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Irresponsible Borrowers
Comments
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jamespmg44 wrote: »All granted that the banks made a huge mistake in their lending practices however no one held a gun to peoples head and made them borrow money to buy a place they couldn't really afford.
It's a bit easy to blame the banks for all the ills but there needs to be a certain degree of personal responsibility and not being stupid enough to try and keep up with the Coles, Jordans or whatever other chav celeb you choose and try to live a lifestyle you can't afford on the never never.
Harsh as it may seem, anyone who is in serious personal debt is in no way blameless for their own circumstances. Add up all the personal debt of the nation and you get a lot of irresponsible borrowers who have contributed to the large scale problem.
The 'large scale' problem is entirely due to the 'large scale' players - how could an individual loan of £100-300k bring the world's finances to it's knees?
People borrowed what they could, the price was high, and so was the lenders' profit
It is absurd to blame the failure of a marketplace on the superfluity of willing customers...0 -
jamespmg44 wrote: »All granted that the banks made a huge mistake in their lending practices however no one held a gun to peoples head and made them borrow money to buy a place they couldn't really afford.
.
Have you noticed how banks and shops lock their doors at night, they call it securing their assets because they know if they didn't they would be nothing left in the morning.'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
MegaMiniMouse wrote: »The 'large scale' problem is entirely due to the 'large scale' players - how could an individual loan of £100-300k bring the world's finances to it's knees?
People borrowed what they could, the price was high, and so was the lenders' profit
It is absurd to blame the failure of a marketplace on the superfluity of willing customers...
10 loans of 100k makes a million, 10000 dodgy loans and you have a billion. It doesn't take long to add up.
Some people were like the fat kid in a sweetie shop who just gorged on every bit of credit they could. Now they are feeling the sickly feeling after having over indulged themselves.
To say these idiots who thought the never never could continue are blameless is frankly astounding. Yes, the banks have to take their share of the blame for not being stringent enough in their credit checks but the folk who took money they could never afford to pay back are also to blame.
Do you want us to live in a nanny state where nothing is ever an individuals fault?0 -
Have you noticed how banks and shops lock their doors at night, they call it securing their assets because they know if they didn't they would be nothing left in the morning.
Yes, but apparantly if they left them open and they got robbed when the criminals go to court it would be entirely the shops faults for tempting them...0 -
jamespmg44 wrote: »Some people were like the fat kid in a sweetie shop who just gorged on every bit of credit they could
Who do you mean? The Lenders?0 -
jamespmg44 wrote: »Yes, but apparantly if they left them open and they got robbed when the criminals go to court it would be entirely the shops faults for tempting them...
I'm fairly new on here, but I would be interested to know whether or not self-certificated mortgages ever appeared in Martin's Best-Buy column...0 -
MegaMiniMouse wrote: »Who do you mean? The Lenders?
The lenders/banks are the sweetie shop - i didn't think that it was a difficult analogy to grasp...0 -
MegaMiniMouse wrote: »I'm fairly new on here, but I would be interested to know whether or not self-certificated mortgages ever appeared in Martin's Best-Buy column...
Even if they were, it's irrelevant to the point that the individual has to take some personal responsibility for their own borrowing and whatever situation they find themselves in.
Whether the bank of England, Martin Lewis or the sales person in the bank says something is a good idea it's still the responsibility of the person taking out the loan to exercise some common sense, restraint and prudence.
No one held a gun to anyones head as far as I'm aware and forced them to take out huge loans.0 -
jamespmg44 wrote: »The lenders/banks are the sweetie shop - i didn't think that it was a difficult analogy to grasp...
Yeah rite - ok - rite - so the sweetie shops make money? Lose money? I don't understand...0 -
jamespmg44 wrote: »Whether the bank of England, Martin Lewis or the sales person in the bank says something is a good idea it's still the responsibility of the person taking out the loan to exercise some common sense, restraint and prudence
It's the rich wot gets the pleasure, and the poor wot gets the blame0
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