Having experienced high unemployment down the years too many locals are now employed on zero-hours, temporary, part-time or agency contracts and even more only earn the minimum wage and need social security payments to top-up their incomes.
There was a time and yes this writer is long-in-the-tooth enough to remember when people saved money in order to buy new items such as white goods but during the 70s the highway to escalating debt opened up.
A save now buy later attitude was replaced with the instant gratification of buy now pay later but at a huge price.
High interest rates snowballed into excessive interest rates and companies targeted adults across the UK.
The global economic downturn of 2008 meant the proverbial hit the fan and it has been a downward trend ever since.
But before you sneer at high borrowing remember how quickly your life could change negatively; job loss, ill-health physical or mental, divorce, bereavement could all result in your finances plummeting and fast.
People have little money to save but those who have are not encouraged by the current extreme low interest rates paid by banks. This week highly paid governor of the Bank of England, Canadian Mark Carney, announced interest rates would not rise until maybe at least 2027 due to economic concerns.
But in the period running up to the GE 2015 he sang a very different tune.
In 2013 Carney was paid an annual fee of £874,000 to become governor of the bank of England. This figure includes a £250,000 a year housing allowance, or around £4,800 a week – which amounts to £11,041 towards his rent every month after tax.
While low interest rates may help Londoners and those with mortgages they have no impact on people at the fringes who unable to get a bank loan opt for a 21st Century pay-day lender or loan shark.
The do help the wealthy who are snapping up former social housing that comes for sale on the open market.
One has to assume that those wealthy members of the Tory government have their cash invested off-shore and somewhere where it will attract interest.
The rest of us are left running around like headless chickens.
Perhaps the government should consider sensible lending options for people on low incomes or try encouraging them to save if the can?
Unaffordable borrowing tends to cause a great deal of personal pain and ultimately may be written off costing companies and the rest of us dearly.
If you are struggling with debt contact your local Citizen's Advice Bureau.
If you want to try a sensible approach to managing your money check out your local credit union - find details here.