With the European Union established as being in recession many analysts now think that the crisis is only going to deteriorate amongst the Euro monetary partners.

From small acorns strong oaks grow. Unfortunately this colossal oak tree has consumer borrowing, government debt and property repossessions hanging awkwardly from its boughs.

It all compounds leaving us with an atmosphere of circumspection. The banks aren’t keen to lend amongst themselves let alone to the consumer and the man on the street has no incentive to go out and blow some cash.

For many it will be a very frugal festive season. Joe and Jane Bloggs are really beginning to have trouble financially. Those credit card companies and personal loan providers have got a lot of people by the short and curlies.

But despite the problems people are still looking to borrow and lenders continue to put up the moolah. The difference is the deals you find on the high street are now more down to earth. Recent data suggests a sharp rise in payday loans applications as families who live pay cheque to pay cheque find out that the pay cheque now simply doesn’t go far enough.

More and more of us are now applying for a payday advance where the financier provides the money on a short-term agreement, usually no more than a few weeks. The downside is interest rates are usually high.

Loan sharks are on the rise and as it happens their business is very healthy. It is of course unsustainable and with governments now acquiring astronomical sums to try to borrow themselves out of trouble, we might just be creating a brand new ticking time bomb.

How about we try to find an alternative to capitalism? There’s a challenge!

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