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Why Do Banks Get All The Blame?
Comments
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The_White_Horse wrote: »go to the debt board if you really want to be made sick. there is no blame there. borrowing loads and getting into debt then not being able to repay is encouraged there. the conversation is:
Hi everyone, i earn 11k a year but i racked up 89k of debt on loans and credit cards
((((((((((((((( hugs )))))))))))))))) poor you, this is not your fault.
thanks everyone, you made me feel so good I went out and bought a mulberry bag for 5k
well done you, you deserve it. ((((((((((((((((((((((((((((hugs))))))))))))))))))))))))))))
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The real reason, the elephant in the room in fact, is large bloated public sectors and their pension liabilities. Still, far easier to blame the banks for lending to idiots.
Very, very true! and then you have people on here acting like all we're talking about is mortgages.
The whole bankruptcy system makes me sick, just typical of the nanny government who's their now blaming for not holding their hands through making every tiny life decision, apparently the government and the banks were ment to drive them to the Mulberry store to tell them that spending half your years salary on a bag wasn't a good idea.
People are complaining the banks got bailed out? bankruptcy is no different, can't pay back what your borrowed aww well we'll make it go away!0 -
A shopkeeper secures their premises at night to avoid being robbed, now if they forget to do this one night and are robbed are you saying that it is the (a) thieves fault (b) The Govt for not chopping hands off when theives are caught (c) The shopkeeper for leaving his shop open?
obviously the government's fault
if the shop keeper secured his propert properly, the thief might hurt himself breaking in and then the shop keeper would be guilty of a breech of H&S rules and sued.0 -
The general public are not to blame for the losses the banks have incurred. All they did was accept deals on offer,and has been pointed out mortgage repossessions are still relatively low
Thats like saying its not a drug addicts fault their life is a mess....all they are doing is accepting the offer to buy drugs.
If people are stupid enough to accept deals they stuggle to pay back then its their fault.
Repossessions might be low now but thats because IR are at a record low0 -
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If people are stupid enough to accept deals they stuggle to pay back then its their fault.
I tend to agree with this to a large extent.
I`ve always wondered why/how people on modest incomes end up with > £10K credit card debts. It is partly the fault of the lender for allowing the borrower to get into trouble (that's greed on the part of the credit card company). However part of the blame must be with the borrower, who must have known that a credit card balance of £5K is going to be hard to be pay back, but carried on spending. There may be exceptions where borrowers have had a sudden change in financial circumstance, and maybe had to use their credit cards to make ends meet. I have no little/no sympathy for those who simply racked up large debts because they wanted to buy more and more stuff. They can blame the banks as much as they like, but the bank did not force them into borrowing more. They simply lacked self discipline.30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0 -
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If people are stupid enough to accept deals they stuggle to pay back then its their fault.
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Repossessions might be low now but thats because IR are at a record low
At the time the business was written the deal was obviously beneficial to the consumer and the supplier.
You can not blame a consumer for making use of a product made available to them. It's up to the supplier and their risk process to validate the deal.
I have worked on Risk systems, and financial providers have access to a wealth of data about you nowadays. It's how they choose to act upon this information.
I remember when one of the banks engaged in new brokerage business with a big supermarket moving into the car lease market. The systems weren't tight at the start and they got burnt on a number of deals. This wouldn't be so bad but when you are talking about losing out on 6 Ferraris !! :rotfl:
Believe me, Joe Public are amateurs when it comes to scams. There was the case of the major window company who leased a load of cars. Rather than pay the bills, they got every depot manager to swap their cars with other depots on the other side of the country. When the bailiffs came to reclaim car reg XYZ at a given depot, they couldn't find it! That window company folded and re-emerged under new ownership, not for the first time either.0 -
Surely that would only be true if debt was as addictive as heroin?
Which I'm pretty sure isn't the case.
Its a choice they took. No-one frogged marched them into the bank and demanded they take on the debt. Thats my point.
No-one said debt is addictive as heroin so im not sure what made you say that0 -
I tend to agree with this to a large extent.
I`ve always wondered why/how people on modest incomes end up with > £10K credit card debts. It is partly the fault of the lender for allowing the borrower to get into trouble (that's greed on the part of the credit card company). However part of the blame must be with the borrower, who must have known that a credit card balance of £5K is going to be hard to be pay back, but carried on spending. There may be exceptions where borrowers have had a sudden change in financial circumstance, and maybe had to use their credit cards to make ends meet. I have no little/no sympathy for those who simply racked up large debts because they wanted to buy more and more stuff. They can blame the banks as much as they like, but the bank did not force them into borrowing more. They simply lacked self discipline.
Its like a plumber i heard about who my father employed to install a new bathroom suite.
During the boom here in NI he bought a house for £170k. In the area he bought houses pre boom were around 50 to 60k (a council estate area).
Now he would be lucky to get 70k for his house.
I've often wondered what planet people like him are on? Did he not for one minute think that this bubble would eventually pop? Last i heard he had little work on his books0
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