It’s unfortunate, but too many western countries caved in to the bankers while applying a different set of rules and standards for everyone else in debt.
While too many consumers got carried away with using more credit than they could afford, they weren’t alone. The bankers did the same, but with much greater multiples — yet they received a bailout.
In this context, yes, the government should step in and do something to help these people. Then again, they may not be as wealthy or as influential as bankers, so the rescue plan may be on hold for a while.
Irresponsible lending and intimidating debt collectors are pushing thousands of people in Britain into depression and suicide, a report said Wednesday. Separate data showed more people are taking their own lives.
Many, already struggling with the economic slowdown, wage freezes and benefit cuts, were overwhelmed by tactics used by some money lenders, including persistent phone calls and threatening letters, the report by researchers at England’s University of Brighton found.
“Debt clients frequently feel humiliated, disconnected and entrapped, with the process of debt collection having a clear impact on people’s mental health,” the report said.