Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page: http://www.socialistparty.org.uk/issue/501/3118

From The Socialist newspaper, 13 September 2007

A life of debt and poverty?

THE EROSION of real wages, growing bills, a grossly overpriced housing market and a financial crisis that led to five interest rate rises in 18 months. All these factors are blamed for a 20% rise in debt problems being tackled by Citizens Advice offices (CABs).

Citizens Advice, the biggest provider of free debt advice, says debt accounted for one in three of its inquiries - over 6,600 problems each working day. They say a worrying proportion have problems paying basic bills. Inquiries about bankruptcy rose by 50%.

Consumer debts and credit cards affected couples in their early 30s most. They had the most credit cards with large balances, many used to subsidise huge monthly mortgage payments. The mid-1990s housing boom started to push prices up, pushing up housing debts too, made worse by New Labour's block on the council house building that provided a cheaper alternative to buying. The rising cost of mortgage debt could herald the unwelcome return of mass home repossessions.

Many bank customers now find that a few missed overdraft payments can become a massive problem as escalating bank charges and fees (5 billion last year) add to debts. So do bank schemes such as payment protection insurance that brings a 70% plus profit margin.

Secured loans that act as a second mortgage on homes were beginning to cause difficulties for homeowners who used them to consolidate debts from personal loans and credit cards. The CABs were beginning to see more queries from students and ex-students as student loans threaten to force another generation into debt.

These figures underline how right trade union activists are to fight for decent wages and how important it is to battle for a socialist future where capitalist banks and landlords no longer make for a life of indebtedness for consumers.

Why not click here to join the Socialist Party, or click here to donate to the Socialist Party.


In The Socialist 13 September 2007:

Fighting Unions Need a New party

Postal workers: "We have the power!"

TUC conference: Standing up to Brown's attacks

Needed: a combative trade union movement


War and terrorism

Iraq: Get the troops out now


Workplace news and events

Tube workers' strike scores victory

Bosses get away with murder


Socialist Party NHS campaign

Nurses strike

Manchester cuts maternity services

Leeds - no more deficits and cuts


APEC summit

APEC summit: Thousands defy police crackdown


Socialist Party news and analysis

Overcrowded prisons, overworked staff

Keeping tabs on the millions?

A life of debt and poverty?


Socialist Party feature

Tory party struggles to recapture territory taken by New Labour


International news and analysis

Impressions of China


Socialist Party review

Robert Blincoe - a life that illuminates an age


 

Home   |   The Socialist 13 September 2007   |   Join the Socialist Party

Subscribe   |   Donate  




Related links:

Poverty:

triangleNasty party imploding...drive out the Tories

trianglePoverty, repression and fightback on the docks

triangleMajor attacks 'Universal Credit', half a million more face poverty

triangleOne in four teenage girls depressed - crisis made worse by cuts

triangleFight for an alternative to the misery of capitalism

Debt:

triangleYoung people being strangled by debts

triangleNHS meltdown - fight the Tory cuts

triangleHousing crisis: Corbyn's positive measures blanked by Labour's right

triangleTories wreck our NHS

Housing:

triangleNo more fire deaths - ensure safety now!

triangleEast London summit fails to address housing crisis

triangleProtest to pressure Labour to scrap Haringey redevelopment plans

Reports and campaigns

Reports and campaigns

19/10/17

North West

Arriva North West bus drivers strike over pay

18/10/17

Democratic rights

Conference on state spies: who's watching who?

18/10/17

Leeds

Striking back against sackers' charter at Leeds Uni

18/10/17

PCS

PCS ballots members on the pay cap

18/10/17

Royal Mail

Royal Mail bosses block strike - back postal workers

18/10/17

Art

'Dazzling' Bad Art show points to socialist future

18/10/17

Council

Sheffield Labour council threatens peaceful protesters with prison

18/10/17

South West Wales

Hundreds turn out for rally aimed at removing west Wales Tory MP

18/10/17

NHS

Uprising to save the NHS!

18/10/17

Socialism

Can you donate to the Socialism 2017 appeal?

18/10/17

East London

No cuts - hands off King George A&E!

18/10/17

North London

North London hospital workers fight cuts and job losses

18/10/17

BAE

Nationalise to save jobs at BAE Systems

18/10/17

Schools

Schools "can't go any further" - stop the cuts: set deficit budgets now

18/10/17

Swansea

Socialist Students 'welcome' Hillary Clinton to Swansea

triangleMore Reports and campaigns articles...


Join the Socialist Party
Subscribe to Socialist Party publications
Donate to the Socialist Party

triangle19 Oct Arriva North West bus drivers strike over pay

triangle18 Oct Russia, October 1917: When workers took power

triangle18 Oct Tories torn - bin them now

triangle13 Oct The end of the Tories?

triangle11 Oct Nasty party imploding...drive out the Tories

triangle11 Oct CWU fights court attempt to stop national strike

triangle11 Oct The fight against racial discrimination is tied to fighting against...

More ...

triangle19 Oct Waltham Forest Young Socialists: Deaths in police custody

triangle19 Oct Swansea Socialist Party: Spanish revolution 1936-37

triangle19 Oct Cardiff East Socialist Party: Is equality for women possible under capitalism?

triangle19 Oct Wirral Socialist Party: The October 1917 Russian Revolution

More ...

Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

Archive

Archives:

October 2017

September 2017

August 2017

July 2017

June 2017

May 2017

April 2017

March 2017

February 2017

January 2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

Legal

SP RSS feed RSS

Platform setting: = No platform choice

V2