Dec
31
With the European Union officially in recession many people are now of the opinion that the situation is only going to get worse in Europe.
From small acorns sturdy oaks grow. Unfortunately this colossal oak tree has consumer borrowing, government liability and property repossessions hanging abundantly from its limbs.
It all coalesces resulting in an atmosphere of prudence. The banks are not happy to lend to each other let alone to the man on the street and Joe Bloggs has no catalyst to go out and buy stuff.
For many it will be a very thrifty festive season. Families and individuals alike are properly beginning to feel the pinch. Those credit card multinationals and personal loan firms have got a lot of people by the short and curlies.
But despite the problems people are still borrowing and lenders still do their best to come up with the moolah. The difference is the deals you get on the high street are now more realistic. There has been a big increase in instant payday loan applications as those of us who live pay cheque to pay cheque realise that the pay cheque now doesn’t stretch far enough.
More and more of us are now applying for a payday advance where the provider loans the cash on a short-term basis, usually no more than a month. The downside is interest rates are usually high.
Loan sharks are on the increase and as it happens their business is flourishing. It is of course unsustainable and with governments now acquiring huge sums to try to buy themselves out of the crisis, we could just be creating a brand new can of worms.
Maybe we should try to devise a different sort of capitalism? Rather you than me!
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