Friday, Jun 25, 2010
Everyones favourite newspaper
Dailymail: Families on the brink of 'insolvency crisis' after decade-long credit card binge
Families are drowning in debt after a decade-long binge on credit cards.
The Bank of England today warns lenders are writing off record quantities of credit card borrowings as thousands of individuals spiral into insolvency.
Lenders are responding by pushing up interest rates even higher, putting more families in financial trouble, the Bank said in its Financial Stability Report.
Posted by mark @ 12:06 PM (786 views) Add Comment
3 Comments
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1. Exiges said...
If you're behind on your mortgage, you get bailed out.
If you're behind on your credit cards, you get the banks to write off your debt.
We live in a consequence free society.
2. drewster said...
Just once, I'd like to see a Daily Mail article with a headline like: "Millions of families will pay higher taxes to bail out reckless borrowers".
It's always the small-but-vocal minority who grab the headlines. I thought the Daily Mail stood up for the "quiet majority"?
3. mark wadsworth said...
That's Classic Home-Owner-Ism.
The £50 billion (or whatever) on credit cards is blamed on reckless borrowers - that is 'bad' debt, whereas the £1,200 billion in outstanding mortgages is 'good' debt and a sign of 'taking responsibility' etc etc.