Gambling vs Mortgages
As we all know we are in the midst of a huge credit crisis and the main reason this has been caused is because of the banks. Over the last five years banks were giving mortgages to families and individuals that just could not afford them and missing payments. This has all led to the demise of the banks and businesses that were relying on them failing too.
I have always had a motto that if you cannot afford something then you should not buy it, why are people getting out huge mortgages that they cannot afford the repayment for? I mean borrowing over 100k is a huge amount of money. So this is why banks need to buckle up and start thinking carefully about who they give their money to in the future.
I have noted down a few situations where the banks should not be giving money too.
1) People that are on low income, what the banks are forgetting, is that people do not just have their mortgage to pay. They have travel costs, food costs, bills and much more that have to be taken into account. So even a person that is earning around 25k, should not be borrowing huge amounts of money.
2) How long have they been in their jobs? There are some people in this world that cannot be bothered to work and end up getting the sack. These lazy people then decide to get back into work after a year and as soon as they get their first wage packet they just go out and get a mortgage and expensive cars on finance. And to be honest no one tells them different, the bank just hands it over and the tax payer's end up suffering in the long run.
3) One crucial aspect that banks should look at is the habits of an individual before they loan any money out. How many times have gambling addicts got given a mortgage and car and then blow there monthly repayments on playing online poker or roulette. Addicts can not control themselves, so lending them money is a very bad idea.
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