The Financial System Aids More People Into Debt and Not the People Themselves
By: Kudzai Mukono
The UK is at a time where the majority of its population is living, breathing, eating and sleeping in debt. Mind you its not only the UK, but many more Developed Countries. Who is to blame for all this burden? Is it the people or the system?
From my own personal experiences and what I have seen in the media I have my own personal view on this agenda. Reason why more and more debt consolidation and debt management firms are been formed on a daily basis to cater for this ever growing group of people just like me living in debt. Lets take a little walk into the whole matter. There are more people living in debt in Developed Countries than there are in Developing Countries. Do you know the reason why?
Developing Countries cannot afford to lend as much money to as much people as Developed Countries because they do not have the resources to lend to every Jack and Dorris. So at the end of the day, we find a situation where in Developing Countries it is way more difficult to get a loan, mortgage or credit card than it is in a Developed Country. It's a simple equation. Developed Countries - more resources and more lenders - more people getting loans, credit cards - more people unable to pay back hence more people end up in debt, depressed and stressed, on the other hand, Developing Countries - less resources - less people getting loans, credit cards - less people in a position where they are unable to pay high APR loans and credit cards. Fact or fiction.
Tell me how many people you know who do not own a credit card? How many people do not have a car on finance? How many people are not paying for a loan? This is the case in many Developed Countries. Everyone can be eligible to get any of the above. It's that easy. But that's where the question lies. Should it be made easy for every Jack and Dorris to get a loan, credit card or car on finance?
So at the end of the day it's in the financial systems hands that more and more people are living a life of debt stress and debt depression. Personally, I feel if it was made a bit more difficult for us to get finance then automatically more people wouldn't be in debt because they wouldn't lay their hands on the finances in the first place. This is my personal view and I hope you have your own. Fact or fiction?
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