June 28, 2007

Poor, credit, saving and inequality.

The poor are finding it too easy to get hold of credit, racking up huge debts and are either forced into IVAs or bankruptcy. It used to be the case that savings products such as with profit life policies were sold, door to door, to the poor now its debt. There are many more adverts showing people how their lives could be made better by getting themselves more in to debt on the TV than for savings. All targeted at those on poor or modest incomes. Credit has to be paid back.

Inequality is a nasty thing if some are denied access to healthcare, education or a vote. But for many people, inequality often comes down to your car, handbag or the size of your house and I'd argue that this doesn't matter, unless you're the jealous type who feels embittered when they see a Ferrari or designer handbag.

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