The banks have got to take some responsibility for handing out loans to high risk customers but those customers have also got to take responsibility too for borrowing and spending money that they cannot afford. There has been a huge debt culture in the UK for a number of years and the changes in the Insolvency Act certainly haven’t helped as it is too easy to become bankrupt and have your debts wiped out. There is so much bad debt around that it is crippling all businesses, not just the banks and it ‘s a huge challenge.Originally Posted by IanB
Many people spend beyond their means and as a result of this, just don’t seem to care who picks up the tab as long as it’s not them. We then all suffer as extra charges are then included in bills to cover the cost of recovering bad debt ............. it’s a vicious circle and one that needs to be broken.
Education of teenagers in our schools may help by teaching them simple life skills such as budgeting and managing money but in my opinion, the biggest influence in a child’s life is the behaviour of their parents. If the parents have been scrounging and claiming benefits for years, the kids “when grown up” are more likely to do so too.
