Bag's Rants

Impact of our economy on real people.

Just reading this about house repossession. It was interesting to read the comments. All blaming the mortgage lenders and the home 'owner'. It is true that you can get mortgages that are too high. We have more debt on average than you should have and it is so easy to get loans nowadays. So in some respects they are not wrong. However, one thing they never seem to have considered is that mortgages are only one millstone around your neck. But, one you used to be able to budget for. I remember my parents saying 'We will have to tighten our belts for a few years' meaning wage increases will soon bring back a better standard of living. OK, you lost your job you were in trouble but in today's climate with council tax increases, new NI contributions, fuel and power cost increases, saving for pretty photo cards, etc. our salaries have in fact dropped in real terms. Taking many who could afford to pay a mortgage below the line where they now can't. That is what is fueling the increase in repossessions.

Got to laugh at the end poverty calls. We are creating it here at home. Let's look after our own first. When we have no poverty here then we can help others on the planet.

posted by Bag @ 3:23 pm