Signs the economy is creaking at the seams...

Sky headline "Household debt warning as unsecured borrowing returns to crash level" - following the post-brexit vote crash in sterling & resulting inflation, the JAMs are now turning into NAMs (not able to manage)

Time for those survivalists out their to stock up on essentials. Winter is coming...

http://news.sky.com/story/credit-rat...-debt-10969170

Re: Signs the economy is creaking at the seams...

Time for a change IMO and a more caring society, if they suffer as much as the poor have then they might see that too.

Re: Signs the economy is creaking at the seams...

The only way there will be more for the poor is if the country is affluent and growth is maintained. We had ultra low food and clothing prices for decades. Now everything is going up and the poor will be hardest hit.

Re: Signs the economy is creaking at the seams...

the pound is weak A) everything (imported) is going up because the pound is weak.

B) the pound is weaker (than it was) because we are leaving the EU

C) we are leaving the EU because the poor (mostly) voted to leave

So the old saying "Be careful what you wish for" seems to be particularly appropriate

Re: Signs the economy is creaking at the seams...

And cheap imported labour will disappear leading to expensive home produce. Brexit was never going to help the poor.

Re: Signs the economy is creaking at the seams...

People generally borrow when they want to live beyond their means.

Many of those struggling will doubtless be choosing to spend money on things they ought not to be spending it on. Not all, but doubtless many.

Some will be struggling to pay rent where they live because their job salary isn't high, but at the same time I would guess that many of those refuse to live in cheaper accommodation or in similar sized accommodation in a different area.

You have to live within your means and not waste money on frivolous things when finances are tight. Borrowing and getting into debt is just a symptom of failing to live within your means.

Re: Signs the economy is creaking at the seams...

The people who are really poor have never been able to borrow because no bank will lend to them. They don't choose where they live. They have no opportunities or way out of their situation. It's not a choice. At least in the past they could just about afford food, heating and a roof with whatever benefits and because everything in the shops was so cheap.

Now we hear power prices are going up (causes include poor financial planning and the smart meter fiasco). Food inflation is only going to get worse, the government will have ever less money for benefits if the economy shrinks and sterling falls. At the same time we have oodles to pay for Hs2 and teams of management consultants....

Re: Signs the economy is creaking at the seams...

Sorry Annie I can't agree we've seen rich getting richer for decades and poor just get poorer. The rich poor divide has reached an obscene level.

What we have isn't working for anyone but the rich.

Re: Signs the economy is creaking at the seams...

I don't know how anyone can live on the state pension .
I know I couldn't .
My council tax ( on a very small bungalow) would take nearly a third .
My electricity bill and I am fruga and not wasteful ( goodness knows I have a WASHING LINE ) l I was brought up poor would take another large chunk .
How do people manage ?

Re: Signs the economy is creaking at the seams...

What we will get is much much worse. Benefits could disappear. Food prices could spiral. Power costs are already going up. So it's been life of riley compared to the future.