 Money talks
Hello Spot, very true what you're saying.
And who's fault is it? Is it the greedy bank manager, is it the Government for not issuing legislation to monitor their deals or is it all of us?
I remember black wednesday in 1992 when Norman Lamont pushed the interest rates up to 21% for a couple of days, out of desperation and the pound was knocked out of the ERM. I had to tighten my belt even more but I saw it through. The problem nowaday is that people want the goodies without having hard cash in their saving accounts, do not want to deny themselves of the holiday break, dinners out, new car, latest fashion gadgets hence everything is bought on credit. They make me laugh when they blame the banks for "pushing" them to accept the credit offered. We are simply living in a society based on credit and now the good times are over. Do I feel sorry for people in debt? In some extreme cases yes, for the vast majority not a bit.
Let us not forget that we were all first time buyers in a not very far past, and we made it.
I could not affort to buy a house then, so I had to settle for a flat, later you move up the ladder as you save a bit. I still do not have a detached house with a pool, that will come only if I win the lottery, but I'm pleased with my achievements. First time buyers should get on the ladder by doing just that, not aiming for something out of their reach only for their home being repossesed months later.
Sorry if I went a bit OTT but it simply annoys me hear people complaining day after day.  |