for miserable in-happy days.

      3. Why am I reading this? I don’t care about the UK. They deserve everything they are getting. (i.e, the barbarians are inside their walls and taking over).
        “There’s no England anymore”…..the kinks

      4. The criminal central banks are colluding to enrich the already super-wealthy at the expense of everyone else. Yet the sheeple just bend over and take it.

      5. The awful truth is that the system is unsustainable and will eventually break. Imagine how much money one could save if they didn’t get 1/5 of their pay stolen in the form of income tax, how much a family could save without having to pay a yearly property tax to live in their homes. If it breaks hard enough, I’ll enjoy not paying them sh*t ever again; severely limited government seems to be the only way to run an empire without it imploding from its morbidly obese weight.

        • 1/5??? 1/3 for me. Taxes get 1/3, woman gets 1/3, use the rest for bills. Incentive to bust my tail is a bone the bossman tosses every several weeks.

      6. it used to be called living beyond your means. consumerism is out of control. $1,000 phone, no problem, just $50 a month forever plus service. same with vehicles, houses, everything. easy credit, minimum payments, never ending viscous circle jerk and our government and bankers just love the debt slave. they offer 0% interest to “save” your money, but lend at up to 29% interest, legal thieves as we would be in jail for usury. cut the card, don’t play their game.

      7. I believe the rate hikes will make it even harder for those already struggling in the UK.

        We have seen how the rate hikes in the U.S. have affected businesses and personal finances. The Fed announced today that a THIRD rate hike is scheduled for 2017.

        HSBC sees two UK interest rate hikes by end-2018
        “HSBC, one of Britain’s “Big Four” banks, expects the Bank of England to raise interest rates twice over the coming 12 months…”
        ht tp://

        • I agree: there are already shocking interest rates for credit cards (30 to 70 per cent APR) and loans (3000% APR). That speaks to a sick economy. I suspect all the marginal people and businesses will go over the edge as the BOE starts to normalize rates. There is no real puff left in the UK economy and when Brexit starts, all those gobby homeless people are hardly going to be racing off to make business deals with the Chinese to grow the economy.

      8. Just saw a BBC article that indicated “Rise in female workers suppressing wages, says OECD” ok so not a female thing but a bigger supply if workers causing the demand (i.e. $$$$) to go down.

      9. The economy is fragile, despite the robust “recovery” the media broadcast for the past few years.

        The Federal Reserve has only had THREE interest rate hikes in the past ELEVEN YEARS. Yet, there have been TWO already since Trump was sworn in as president and now a THIRD one is planned for 2017.

        Why all the frequent interest rate hikes NOW? I have read that multiple rate hikes could crash the economy. I guess time will tell.

        Our economy is still deeply troubled. President Obama was able to prop up the economy in the short term, at the expense of our long term economic future.

        I believe difficult times lie ahead. The table is set for the next financial crisis. We need to be prepared.

        In addition, in the past couple months, both in the U.S. and around the world, we have seen growing tensions (Russia, North Korea) and numerous disasters. These include earthquakes, hurricanes, floods, wild fires, horrible monsoons and flooding (India), terrible heat wave, drought and reduced crop yield across Europe, etc.

        In Stark Warning, IMF Finds Over 20% Of US Corporations At Risk Of Default Should Rates Rise – 4/19/17
        “In a stark warning, the IMF cautions that the number of firms with very low interest coverage ratios — a common signal of distress — would rise to 22% of total corporate assets should US interest rates post a sharp increase in the near future.”

        Great Debt Unwind: Personal And Commercial Bankruptcies Surge In March – 4/8/17
        “The Fed’s monetary policies have purposefully encouraged businesses and consumers to borrow. But debt doesn’t just go away. It accumulates.

        By now, an increasing number of businesses and consumers are suffocating under this debt overhang in an economy that never developed the “escape velocity” needed – and hyped by Wall Street for years – to outgrow this debt. Rising bankruptcies are a turning point in the “credit cycle.”

        Mortgage Delinquencies Rise Most In 7 Years As Rates Spike – 2/15/17
        “Worryingly rates remain high, inflation is surging, Yellen is set for more hikes, and real wages are dropping.”

        9 signs the economy looks ominously like 2008 just before the crisis – 3/17/16
        The data is all there for anyone who cares to look.
        US government debt exceeds $20 trillion, well in excess of 100% of GDP.

