It's not surprising, given the ease in getting silly amounts of credit, and that more of us are single, working-age adults with no dependants. News then that it's becoming the UK's biggest group living in poverty:
Of course, I always question the measure of poverty. For example, at one time it was based on, amongst other things, the number of TV's in a house. If you had more than 1 you were well off. But with the huge amount of credit freely available, you can buy TV's for every room. Still haven't been to a house that has one in the toilet, but I'm sure "Mad Mike" of MTV's Pimping fame has already looked at squeezing one of his famous 7 inch monitors in his WC
It still shocked me recently, realising that I'd sufficent credit on all my accounts, cards, and loans, to give me nearly double my annual salary. And that's not even including a mortgage, something I doubt I'll be in a position of doing anytime soon.
Not surprising then to hear that we're all going to be poorer in our old age than our parents.
