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I feel sorry for those who might be caught up in the current interest rate rises and who are now feeling the financial affects of such on their life style... Sort of.
I don't feel sorry for the financial institutions who over the years have relaxed their lending policies. Nor do I feel sorry for those people who borrowed money under those policies and who didn't have a good look at their current situation and the possibility of cost increases or over estimated future earnings, including the possibility/probability of producing children into the mix. Madness on both sides.
Then there is the credit; not short term personal loans where details are (or should be) analysed and weighed before a decision is made, but the ubiquitous plastic card. It is not a new phenomenon by any means, but it's just as sad. It also seems to be worse.
This comes from the heart. I used to be the manger of customer services in a credit card department of a bank. I used to have staff break down and cry after fielding 'phone calls from desperate customers - many of them were abusive (often crude) calls from people who had been backed into a financial corner from which they had little chance of escaping.
Stupid bank policies - yes; stupid customers - yes; Me? I'm glad that I am no longer working there. I left the organisation in the late '80s but I still have weird dreams about working there.
P.S.
No, I don't have a credit card.
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