European Debt

Is this Life or Debt?

“Running into debt isn’t so bad. It’s running into creditors that hurts”
With the lack of job prospects in the UK affecting so many, hundreds of Britons are being forced to turn to alternative means to get enough money to get by, week in week out.

The Sheffield Debt Support Unit has found it’s resources pushed to the limits over the past twelve months as the number of debt related issues get more common and more complex. The main issue with the cases Steve Wilcox and his team are dealing with seem to be with money lenders who charge inflated interest rates to those who are desperately in need of pay day loans and emergency loans.

With banks getting more restrictive and credit ratings plummeting, the uptake in online loans and demands on doorstep lenders is getting to the point where the bubble has to burst.

Debt Advice

Getting advice and good advice at that can either bring you out of debt quickly and effectively or push you further in. With debt advisors popping up across the UK and online, getting impartial and full advice seems to be the key to moving forward. Yet many advisors are only in the game to prey on those who are vulnerable and tie them into five and six year debt management plans that leave many in a far worse situation than when they started.

Ralph Keene, is a debt advisor with charity Christians Against Poverty and feels that debt is an issue that can easily affect any or all of us in our lifetimes.


“Internet is the quick and easy option”

With mounting debts and the current recession showing few signs of recovery, Jacqueline Halliwell of Sheffield Credit Union feels Yorkshire and the UK needs to curb over spending and cut down on a lifestyle that British citizens take for granted due to credit cards and loans. She says she has found that the internet is proving to be the get out card for people in Sheffield and beyond when they owe money to loan sharks. She said the Credit Union has found that they are now dealing with clients who not only owe money to doorstep lenders but money to e-loan websites to keep the doorstep lenders at bay.


With stricter licensing laws for money lenders and caps on interest rates may come the suppression of lending at the outrageous rates of over 100% apr that have affected so many in the past few years. Yet it seems as though while as soon as the Office of Fair Trading shuts some lenders down others will appear or the previous ones will reappear under different names. As long as demand exists for quick loans and we continue to buy beyond our means then loan sharks and shrewd debt advisors will continue to practice.

A Quieter Irish Christmas

Christmas In Ireland

As Europe descends into further financial trials and tribulations the small island of Ireland finds itself having an unusually quiet Christmas period. A nation known for its drink and cheer is facing up to having its strictest financial budget in the nations history reigning in the jingles and bells. With a looming property tax facing a country known for its former property market, 2012 could be a tough year for many. Sean Quinn former billionaire is just one of many property and building tycoons having a less festive holiday season. Moving aside from those who had and now have not, the soaring emigration in a country of under 6 million people is leaving a ghostly feel to many local communities.

The central statistics office has estimated that 50,000 Irish citizens  will have  left the country in this year. With soaring unemployment looking to hit  15% and rise  further; the brain drain facing Ireland is similar to that of Greece and Portugal who face up to leaving for former colonies in the hope of a brighter future.

A Galway woman and her one year old son will return this Christmas from Australia but her husband will remain on hoping for further work while  a 21 year old Sligo woman has said she has gone from returning every christmas to her family to now working “two jobs on Christmas day, I suppose its part of the experience nowadays”. A couple who emigrated early in the year will at least have parents coming to Australia to visit but this is a luxury many will not experience.

As Churches are quieter this Christmas and pubs are less busy, St Vincent De Paul is now finding those who donated in the past are now looking to receive. Generations have gone before and now its the turn of the Celtic Tiger Cubs:The Bebo Generation. Many will have concerns over heating bills and santa costs but for thousands of families they will lack someone rather than something.