Stop Carol!
It's probably accurate to say that most people that watch daytime tv are living on benefits, otherwise unemployed, students or bored housewives. It's with more frustration than usual I bear these adverts than at other times. The reason is mainly one specific type of ad: debt consolidation.
These adverts seem to encourage particularly finanicially vulnerable people that have exhausted all other sources of loans to either lump all their debts with this one firm, and even take out more money. Britain has record levels of debt, all these companies want a piece of the market so in desperation have started lending to people who were in the past too much of a risk.
Anyway, I am particularly disappointed with Carol Vorderman. Perceived by most as a genius, she has sold out to a loan consolidation company who are gleefully cashing in on her 'anything she endorses most be brilliant, I will sign up for without any thought' credentials. "Life is for living" so "splash out a bit" she enthuses. Stop her here!
These adverts seem to encourage particularly finanicially vulnerable people that have exhausted all other sources of loans to either lump all their debts with this one firm, and even take out more money. Britain has record levels of debt, all these companies want a piece of the market so in desperation have started lending to people who were in the past too much of a risk.
Anyway, I am particularly disappointed with Carol Vorderman. Perceived by most as a genius, she has sold out to a loan consolidation company who are gleefully cashing in on her 'anything she endorses most be brilliant, I will sign up for without any thought' credentials. "Life is for living" so "splash out a bit" she enthuses. Stop her here!
posted by Mr T at 2:32 pm
2 Comments:
So if we're all in debt upto our eyeballs and paying for everything with borrowed money, aren't we going to go the way of Argentina?
My take is it's like a domino effect, people borrow too much then something unexpected happens like they lose their job then:
-they can't meet their repayments, banks repossess houses, sell cheaper than their market value to quickly liquidise their capital, this creates a glut on the market and a dip in house prices. Others are too dependant on the value of their houses to support their debts or second mortgages and with these adjustments in the property market find themsleves in trouble. The spiral continues.
-they reduce their spend with less money coming in. What money they have has to go on repayments and bills and not on non-essentials. Less consumer spending -> retail sector stalls/reverses -> fewer job prospects and potential redundancies
The result is a nationwide depression.
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