        “They have to borrow money just to pay interest, and they have entire pension funds that are on the brink of bankruptcy.”

        “Simply put, the bubble is just as insane as in 2008, but much bigger. And the financial establishment has no ammunition to fight it.”

        • Good points! The government is borrowing money to pay the interest on the money they borrowed a few years ago. They then take this borrowed money and send it overseas in aid, or spend it on welfare for Muslim migrants moving to the West. They money is nothing but bribe money for foreign corrupt governmets and to keep Muslims sweeeeet.

          As for women in the labor market, this has increased because so many are not getting married and having families these days. They need to work to support themselves. They will live on credit to do this, barely staying ahead of their fate when the economy collapses again: to be pushed by reality into the sex trade in some form. This is what happened in Russia and Eastern Europe in the 90s and will happen in the West too.

          • Frank Thoughts,

            It is a crazy set up they are using.

            In our area, I also see many young families where BOTH the husband and wife need jobs to pay bills and not go into debt. Extended family members (often grandparents) are caring for the children while Mon and Dad work.

            The numbers of jobs that pay a decent salary (manufacturing, mining, etc.) to support a family have decreased. Cooking or waitressing all day at a restaurant is hard work, but don’t provide benefits or a lot of money.

      10. The average American has been convinced their wants are needs. 90% of people in the world don’t own a car, but those same people who live off credit cards think they need one. Other conveniences include cell phones, pay television, home Internet, public water, and electricity. We’ll never win the war on poverty because they keep redefining it to include more. Even the projects here have central air, yet I do not because I live below my means. Less than a hundred years ago if one had a potbelly stove and enough food to eat they were doing well. Today CPS would take their kids.

      11. They all want to do away with cash and go to a credit card economy. You will be allocated a certain amount based on what you get now but you have to spend it by the end of the month before you get your next allotment. You won’t be allowed to save any. Good way to keep the economy going huh? Sucks to me and will encourage bartering and an underground economy. There are a few countries in Europe already going to a cashless economy by 2020. If you have some skills you might be able to trade for goods/services.

      12. Here in the UK people just do not get what’s going on,petrol goes up by a penny or two for a few days and we just accept it,cheap supermarket food goes from 15 p to 19p overnight, that’s nearly 30 percent, doesn’t sound like a lot but when you add it all up a few pennies across the board makes a lot of people even richer and pennies to those people means millions and millions,but hey we little people do not have a choice do we….start prepping I do,,,but still in debt like you all,,,
        Don’t forget cell phones £10 to make £800 to buy TV £20 to make £1500 to buy tin Heinz beans 1p to make £1 to buy ,you get the picture all made in Asian country’s for25 p per hour

        • £1500 for a TV? That’s USD $2,037!
          Must be one hell of a TV.

          You can buy a new 55″ Samsung here for about $600.
          Are TVs really that much more expensive in UK?
          Possibly because of the VAT and similar taxes…?

          • Admittedly this TV is top notch and you can get them cheaper,and you can pay upto £3500 for the latest models.this is ripoff Britain.were one of the most expensive places in the world,houses,booze,cigarette s,cars,food clothes,you name it we get ripped off big style.

      13. Hard to keep up with the natural disasters popping off. September 23 isn’t even here yet.

      14. When they eliminate cash that’s when I’ll go to ground/drop out. No chip/mark of the beast for me ever!

        • DB,
          If they eliminate cash 1/2 of
          the people on my island would
          starve. Most of our business is
          done on a cash/barter basis,
          wherever possible.

        • Yep my friend, that’ll be one falling meat cleaver that you won’t want to catch.

      15. Well written article! People who criticize Americans for failing to save enough, must live on a different planet. Americans are the most overtaxed people on the planet. If you do save, you get nothing on your savings and the real buying power of the money goes down. The idea that only profligate people have massive credit card debt isn’t true. The whole system is set up to work against working people.

