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Men Borrow Almost £400 A Month In A Growing Debt Crisis, Says Payday Loan Broker PayDayAdvances.net

New research shows that male workers borrow an average of £381 a month to make ends meet, almost 25% more than female workers, says loan broker Pay Day Advances.


A recent survey of 2000 adults by Unite the Union found that working men are struggling to cope with the demands on their household budgets more than their female counterparts, who are borrowing around £100 less a month. In particular, young men in their 20’s are borrowing around £400 a month Unite said a survey of more than 2,000 adults revealed a "growing debt crisis", especially among men. The position was worse among younger men in their 20s, who are borrowing on average almost £400 a month.


Recent reports suggest that poverty levels in Scotland have jumped in 2012. High employment for a sustained period of years combined with increases in food and utilities has seen over-stretched household budgets break under the strain and the impact is being felt everywhere. Food banks are doubling in number as families deeply in poverty can no longer afford to feed themselves and the use of emergency pay day loans has increased significantly.


Even the nation’s health is suffering under the strain, with recent research showing that Scotland has the widest health gap between the rich and poor of anywhere in Europe. The poorest Scottish citizens die a shocking 20 years before their rich counterparts at around 47 years old, and there are calls to do urgently rethink Scotland’s approach to tackling poverty and debt.


Minister for Public Health, Michael Matheson, said: “We need to shift the emphasis of our approach from dealing with the consequences of health inequalities to tackling the underlying causes such as poverty, support for families and improving our physical and social environments.”


A spokesperson for loan company Pay Day Advances said: “Unite’s research shows that there is a growing problem with people borrowing money they can ill afford to make ends meet, in particular, younger men in their 20s who are borrowing way beyond their financial capability every month.”


“While many adults may be borrowing the extra money to meet the demands of household bills such as mortgage/rent, utilities and food, younger individuals, particularly young adults between 18 and 24, are likely to be spending a proportion of the money being borrowed on social activities.”


“On the one hand, using pay day loans to ensure you can still go out and socialise is a poor use of the money and not to be recommended because they are designed to be for emergency financial use only. On the other hand, socialising with friends can help someone cope with the day-to-day problems of living in debt and actually have a positive impact on their health.”


“Do they give up the socialising and stay at home, which could lead to an increase in depression and isolation, or do they try and find the money each month to see their friends and keep their morale high?”


“Some Scottish citizens living under the burden of debt probably feel they are living in a Catch-22 situation.”

 

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