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Old 9th Dec 2016, 17:40
  #7693 (permalink)  
Krystal n chips
Thought police antagonist
 
Join Date: Jul 2003
Location: Where I always have been...firmly in the real world
Posts: 945
" I agree, the problem is Labour opened up easy credit to everyone to make us all feel 'better off'.

It will take a generation at least to end that addiction and people won't stop wanting it until they get used to not being allowed it.

From the top banks and retailer right down through the credit reference agencies and doorstep lenders, the whole system is designed to get people into debt and more importantly, keep them there "
.

If you are referring to the Consumer Credit Act 1974, you would have a point...as it is, you don't , merely the opportunity to join the chaps with yet more anti-Labour sentiment.

Take a look at the credit boom of the 80's and then the early 90's, all fuelled by a Tory Gov't I seem to recall, and, when inflation became recession, a lot of people got hurt in the property market and with personal debt thereafter.....

You are correct about the financial services sector encouraging credit spending...the interests charges are how they generate their profits, so why bite the hand that feeds you.....however, whilst it's easy to disparage the poor, and even easier when you have a much vaunted comfortable lifestyle and thus unable to relate to basic domestic finances for many millions of others....see the link on poverty I provided earlier,...where it becomes more problematic is when the level of debt affects the beloved ideals of "middle England", those who simply have to create the illusion of wealth in the company of their peer groups.

Again, despite the Mail induced histrionics on here about the poor frittering they money away on "booze, fags, 56in's televisions, mobiles " and numerous other items, in many cases, this is far from the truth....many are simply trying to provide a basic standard of living for themselves, and their families.

As the banks don't want to help, enter the parasites called pay day loan providers.

The banks, of course, were quite happy to take public finance help when they got into serious debt... due to their own greed......far less so to make a similar gesture of help to people who truly do need financial assistance .
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