How Debt Is Affecting Us All
It’s sad to think that people fall into states of debt that cannot be repaid. To know that you were once earning $100,000 and then lose everything can be a hard pill to swallow.
There was a man on the programme called ‘can’t pay we’ll take it away,’ he was a producer, living in a luxury apartment on the top floor for £11,500 – pounds a month. Keep in mind, some people can barely even get £50 for food. But nonetheless, he was on top of the world for a good while.
But his luck changed when he divorced and he lost everything because of the sorting out of their personal affairs. Although he was still living in this apartment, it became clear that he couldn’t pay his debt when the high court officers came visiting.
And they had to gain collateral by seizing goods in his house that would settle the debt. It’s never pleasant to witness; whether a person is rich or poor. But there is always help. And some companies go above and beyond to secure that help will be found.
Debt can occur all over the world and there are cases in Hawaii, with Hawaii bankruptcy having a slight rise than usual lately. It seems the feeling of near poverty cannot be missed wherever you go.
It’s even worse when a person has nothing. Another girl from the same show ‘can’t pay we’ll take it away’ had a hard situation. Where she had lost her job due to her young child being sick. She was living in a home that displayed her hardships and still the high court came knocking for her unpaid debt. It was sad as she literally had nothing to give them.
And this can be the case for many people who are facing the outcome of losing their business. Or independent living because they just can’t afford a mortgage or loan. When they do take on a loan, it means that they face the risk of not being able to pay it back and then having to deal with that as an issue.
Debt has become known to families, home owners, students, independent businesses, and more. Some cannot even afford to pay their rent in a room that only costs £300 – 350 per month. It’s become a rising shame and it’s been a growing one in the US. There is no exaggeration of how home and rental prices are almost constantly moving even higher in most of the US.
There is not much more that can be done to change this, as it seems that as time goes by so does the cost of living in the city. For people living in London now they would have to sacrifice a lot of their time, energy and monthly income to secure a room over their heads, the cost of housing there is almost a crime.
If nothing is to be done to change the situation in many cities, it will mean a crisis will negatively affect many people’s living standards. It is 2017, but the way forward looks bleak unless society allows some major financial changes to happen and they need to happen quickly.
