Wednesday, Aug 12, 2009
Up Shed 4
The Economic Voice: Up Shed 4
For anyone who has had enough of the banks and the media that pushed our country into debt.
The Banks should have fallen.
Posted by titaniccaptain @ 10:17 AM (449 views) Add Comment
3 Comments
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1. Cynical_man said...
Write off debt?? Are you mad?? "Only those who were lucky enough to see outside the circus avaoided the debt" ie/ Those lived within their means and didn't go on holiday's or drive cars or buy 50 inch TV's they couldn't afford. Now you want to forgive those who didn't live within their means for the last 10 years and did go on holiday's and drive cars and buy 50 inch TV's they couldn't afford...I wonder who the lucky ones really are...
2. titaniccaptain said...
I have lost a fortune because of the interest rate cuts and understand that the less "Prudent" have enjoyed a false sense of wealth in an eternally ever increasing value of their house....but I believe that the banks and media have been in collusion to dupe people into getting into debt by constant bombardment through advertising equity release.
People were made to feel that debt was safe because tehir home would only go up in value...and who perpetrated this myth?....the banks via their shoddy lending criteria and the media via adverts for said banks and through property ramping...this is where the blame rests and where the knock should be taken.
We need to make sure that debt like this can never be achieved again by tightening the lending criteria with legislation....other wise your right we will send the wrong message out....buit the blame does not sit at the feet of the brainwashed masses but at the feet of the banks....
3. alan said...
I regularly get emails about equity release (MEW). They are spam. I don't believe the shoddy deals I'm offered, or want the "opportunity" to fly round the world etc.etc
My close neighbours bought in the 70's have second mortgaged, equity released, taken loans and now have big credit card debts. And ...oh dear, the people who lent money to them want them to pay the interest! How dreadful (-they have both stopped working)!
My neighbours spent beyond their means for years. Other folk have reasons for taking out big MEW packages like putting kids through Uni. Basically, if you borrow the cash, you repay it. Failing that, the bank grabs your property.