"Four out of five young people aged between 18 to 24 years old are struggling with debt. Half of those owe more than £2,000, one in five owes more than £10,000 and three in ten owe over £20,000. Student fees and loans account for less than half of the debts, according to the research by YouGov to be published next month by Rainer, the youth charity. The rest was generated by spending on store cards, credit cards and overdrafts generated by socialising, shopping and 'personal luxuries'." (Observer, 7 October)
Capitalism is a wonderful system it is getting young workers used to the poverty treadmill of work and debt that will be their unenviable future. RD
The Glasgow & Edinburgh Branches Blog. Towards a better understanding of the world, in order to change it.
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