Some people are saying that there is a good result from the credit crunch because it’s bringing home the realisation that the fast loan culture has got out of hand and can’t continue.
That’s probably very harsh as at present many people are in financial difficulties as a result of the knock on impact of the credit crunch, the downturn in business and the loss of their jobs.
So many people have spent themselves out on trivia – on stuff they didn’t really need. Updating household items simply because a new version is on the market. Financing luxuries such as holidays through fast loans. People have been refinancing their houses to increase earnings but the problem is that this money isn’t being earned – it’s being borrowed.
Unfortunately though, the banks or credit card companies expect you to repay any money you’ve borrowed!
People have depended on a continuing increase in house prices and this has made people to re-mortgage with fast loans so they can buy luxuries they couldn’t afford otherwise. We’ve got confused about what we need and what we just want…
So, what are we left with after the explosion of the fast and loan culture when it has become apparent that many people are struggling to manage their finances?
We have a dreadful position where people are in danger of losing their employment and their houses. Previously profitable businesses are going bust due to banks being reluctant to lend money. Previous finance loans are being recalled by lenders.
There’s been a complete change of stance by banks. For years they’ve been desperately trying to push loans on to people. Details of fast loans and credit cards were posted to your homes every day. It was just so easy to raise a loan…
All this will result in many people facing a tough financial time with associated anxiety and worry. They haven’t much that’s positive on the horizon…
As things get sorted out in the long term the present pain may lead to people taking a more responsible attitude towards their spending. It will be realised that you can’t have all that you want just by handing over your card or taking out a loan. Saving for things may come back into vogue, and you won’t rush to replace things just because you fancy a change…
So yes, it can be argued that the fast loan culture has damaged many lives, but hopefully the future will be brighter and more sensible.
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