Personal debt crisis will be country's next body blow
Where's the bailout for homeowners who are set to be screwed further by busted banks, asks Daniel McConnell
Published 20/02/2011 | 05:00
They have ruined this country, we have and continue to bail them out, yet our banks haven't said thanks. Instead, they are once again doing what they do best, screwing their customers royally. As the country has been distracted by the dangerously deceptive debate between the main political parties on the economy (which is in a far worst state than any of them are admitting), Irish homeowners brace themselves for another series of hikes in their mortgage interest rates.
News that between now and the end of 2012, interest rates set by Jean Claude Trichet's European Central Bank (ECB) will rise between five and six times, will be as welcome to homeowners as a bout of smallpox.
When added to pay cuts, tax increases and the overly inflated cost of living in Ireland, homeowners are facing into another incredibly tough period. Once again, mortgage holders will be walloped quarter after quarter by steadily increasing costs, and will be pushed to breaking point as banks seek to squeeze funds from wherever they can.