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Debt is now a way of life |
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| There was a time back in the 'bad old days' when debt was regarded as a stigma to be avoided, and those unfortunates who could not avoid it were regarded as failures and received little help from any sector of society. There were of course reformers, many of whom laboured heroically to improve the lot of the poor, but the shadow of the workhouse was always there as a final threat. This situation in one form or another existed right up to the 1930's when large scale unemployment exacerbated an already unsatisfactory state of affairs. There is little about World War II which could be said to be beneficial, but it is regarded by many as a catalyst which brought about significant changes in the approach to debt. Probably as a result of shortages of products and materials which applied not only from 1939 to 1945 as a natural result of priority being given to military needs, but also continued well into the 1950's, a new ethos was born. The first evidence of this for the 'man in the street' was the introduction of hire purchase, which enabled the purchase of clothing, furniture and household goods amongst others when the products became available. This freed the consumer from the tiresome restriction of 'saving', which had the severe disadvantage that the desired product may have become unavailable by the time that the necessary funds had been accumulated. Take-up of this revolutionary idea was perhaps slow at first, but when those who dared to play court with debt were seen to have taken a step towards a better life without too much effort, the concept snowballed. As different ideas for credit purchasing were introduced by finance companies, so the trend towards living on credit accelerated rapidly and the stigma of debt rapidly faded into a distant memory. There is however a downside to this euphoric 'why wait' approach to spending, which is that the schemes available have steadily become more complex, to the point that education in financial affairs is now desirable if not essential. If the proposal to raise the school leaving age to 18 ever becomes fact, it may be that studies to ease the students transition into the world of employment should be introduced, with a good understanding of finance as a priority. | ||
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January 2008 Pause in house price movement Banks battle out charges case in court The changing value of money Heating costs climb Sub-prime mortgage problems spreading Which way for interest rates? December 2007 Focus on house prices Direct debits in demand Political attitudes to marriage FSA arms to examine comparison sites Household costs increase Debt is now a way of life November 2007 PIN mania Loan companies reorganise Which way to the Rock benefits? Top financial tips for 2008 Investing in the future Treating customers fairly initiative October 2007 Bankers Association report on future protection Sub-prime mortgages effect continues FSA targets financial websites When a loan becomes necessary BBA worried about negative commentary on PPI Home owner's worries September 2007 Bank of England provides savers guarantee FSA continues assessment of PPI selling Self-employed options under review No consensus on UK house prices Debt review for Scotland released Loan plans subject to change August 2007 Dealing with debt is normal today The real cost of raising children Situation with bank charges unresolved Subprime mortgages to be reviewed Second homes set to outperform domestic market Buy-to-Let sector remains buoyant July 2007 Are credit cards encouraging debt? Interest rate increases good for savers Fixed rates making comeback at a cost TCF is good news for customers Borrowers making choices based on reputation Spotlight now on home insurance June 2007 Has the interest base rate reached its ceiling? High street retailers drop the cheque First Direct fee has desired effect Yorkshire Bank pushes penalty fee cases into small claims court Mortgages take bigger slice of income Popular reasons for a loan May 2007 More families rely on two incomes Judgement on overdraft charges Personal insolvency rates slowing down Challenge to home information packs Further interest rate rises expected by consumers April 2007 Annual inflation rate continues to rise House price index shows slight fall Homeownership prospects for public sector workers Current accounts in the UK Mortgage equity borrowing Chip and pin security initiative March 2007 Inflation rate rises again Green mortgages all the rage Car loans can help you buy a better car Debt consolidation loans popular Mortgage companies give way to FSA pressure Significant changes in UK home buying The cost of moving house |
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