Quote:
Originally Posted by Stuart
No gun was pointed. However, it's worth remembering that in the past, the banks have spent a *lot* of money trying to persuade people to borrow more money.
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Yes, it's one of the main ways they make their money so hardly surprising. That doesn't, however, absolve those who bought into the myth that ever rising house prices would fund all their dreams, from all responsibility for their actions.
Having said that, I get rather hacked off hearing patronising commentators claiming things like 'well, of course, we were all responsible for the crisis' by borrowing too much. I, and a great many people like me, didn't jump on the bandwagon, didn't remortgage our homes and/or rely on credit cards and other debt to fund cars, holidays etc. We are, however, paying heaviliy for what's happened because, unlike those who've effectively been allowed to walk away from their debts, our prudence is being 'rewarded' by savings that are being heavily eroded by inflation. Funny old game eh?....