Sunday, 17 February 2019 15:15

80% of people can't make payday without credit

We're well aware that people struggle to make it between paydays - but figures released this week highlighted the shocking state of affairs that people are dealing with. Nearly EIGHTY per cent of people say that they cannot make payday without using a financial aid such as a credit card, or a payday loan.

The majority of the 1,000 people that were surveyed admitted that the biggest reason they couldn't make it to payday was because of bills, and of those that lived in or around cities, 31 per cent of them said that the cost of the commute was making it impossible for them to save their money - which pushed them closer to the financial abyss.

All this financial insecurity appears to be having an impact on people's mental health too. The same survey highlighted that a quarter of people were underperforming at work because they had money woes and an even higher figure of 36 per cent said that financial stress was impacting their social life and their relationships. Many people admitted that arguments about money could be daily.

People need to be aware of the dangers of using credit cards as a bailout option. All credit cards do is buy a bit of time. The only option when it comes to financial stability is to get on top of finances by preparing a budget and sticking to it. The country's obsession with credit cards and the heavy reliance on the plastic is a short term thing and will blow up in people's faces. More help, advice and education is needed so that we, as a society, don't have to deal with the fallout when spending on the plastic gets out of hand.

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