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79% of people in debt will not borrow again - is this good or bad?
Posted: 8 weeks 5 days | By: | Debt News
Our research has had hundreds of respondents over the course of the year. A statistic that has not suprised me but worried me is that 79% of people in debt are put off borrowing again.
Before I publish why this worries me I would like to take into account your views. If you reply via twitter or your blog we'll mention and link to your opinion in this post (make sure you tell us where your blog is). Alternatively use the comments field below.
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Re: 79% of people in debt will not borrow again - is this ...
If you believe in capitalism - meaning that people can set up businesses, build lives for themselves, build homes and earn money - it stands to reason that sometimes people need to find capital,
Some people can find investors, some people get an inheritance, some people are extremely lucky and an idea takes off. We can't all go on Dragons' Den or win the lottery though.
So we need banks.
Otherwise we'll all be scratching a living while our dreams escape us.
Now ...of course the problem is most consumer debtors are a) spending money on stuff they don't really need and can't afford
or worse still
b) borrowing money simply to pay off other debts.
Thats where the problem is.
Let's hope some people ARE put off borrowing for that ridiculous car to ease them through their midlife crisis. Let's hope sensible financial advice deters them from "consolidating their debts into just 180 easy payments".
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