A national newspaper is reporting the case of a young single mother who is living on benefits with her two children, and who owes a lot of money to various loan companies. The comments are generally far from sympathetic, but I wonder how many of these comments are from people who are sensible about borrowing money.
Let me repeat what I said in a previous post: I believe that we are all morally obliged to live our lives free from debt if we can.
It is easy for someone who is earning a comfortable salary to borrow money and be confident of repaying the loan in full, but almost anyone can suffer a reversal of fortune. Nevertheless while I believe that people should think before borrowing, I also think that lenders should perhaps think more before lending.
While I wonder why anyone should want to borrow money to buy Christmas presents, I also wonder why anyone would want to lend money to someone to buy Christmas presents. Children like presents at Christmas, but they benefit from having parents who are sensible with money.
Previous related posts include:
To build on debt is to build on sand
A rent arrears crisis in London
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