Debt message to politicians

Phil_hume

Recently my wife and I went to our local bank to have a finance review. As the review progressed the slip of a girl let it slip that she still lives at home with her parents and didn't beleive she should have to pay any keep!!!Needless to say she didn't get any business because she didn't even appreciate the pressures parents are under to keep the houshold afloat. The advice Martin gives has enabled us to do our own review and we feel more in control. Keep up the good work.

kenwebster

Hi Just a couple of things about this short item for politicos. First a simple one. All those rhetorical questions!! Martin, no wonder you were finding it hard to get to about 500 words from 1100 - and the effect of asking questions you answer yourself can be wearing on the reader. Please consider cutting most of them next time.

Secondly, debt education. Yes indeed, that's important and you do a very good job on it for example, but the point I'd prefer to see emphasised even more is the sensible restriction of lending. In France and many other EU countries debt levels are lower and a part of that is not being able to get into it quite so easily or for so much.

I notice with some disquiet the recent advertisements for buying a home which suggest you team up with friends (having exhausted the funds and credit of the single buyer or couple - its friends now), or the awful interest only mortages [just an expensive renting arrangement really?]. We, as a society, don't need all this nor can we afford the increased stress and misery it all causes. We don't allow Tescos to sell cocaine because its addictive and damaging to health, so its not impossible to say businesses should have somewhat more restriction on selling debt -its what a democracy can decide.

Addicted2Chocolate

great article. unfortunately i believe that with the enterprise act came an acceptance that being over indebted is a 'cost' our society should and will continue to pay.
look at the rising bankruptcy figures. i am on maternity leave at the moment, but we saw cases rise so we dont even interview the bankrupt anymore in many cases, just assume they are telling the truth, even if they are not it does not appear to matter, as the creditors dont care why the person goes bankrupt, the people who do repay their debts pay the cost of the bad debt. And then there is the human side, the number of people who make themselves ill, physically and mentally, through worry about debt. its all very depressing really.
I think the problem is people think ring to sit down with pen paper or calculator and plan finances.
Martin as the jamie Oliver of fnance: i like that anaology!!