A DAMNING report launched at the TUC’s conference last month found that families are having to borrow more than £325 a month just to make ends meet, reports The Herald (1).
The combination of soaring living costs, pay freezes and pressure on families’ standards of living were leading many to get into debt, warned unions.
More than 22,000 members of trade unions were surveyed and the results showed that the average amount borrowed each month had risen over a six month period from £127.88 to £327.88.
Of special concern is the finding that more than four million people regularly had to use payday lenders.
This sector of the financial industry has come in for criticism for the high rates of interest that some companies charge customers and Stella Creasy MP, a campaigner against such lenders, has claimed that one in three payday loans were taken out to pay off a previous loan.
Patrick Harrington of the Solidarity Trade Union commented: "We have been concerned for some time about payday lenders and stores like BrightHouse who offer consumer goods at extortionate rates of interest.
For many, debt is a form of modern slavery. Being in debt forces people to work longer hours and make other work/life choices they wouldn't otherwise make.
Being debt free is something everyone should aim for. On a political level Nationalists should oppose usury at every opportunity."
(1) The Herald 11/09/12