Paying the human cost of excess
IT is hardly a surprise any more that we are mainly saving, rather than spending, these days. Week after week another bodyblow hits Irish consumers, who it must be remembered are the main engine of growth in the Irish economy, making a bigger contribution than even exporting firms.
They want to get back on their feet, they want to stop saving at currently high levels and they want to see the economy growing again. But unfortunately they are not being allowed to make their contribution.
A series of lenders have put through a succession of variable mortgage increases in the last year, leaving some borrowers in arrears, others in severe financial distress and others simply in negative equity.