National Cooperative Business Association

A report from the Consumer Focus organisation on the pay day lending market has recommended the extension of support for credit unions and an expansion of their services through Post Offices to address problems caused by high-cost, instant borrowing.

Pay day loans are cash advances against the recipient’s next salary payment — a post-dated cheque or authorisation to take payment from the recipient’s bank account is provided as security. Typical APR can run from 2,000–3,000 per cent or more.

The report, Keeping the Plates Spinning, finds that since 2006 the pay day lending market has grown to have 1.2 million customers lending £1.2 billion last year. Those typically borrowing are under 35, living alone and with a relatively low household income. 

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Imagine 14 people who aren't family or even college dorm mates living under the same roof. Well that's exactly the situation at the new Musician's Cooperative house in South Bend.

Local artists and musicians live in the 9 bedroom home on Wayne street. The two founders of the project say the idea was to offer affordable housing and a place artists can work with others that have similar interests as them.

14 people moved into the home on September 1st. They work to release CD's, book performances and hone their skills. They're also recording their lives together through documentaries posted on the web.

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Aiken Electric Cooperative sponsored four South Carolina Youth Scholars who joined approximately 120 students at the 2010 National Institute on Cooperative Education (NICE) held in July on the University of Tennessee- Knoxville campus.

Robert Gunter of South Aiken High School, Samantha Harris of Midland Valley High School, Felicia Jones of Strom Thurmond High School and Cherrelle Martin of Aiken High School were sponsored by Aiken Electric Cooperative to represent South Carolina along with six other South Carolina students at this year's NICE Conference. The students were selected on the basis of their academic achievements, school activities, community service and a personal interview.

Samantha Harris, a senior at Midland Valley High school, shared, "I really enjoyed my experience at the 2010 NICE Conference. Attending NICE taught all of us about the ins and outs of cooperatives and how they operate. I also met some really good friends from South Carolina, Kentucky and Tennessee."

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A major problem in today's economy is an absurd level of financial inequality. As economists explain, the gap between the rich and the poor is widening, and the middle class is shrinking. The end result is an America that today's world never would have imagined. Once upon a time, United States citizens could live comfortably, raise a family, buy a home, and go to the doctor with little debt. Now, the economic climate is spiraling out of control with a redistribution of wealth that hurting hard workers everywhere.

While some CEOs are fortunate enough to bring home salaries of over $30 Million, the majority of Americans are struggling. According to Yahoo! Finance, 81 percent of all U.S. stocks are in the hands of 1 percent of the population, and between 66 percent of all income growth occurred for the top 1 percent of people. When it comes to meeting basic expenses, the numbers are equally alarming. Only 5 percent of households have earned enough to match the rising costs of housing since 1975, 61 percent of Americans live paycheck to paycheck, and the bottom 50 percent of wage earners own 1 percent of the nation's wealth. To top it all off, the ratio between an executive's paycheck to an average employee's paycheck ranges between 300 and 500 to 1. In 1950, that number was 30 to 1.

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