Whose fault the debt?

Pobby

Just chatting to my nieghbour.A guy that works with him has gone bankrupt.His weekly take home pay is £190.Debt £100k!!!!!!!!!!!!!!!!!!Surely that has to be irresponsible lending.

chatta

And irresponsible borrowing :eek: :eek: Lordy lord

Pobby

Possibly yes.However I am in a business that offers credit accounts.We profile the applicant and take up references.Then we issue a credit limit.Surely the bodies that lent the £100k would check to see the likely hood of getting back their money.

MoneyMagnet

I agree that lenders can be very irresponsible, but at the end of the day, the banks etc aren't forcing people to borrow & spend beyond their means. The responsiblility must lie with the person who is actively choosing to spend the money. I know some ppl get into debt as a result of illness etc, and that's a different kind of situation, but for those who just overspend on non-essential stuff and who get into debt as a result of managing their money badly, (and I include myself in that category), they are responsible for their debt, not the lenders (and I don't know why that man was in debt, so this is a general observation, not aimed at him specifically).

I don't mean to sound judgmental here - this is just my opinion, and I don't think that pointing out where the responsibility lies (as I see it) is judging...

Jolinar

I think there are irresponsible lenders out there surely those companies should have spotted that on this chaps credit file?

That said I was an irresponsible borrower, I didn't have to spend a lot of the money I did, some of my debt was down to circumstances beyond my control - redundancy but at the end of the day if I had been living within my means and planning ahead before the worst happened I'm sure I could have got through it without getting into trouble.

BT_man

chatta wrote:

And irresponsible borrowing :eek: :eek: Lordy lord

I'd agree with irresponsible borrowing.

COME ON PEOPLE, TAKE SOME RESPONSIBILY FOR YOUR ACTIONS!!!

It's all too easy to blame the banks. Are you all stupid? Did them nasty banks make you live beyond your mean's and borrow too much..
Jeeeesus!!!

Jolinar

BT_man wrote:

I'd agree with irresponsible borrowing.

COME ON PEOPLE, TAKE SOME RESPONSIBILY FOR YOUR ACTIONS!!!

It's all too easy to blame the banks. Are you all stupid? Did them nasty banks make you live beyond your mean's and borrow too much..
Jeeeesus!!!

If you had read the responses you would see that we were taking responsibility