In all honesty what do we expect when we teach our kids that debt is ok.
We seem to think its ok to turf them out of university already with a £9K loan around their necks, then subject them to attrociously high mortgages where they can borrow heaven knows how much? The poor buggers really don't have a chance to start with and have no concept of NOT being in debt. Therefore debt becomes the norm to them.
Then we have the absurd situation whereby for those individuals who fall behind on payments we have companies offering to loan money to people who simply can't afford to pay their existing debt off. How many ads did you used to see on TV offering to "consolidate your monthly repayments into one easy loan"??. Since when has any sort of loan been easy??. Loans shouldn't be easy, they should be earned based on sound financial risk of ability to repay. Money is not conffetti thrown around at a wedding for heavens sake.
Here you go mister, have a loan to pay off the loan you can't already afford to pay off and by the way if you get into trouble we can give you another loan. How is that in anyway sensible or responsible.
It's all well and good blaming the financial system, bankers and all but what happend to a bit of self discipline. I must really sound like an old fuddy duddy at times but I learnt very quickly to spend what I have saved and if I can't afford it I go without.
Don't get me wrong I am truly sorry for those hard working people out there with families who will be hit hard but lets not kid ourselves here that this hasn't been coming. Debt always needs payback in the end.
Glad i got that one off me chest
