What can the govt do about the increasing personal debt? and what can financial institutions, such as banks who lend money, do about the ever-increasing personal debt in the UK?
2006-11-14 01:47:10 · 10 answers · asked by Miss Q 3 in Business & Finance ➔ Personal Finance
As far as I can see there is a culture of debt in this country. You are pretty much forced into debt at every turn, to the point that if you have no credit cards, loans etc. you become untouchable, your "Credit Rating" near zero and consequently making it tough on many scores.
The government needs to reverse this trend if personal debt is to drop. Thing is they wont as it is the debtors that keep the country afloat with charges.
2006-11-14 01:59:39 · answer #1 · answered by brianthesnailuk2002 6 · 0⤊ 0⤋
What makes you think the government or banks want to solve the "problem" - debts keep people working and puts a level of control over them. If I didn't have credit cards I wouldn't have done half the jobs I have.
The banks want the power over you and they need your "custom" for as long as possible - thats why you're charged if you pay off a loan or mortgage early.
It's short term financial gain for the banks (because eventually people will have to change their lives and spend less) and the government has a population that is fiscally enslaved.
2006-11-14 02:26:41 · answer #2 · answered by teddykinetic 3 · 0⤊ 0⤋
Debt Bondage is the answer. Put simply, debts owed by, say, parents, are passed onto their children when they die. So, the kids are basically slaves until the debt is paid.
This system has several advantages: would help keep the national debt down, reduce the Chav factor in many towns as they'd all be working off their parents debts, having a bond servant would give people an enormous sense of wellbeing !
2006-11-14 02:04:21 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Customers could stop lying to us about their financial situation, disclose their full debts and the real number of bank accounts, cards etc they have.
The government could repeal the data protection act so the banks can go back to talking to each other and sharing information like we used to.
2006-11-15 07:49:23 · answer #4 · answered by phooey 4 · 0⤊ 0⤋
David - I actually have a splash who's an American lawyer. he's noticeably busy in the present day yet I even have asked him if he can available assist you with this. He could desire to not be on e mail on the 2nd so it is slightly a stab on the hours of darkness.
2016-10-17 06:28:35 · answer #5 · answered by ? 4 · 0⤊ 0⤋
Nothing you cannot stop people's stupidity, this is what intelligence is for not government
I hope to be able to cash in on the misery as I am saving money a concept way outdated.
2006-11-14 02:01:17 · answer #6 · answered by Xiao Ma 1 · 2⤊ 0⤋
They can cease offering credit cards to everyone and make learning at uni free again. It seems like an insult and is certainly unfair to have to PAY to LEARN!
2006-11-14 01:50:06 · answer #7 · answered by Mistress_T 3 · 0⤊ 0⤋
hi
2006-11-14 01:49:49 · answer #8 · answered by Anonymous · 0⤊ 1⤋
Put up interest rates.
Raise taxes.
Tighter controls on credit.
Reduce PSNCR or run it at a surplus.
2006-11-14 01:54:06 · answer #9 · answered by Petra 2 · 0⤊ 0⤋
Bring back debtor's prison.
2006-11-14 01:51:28 · answer #10 · answered by braennvin2 5 · 0⤊ 1⤋