No Capitalism, No Debt!

Debt
Debt, a big problem? One could be deceived by the East Kilbride Mail November 1st
Which ran a heading, As town’s debt tops £6M; £6M doesn’t look a lot of debt for a town the size of EK, however, the Citizens Advice Bureau ( CAB) identified Greenhills as an area with money problems and won funding from the government to launch a debt service.

CAB manager for EK, Michelle Campbell: "As elsewhere in Scotland, consumer debt is now the biggest single issue we deal with at East Kilbride CAB.
"Debt is not just a question of people being feckless. Often we find that people can afford debt when they first take it on. "But then perhaps six months later they lose their job, fall pregnant or their relationship breaks down, disrupting their finances.
Poverty is also a major factor.
"If you're on a low income, you can often only access credit on the most expensive terms. A seemingly modest loan amount can soon spiral into an unmanageable debt.
"We are dealing with nearly 400 debt cases, with the sums owed totalling f.6,289,712.
"That's why we want to target those parts of the community which often need advice most.
"Earlier in the year our bureau identified Greenhills as an area that had no free cash-dispensing machines.

So we are not dealing with the town of East Kilbride, we have 400 people with an average debt about £16,000 resulting from some of the factors described above and little chance of a free cash-point dispensing machine according to
Metro November 2nd 06
Plans for cash machines in poor areas to be made free by Christmas have been rejected. The proposal by ATM operator Bank Machine would have made cashpoints free to use in deprived regions, with a capped charge for using the machines refunded by financial institutions. But Link, which runs the cash machine network, rejected the idea, saying it did not offer the best deal for bank and building society users. Critics also said it would push the cost of expensive fee charging-operators on to bank customers.

Debt collecting is a business and the working class will be hassled and hounded relentlessly should they lose employment, all the more reason to think about a change.

There can be no debt in a socialist world, the working class, i.e. the majority of the world’s population could eliminate this problem of capitalism overnight by establishing socialism