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The Forgotten Borrowers, Family - less individuals
The credit crunch and recent economic issues have taken their tolls on working families. So much so that the government has made it a point to emphasize all that they are doing to help poor and low income parents afford their monthly bills. They constantly tout what they are doing to ensure that families can get food, and children do not go hungry.
But there is another group of people that seem to be forgotten in the hustle - low income, single, childless individuals that work at low paying jobs and are forced to pay for all of their bills on their own.
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While no one denies that the cost of raising a child is incredibly expensive, the cost of paying for your own bills with no financial assistance can be an equally difficult expense. For example, the cost of electricity and heating alone in the UK has increased dramatically in recent years, and many people are struggling to cope with the change.
Young single men and women around the age of 25 are being the hardest hit. Without enough training and skills to find a high paying job, these individuals are already in debt due to college or poor spending habits and without an occupation that pays them enough to support themselves in the tough economy.
All of this occurs while the costs for living as a single individual are on the rise. The government's scrapping of the 10x tax band takes another £87 away from single individuals, and all of this is occurring while the cost of everyday items like food are on the rise.
Home Buyers
Those that have recently purchased a home appear to be especially at risk. Refinancing one's mortgage has proved near impossible, and thousands of individuals are struggling to make their payments, while hundreds of single people are losing their homes every month.
Help on the Horizon?
Despite the outcries of these single individuals, the government does not believe there is a problem. Spokesman for the department of work and pensions have gone so far as to claim that incomes have risen with the costs of everyday items, though they fully admit that the government has decided to focus its attention on helping the impoverished families at the expense of single individuals.
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