Saturday, January 04, 2014

Quote of the day 4th January 2014

“One of the greatest disservices you can do a man is to lend him money that he can’t pay back.”
(Jesse Jones)
 

1 comment:

Jim said...

I thought banks would have learned that lesson after the 2008 fiasco, but it seems i was wrong. As the bank of england continue to keep interest rates artificially far too low. thus encourage people (maily first time buyers) to borrow money they cant repay when the interest rate finally does rise (and rise it will), whilst at the same time keeping houses out of peoples affordable price range.

The price of houses should have crashed through the roof (no pun intended) back then, but they have been artificially propped up by both government and banks. I can say that as a person who bought in early 2008, and am now trying to sell, so it would have cost me a fortune. But it would have been my own stupid fault for buying an overpriced house in the first place, so i would have to take my medicine)