Britons face 'lifetime of debts'

Has the benefit system undermined personal responsibility

  • no

    Votes: 0 0.0%
  • possibly

    Votes: 0 0.0%

  • Total voters
    292

slim

War Hero
Once again people who are in debt are shirking responsibility.
In my view the nanny state is partly responsible as it has taken over responsibility for peoples lives. A 16 year old girl with an illigitimate child is given housing and money. Workshy individuals are housed, clothed and fed by the state. No wonder people are no longer taking the blame for their own failings. Answer is simple, If you do not have the money do not go into debt for things you do not need.

http://news.bbc.co.uk/1/hi/business/5009510.stm
 
I agree completely Slim and I believe that many people are stupid and greedy. They are foolish enough to believe what they see on television and read in the papers. But every shop they go into tries to force credit on them and the government condones taking on debt to pay for qualification before people are hardly out of nappies and at the same time encourages us to gamble via the lottery and casinos. Is it really any wonder so many people are victims of this trash society we live in? Another question I find interesting is how socially malleable people in debt are and the fact that one rarely hears senior politicians telling people not to get into debt. Just as in the old days the Church saw having children as a means of social control I rather suspect that governments today see debt in the same way.
 
Slim,

It's not as if all people deliberately get themselves into debt.

What of the exorbitant taxes (national and local) we have to pay (so that pollies can live lives of luxury and waste vast sums on projects that are basically failures), or the absent spouse (m or f) penalised by the ex and the CSA (I have experience of this latter part) - and these are just a couple of examples where debts can soar - I'm still paying off debts incurred because of the CSA's intransigence and total lack of compassion.

Yes, there are those who would rather raise debts than act intelligently and responsibly, but with the recent rules, from the powers that be, that you can sign off your debts with a once only (far less than the debt total) payment many people won't be at all bothered about mounting debts -'why worry, the Nanny state will clear them for me' is probably their mantra.

I will agree with you about the 16yr old - but it's this government and its pc advisors that have caused this problem. It's far easier to throw cash at these people (it's not theirs is it?) than to educate them properly, and as we all know, the Government's only answer is to try and pay their way out of problems using our money.

Nanny State rules...!!
 

UncleAlbert

War Hero
Blame the Japanese whose banks provided world banks with interest free money to counter inflation. That’s a simplification of why its been so easy to borrow money over the last few years.
Trouble is its come to the end of its run…no more cheap money.
Now watch the shit hit the fan.


......
 
One of the problems of a prosperous society is that it needs people to use credit otherwise the banking system will collapse. Basically every debit requires a credit and vice versa, So if like me you are in credit at the bank to survive the bank must lend that money to some one.

The debt problem is worse today as much because of low inflation because with low inflation the value of the debt does not fall with time, back in the days of the last labour goverments inflation fuelled spending spree one was a fool to save and a wise man to borrow. Inflation alone reduced the value of my mortgage from 75% of my house value to 20%, with a similar impact on the propotion spent repaying it related to my wages, all in some 10 years.

I remeber the times when borrowing was difficult and getting a mortgage was almost impossible, and in my case needed not just a good job and salary, respectable deposit but friends and contacts as well. Bank loans were like hens teeth and you got tax relief on the interest.

It is easy for me to sit hear smuggly with cash in the bank and no mortgage to say people should be smarter, but when even getting a degree ensures what to me is an impossible debt and we have on top of that companies promising to get you out of trouble if you do over cook your finances is it surprising that so many people do get them selves into trouble.

I do think there is real value though in making lenders pick up the tab if it can be shown that they lent money to people who were unlikely to be able to repay, and I suspect that is often the case, how many credit application forms ask you how much debt you already have these days.
 

slim

War Hero
I would like the following
1. A nice shiny new car
2. A new big TFT television
3. The new PS3
4. an expensive foreign holiday.

Can I have these?
Of course I can, just take out the loans and a couple of new credit cards and enjoy.

Can I afford the repayments?
No way and a simple look at my income and comparing it with what the repayments will be confirms this.

Are people who get into debt stupid?
Of course not. With the government now allowing debtors to pay back only a portion of what they borrowed or the borrower being advised to declare themselves bankrupt why not have a £30,000 lifestyle on a £15,000 income.

Sorry I have no sympathies either with :
1. The banks who lose money by allowing credit to the high risk low paid individuals who are in many cases unemployed.
2. The idiots who get into debt without thinking it through.

My sympathy lies with the bank customers who have to make up this debt by increased charges and less interest on their investments.
 

F169

War Hero
Slim,

Wouldn't you would like a degree though? To you - 21K for a 3 year course, 28K for a four year course - except in Scotland where it will be abot 12 and 16 respectively

(4k per year student loans, 3K per year tuition)
 

Handler

War Hero
Banks lose money ? FFS they make millions of profits; profit === whats left after all the exhorbitant running costs have been paid for, which includes looking after all those dodgy debtors;
 

slim

War Hero
F169 said:
Slim,

Wouldn't you would like a degree though? To you - 21K for a 3 year course, 28K for a four year course - except in Scotland where it will be abot 12 and 16 respectively

(4k per year student loans, 3K per year tuition)
If I were younger I would love to study for a degree. I would be willing to take on the government no interest debt payable over the required length of time. However been the sanctimonious bstrd that I am would have ensured that my degree of choice offered good employment prospects on its completion.
 

F169

War Hero
Slim, PS when I started my degree it was alongside a 66 year old retired lady civil servant you are never too old and under Tony's government you only have to be in the brightest 40% of the population.
 

slim

War Hero
F169 said:
Slim, PS when I started my degree it was alongside a 66 year old retired lady civil servant you are never too old and under Tony's government you only have to be in the brightest 40% of the population.

I have an HNC which has served me well. At my age I have no interest in aquiring a degree for the sake of it. However in my current situation I would have no requirement for a loan :oops:
 
Trouble is that degrees' are two a penny and a waste of paper, might as well give them away. And as for debt, most people choose to borrow at some time but the fools who cannot are just stupid and trying to live beyond their means.
My parents lived in a flat with no carpets or furniture when they got married and lived on shit food until gradualy they could save up and afford things. Not so now. Is it the fault of lenders from making it easy? No. Weak minded individuals who want want want.
 

slim

War Hero
Lingyai said:
My parents lived in a flat with no carpets or furniture when they got married and lived on shit food until gradualy they could save up and afford things. Not so now. Is it the fault of lenders from making it easy? No. Weak minded individuals who want want want.
You're not my son are you lingy? :smile:
That's similar to the way my wife and I started, though in later life I strayed and got into a little debt. Got back to being debt free though and wouldn't want it any other way. :smile:
 
slim said:
Lingyai said:
My parents lived in a flat with no carpets or furniture when they got married and lived on shit food until gradualy they could save up and afford things. Not so now. Is it the fault of lenders from making it easy? No. Weak minded individuals who want want want.
You're not my son are you lingy? :smile:
That's similar to the way my wife and I started, though in later life I strayed and got into a little debt. Got back to being debt free though and wouldn't want it any other way. :smile:
Good on ya mate, that's the normal way.
Dad :lol:
 
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