IS It Just Me ?

:bonk: British Banks are now in danger of being taken to Court for lending money to customers who asked for the loan, but who were not fully aware of the implications of borrowing money.:help:

British people had debts of a staggering £1,000,000,000,000 (one trillion Pounds Sterling) during summer 2004, according to LibDem Shadow Chancellor Vincent Cable .

British households now owe banks and other creditors as much as the total external debt of Africa, Asia and Latin America combined. Dr Cable called on Gordon Brown to take responsibility for reining in irresponsible lending on mortgages, personal loans and hire-purchase deals. Rising interest rates, falling house prices, and mounting personal debt are all danger signs for the British economy, Dr Cable said. Gordon Brown, as Chancellor, would be abdicating his responsibility to the public if he didn't act quickly.

The population count is approx 60 Million, which means that every single person (including babies and vagrants, and the elderly -who will not borrow-) owes £16000.
How does that sound to you in the States ?

I think people need to be responsible for thier own actions. You borrow, you pay back. You make sure you take the time to understand what your doing.

On a side note, I know down south in the States a lot of bankrupcies come from medical debt, in which case it becomes a whole other issue. I don't know why the debt in Britian is so high (although watching some shows on T.V. the houses there seem massively expensive) but if it's just borrowing then I leave it to the individual, but there always seems to be other things affecting it.

michel said:

...customers who asked for the loan, but who were not fully aware of the implications of borrowing money...

Click to expand...

I don't know how it works in Canada or the UK, but in the US, you have to sign fifty-eleven-hundred-thousand papers before you even get a whiff of da' green stuff. Granted it can be a little complicated, but there's no confusing the fact that you have to pay back that loan plus interest, or the good folks at the bank will get mad.

IMHO, if people were not 'fully aware of the implications', that's their own fault and certainly not the bank's.

Romans 13:7 Give everyone what you owe him: If you owe taxes, pay taxes; if revenue, then revenue; if respect, then respect; if honor, then honor. 8 Let no debt remain outstanding, except the continuing debt to love one another, for he who loves his fellowman has fulfilled the law. NIV

Dang, I sure would like to read George Bush and his federal deficit-running Republican buddies that "Romans 3:17".

Yeah, fiscal responsibility seems really rare these days...I think credit card debt is a huge thing in the states right now. My aunt's family is in huge debt and it keeps them struggling and poor. It's a good thing my mom taught me well not to get in debt.