BBC Learnings · Section 20

Living with debt

Are you good at saving money, Neil, or do you like to spend it?

Level: B1 · 106 sentences

Transcript

  1. Are you good at saving money, Neil,
  2. or do you like to spend it?
  3. Well, actually a bit of both. I
  4. like to spend money on nice things,
  5. but I also try to save mainly because I've got children.
  6. How about you?
  7. Yeah, I'm the same. I like to save money,
  8. or I try to, for the future,
  9. but I also do spend it.
  10. I don't count every penny that I spend
  11. and save every single penny that I earn.
  12. Well, whether you're a saver or a spender,
  13. being in debt is common in the UK.
  14. Debt refers to money a person has borrowed to buy something
  15. and which they have to pay back,
  16. usually to a bank, a credit card company or another person.
  17. Many people avoid talking about debt,
  18. but it affects us all. In 2025,
  19. over 1,000 people contacted the UK Citizens Advice Bureau
  20. every single day of the year for help with their debt.
  21. And when debt gets out of control, it causes stress and worry.
  22. BBC Radio 4 programme Thinking Allowed interviewed
  23. one young man, Jason, about his debt.
  24. Whatever jobs there are, aren't enough to provide for a family.
  25. Sometimes you need to take out loans.
  26. I've done it a few times.
  27. But you can't ever pay it back.
  28. You can't see a way out
  29. other than winning the lottery or something.
  30. I'd like to think I could clear them all one day.
  31. Even if it means, like, five years paying them off.
  32. Jason uses three phrases. Payback, payoff and clear debt.
  33. All of which mean the same thing.
  34. To give back the money you've borrowed.
  35. In this episode, we'll hear more about living
  36. with debt by learning some useful new words and phrases.
  37. But first, I have a question for you, Pippa.
  38. According to debt support group The Money Charity,
  39. roughly how much is the average British adult
  40. in debt through credit cards, overdrafts and personal loans?
  41. Is it a £2,200, b £4,200 or c £6,200?
  42. I'm not sure. I'll say £2,200. OK.
  43. Well, we will find out the answer later in the programme.
  44. Jason's story features in a new book by sociologist Ryan Davey.
  45. Ryan spent months living in a low-income housing estate,
  46. which he gave the fictional name Woldum.
  47. He talked with residents and listened to their money worries.
  48. Here, Ryan explains more to BBC Radio 4's Thinking Aloud.
  49. My approach was to let people know
  50. that I was interested in learning about their lives
  51. and how they were making ends meet.
  52. So I did some interviews with residents
  53. and I paid attention to where debt came up in everyday conversations.
  54. For many people in Walden, Jason included debt...
  55. Was an ordinary feature of daily life and beyond
  56. that being in arrears, so being behind with one
  57. or more monthly payment commitment was part of daily life.
  58. The people of Walden were making ends meet.
  59. To make ends meet means having just enough money
  60. to pay for basic living expenses like food, bills and rent.
  61. Ryan found that many residents were in arrears,
  62. a phrase meaning to still owe money
  63. that should have already been repaid.
  64. For most residents, debt was a normal part of daily life.
  65. With a regular income, debt can be managed.
  66. But for those who are unemployed
  67. or on low incomes, it can cause serious distress.
  68. Here, Ryan discusses how the residents he met felt
  69. about their debt with BBC Radio 4's Thinking Aloud.
  70. Jason actually fluctuated between wanting to clear all of his debts
  71. on the one hand and on the other.
  72. What he described as living on the never-never and actually questioning
  73. the supposed moral obligation to pay his debts.
  74. Over the months that I knew him,
  75. the financial strain on him and his partner increased.
  76. They missed some of their bills, their internet was disconnected.
  77. Jason was living on the never-never.
  78. An informal phrase for buying the things you need
  79. by making regular small payments over a long time.
  80. It's called the never-never because it
  81. seems the debt will never be repaid.
  82. Jason experienced financial strain, emotional stress caused by a lack
  83. of money to meet his basic needs or to repay his debt.
  84. Debt is a serious issue.
  85. It affects many people and there are support groups
  86. who can help if you need it.
  87. OK, Neil, what was the answer to your question?
  88. I asked what the average amount of debt a British
  89. adult has through credit cards, overdrafts and personal loans.
  90. I said it was around £2,200.
  91. I'm afraid that's not the right answer.
  92. In fact, it's £4,232.
  93. OK, let's recap the vocabulary we've learnt, starting with debt
  94. money a person has borrowed and needs to give back.
  95. The phrases to pay back, to pay off
  96. and to clear a debt all mean
  97. to give back money you have borrowed.
  98. If someone is making ends meet,
  99. they have just enough money to pay for basic living expenses.
  100. And if they are in arrears,
  101. they still owe money that should have been repaid already.
  102. If you buy something on the never-never,
  103. you buy it by making small,
  104. regular payments over a long period.
  105. And finally, financial strain is emotional stress
  106. caused by a lack of money to meet your basic needs.