A tried and tested way to pay debts with dignity
Debt relief would give the most desperately in trouble a chance to recover in a way that's also fair to the rest of us, says Eddie Hobbs
Fear and ignorance stalk much of the media debate on personal debt write-off as commonly as they once laced bar-stool economics during the bank bailout debate, when an extremist mob clambered to let the banks go bust -- not realising, or accepting, that most of our national savings would go with them.
So next time you hear some muppet moan about why the banks weren't let go, ask three questions: How much of your own wedge were you prepared to flush down the toilet with them? What was the economy to do without a set of heart and lungs? To whom do you plan to donate your brain, so I can warn them?
Last week, the mob turned to debt relief, picturing a stereotypical family of gamblers and wasters next door and failing to differentiate between distressed but workable debt and hardcore bad debt. Everyone got lumped together. What's not helping is the worrying lack of knowledge among the political class and some of the media.