Oxymoron?

[Platypus]

but fail to realise that it will actually stay with them for the rest of their lives.

I doubt that - I suspect that so many people are going bust in these times that the banks will get the blame and bankrupts will be seen as the victims.

[ace00]

More than £50k in the last 5 years - interest on credit cards (I'm a heavy borrower)

That must be terrible for you - they came round and made you borrow all that money. Awful.

[NotAllThere]

I know a family who've lived on credit card loans for the past twenty years. They do it because it's their only supply of credit, and they want the credit to fund their lifestyle. Of course, if they'd cut back a bit, they'd have more money and a better lifestyle now. That's what comes of living for the now.

I have a mortgage which is currently 66% of the value of the house. Otherwise, no debt.

[Platypus]

That must be terrible for you - they came round and made you borrow all that money. Awful.

You're obviously not divorced. Remind me to make snide comments back when you are

[Mich the Tester]

What I find amazing is the contrast with getting finance for a sensible business plan. Even before the credit crunch I knew many tales from businesspeople of the work involved in convincing a bank manager to lend a business even small sums to buy machinery, vans or pay rent deposits on premises. Several years ago I had to work hard to convince my bank manager to lend me some money to pay for a rather expensive technical course; eventually after reviewing and reworking the business case 3 times he agreed and I paid it back within a year. Now I hear of consumers racking up 150 thousand quid in unsecured debt and it just defies belief. Did nobody think to ask people what they were spending the money on when they borrowed it? I mean, if someone says he wants to spend 150k on a bottling machine to increase the output of his fruit juice company he has to produce a well worked out business case, examined by accountants and then the bottling machine will be security against the loan. A consumer on the other hand can borrow the same amount to spend on posh holidays, flashy shoes, flat screen tellies and booze with no questions asked.

[NotAllThere]

That must be terrible for you - they came round and made you borrow all that money. Awful.

Yes. And they hid from you that you'd have to pay a lot of interest if you didn't pay it in full off every month. And they hid the rate at which they'd charge interest. It's so unfair.

[Platypus]

A consumer on the other hand can borrow the same amount to spend on posh holidays, flashy shoes, flat screen tellies and booze with no questions asked.

And that's exactly why the banks have no one to blame but themselves.

[NotAllThere]

You're obviously not divorced. Remind me to make snide comments back when you are

Oh, I see. You're wife maxed out your cards, then left you.

[NotAllThere]

And that's exactly why the banks have no one to blame but themselves.

They have their share of blame, but no-one held a gun to the head of those who took out loans.

[Platypus]

It's so unfair.

Hey! Was I whining? No.