      16. They are all Communist economies over there and are running out of other peoples money. We here in US are one step behind them. I refuse to buy anything on credit. I despise ‘the money changers’. I don’t have medical insurance because I didn’t want to go into debt to the government. 60% of my income went to that thankless bottomless pit. I’d rather die than sell my soul to the govmnt dole. ( ?Sounds like a country song…? lol. ) When you’ve already lived in hell…a little fire doesn’t scare you anymore. ? ? I believed what the govmnt told me back when they first started medicare. They would pay 80% and I would pay 20%. After 40 years of paying in….they decide to only pay 20% and I need MORE insurance to cover MY 80%…plus, I needed to pay the first $3500 out of MY own pocket and plus…pay a monthly $230 (and today is double that) for that supplemental policy.
        What really burned my butt…is the people in Chicago paid ZERO for theirs.
        “Our only enemies are those that dwell amoung us,” for sure.
        I swear… if the govmnt owned the whole Sahara Desert, they would run out of sand in two weeks.

      17. British young people can’t make ends meet, but their own government has plenty of money to welcome (import) MENA immigrants and feed, house and employ them. Gee, what’s wrong with this picture?

      18. OK, Frankie. Tell us just who these 30% plus credit card charges are made out to? I’ll tell you (and you know the truth). They’re made to people who cannot and could not manage their finances. The same people as in the states.

        Typical cc charge UK is 19%. Again, you’re being disingenuous about 3000% loans. These are made by loan sharks to the poorest in society and such rates are illegal (as you well know).

        Even pay day loans charge “only” (hah!) between 280% and 1200% Apr. Horrifyingly high I give you, but nowhere near your 3000%!

        Once more your febrile dislike of anything British clouds your age addled mind. And your misogynistic attitude to all women, everywhere, in treating them all as potential whores, is contemptible! You exist in a cess pit of your lonely sickened imagination!

        Oh, and when are you going to claim your 5 gold sovereigns from me in proving your other misogynistic rants made here are true? The bet is still open and you’ve never taken me up on it – that speaks volumes to me.

      19. That dang Nixon. I still get mad when I remember him cutting in on Bonanza that Sunday night in 1971…

      20. Another Fed rate hike, does this mean my $2.20 in savings account might gain a penny? It has not moved from that all year, that is required to just keep it open for direct deposit. So if you have direct deposit and I read banks have bail ins from depositors under consideration to keep them open like in Greece. If the funds are not there on the day they were deposited a general mass freakout will ensue.

      21. Nah, full faith and credit, you are in good hands with all state. How do payday loan sharks get away with such high interest repayment rates? They bought off corrupt legislators. A vicious cycle of brokeness.

      22. Just read this in the newspaper. A man was walking and was approached by two thugs, one was armed. They demanded his wallet and the victim showed them his empty wallet. The thugs then fled. In this guy’s case it paid off to be broke. LOL.

      23. Ransomeware hack targeting 2 million per hour.

        Drudge Report

      24. We have a saying. It you need to know how to live poor. We actually thrive on my $1175 per month Social security Ponzi check. we save at least $200 per month of that. Its called doing without and making do with what you already have. Of all my siblings and all of my wifes siblings we are the only ones who are fiscally responsible and financially solvent. All it took was saving 10% of every dollar we took in. And using that saved cash to pay cash for tangible assets. Too many folks get too big for their britches and try and live too high on the hog.

        • Amen, old guy!!!!!

      25. Credit is the problem, because, by the sweat of your own brow, you can never outcompete, whatever amount an irresponsible person is willing to borrow, on paper.

        Credit’s proper use (if any) should be a neutral medium of exchange, which is never allowed to put a borrower under water nor to flood the market with excess liquidity (price inflation).

        • That’s why I hate food stamps. My hard earned cash dollars always had to unfairly compete with those (free?)food stamps at the grocery store. So We simply commenced growing and hunting for the majority of what we eat. Been doing so for 40 years. Even if we have to buy the feed for our meat animals its still better. there isn’t any sales taxes on livestock feed. And the losers cannot buy feed with food stamps. I think its called EBT now.

      26. Brits have a 50% tax rate on income to pay for their government healthcare. If you want it worse in this country vote democrat!

        BTW I met a woman who said she couldn’t pay her bills and was on every type of assistance… being too fat to work on disability of $750 a month but she had to have her $140 a month smartphone service and Netflix.

      27. The British are so dumb, they can’t understand that more easy money chasing the limited goods and housing of the UK leads to rising prices and house price inflation. They wil complain straight to your face about their high rent but not understand that it is because they are competing with people who are borrowing money to live in the cities, not working for a proper wage. Add to this the record amount of welfare payments (yet more easy money) and it is no wonder the cost of living is shooting upwards.

        But, hey, time to get another tattoo and complain about white Europeans! No helping the dumb I am afraid.

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