Does the class system apply in debt?
A myth with debt is that it only happens to people in the lowest socioeconomic groups in society, but it is little more than a myth. It has become apparent in the last few years that debt affects everyone regardless of class or background.
I have previously discussed an ePetition that was set up to get Financial Education into schools to help the next generation try and avoid the situations that the current generation find themselves in. in actually fact financial education wouldn’t solve everything as many find themselves in unaffordable debt due to something happening that is out of their control.
Before the recession hit in 2009, many were able to borrow more freely as they had regular incomes, whether they were employed or self-employed. They were able to meet the monthly outgoings as well as paying their credit commitments.
As the recession hit lots of self-employed people found themselves struggling to make ends meet as business became harder and harder. Many bigger businesses also struggled during this time with thousands of people, in different professions, finding themselves without a job after being made redundant.
As people’s incomes disappeared and credit sources dried up, those who had previously been living comfortably suddenly found themselves with nowhere to turn. This happened to people from all walks of life and backgrounds.
Does this sound familiar to you? We want to hear how you coped.
Written by Gemma on January 23rd, 2012
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