Many used that borrowed money to fuel a lifestyle that was beyond their means.
Hi Burmo,
I can't speak for others on the matter but I have posted elsewhere on the site re my own situation: post1292978
I would consider a strategic default; not from a lack of personal responsibility or a feeling that "The banks got their bailout". I'm not that simplistic in my views. However, we have accumulated serious personal debt, mostly due to trying to discharge all our obligations to customers and suppliers when my husbands construction business began to fail due to the recession and some serious non-payment of monies owed by our customers in the last year of the business.
My position is now, that we have lived within severely restricted means since 2008 - five years, struggling to maintain all payments on mortgage, credit cards, term loans etc. We have a new fledgling business which is ticking over and which is really important to us but is not generating enough to cover more than our repayments and a frugal Aldi shop each week.
We're tired. We are 45 and 41 respectively and we worry about money constantly. We have 4 great kids who are definately affected by the circumstances in their day to day lives.
Basically all the joy is gone out of our lives and the years are ticking by. When do you say stop? I want some happiness - some basic disposable income, to bring my kids to the cinema, to go out for a pizza to celebrate a family birthday, to plan an annual holiday. Nothing extravagant - just simple normal pleasures. Are we not entitled to this due to the circumstances we find ourselves in?
I don't know.
S.
But what is fairness in this context? If I borrow money to invest in a business opportunity and that opportunity fails, is it fair that the Bank or individual that I borrowed the money from should suffer part of the loss?
Banks lent money at a relatively low margin (2/3%) to clients to assist them to purchase property. While the Bank took the properties as security, their primary recourse was to the individual/s who borrowed the money and not to the security.
You cannot legislate the poor into freedom by legislating the industrious out of it. You don't multiply wealth by dividing it. Government cannot give anything to anybody that it doesn't first take from somebody else. Whenever somebody receives something without working for it, somebody else has to work for it without receiving. The worst thing that can happen to a nation is for half of the people to get the idea they don't have to work because somebody else will work for them, and the other half to get the idea that it does no good to work because they don't get to enjoy the fruits of their labour.
Hi. Difficult one... I'm watching my parents being self-employed and it is difficult and they live quite frugal lifestyles all the time. How did you run up the personal debt? By choice? Was the old company limited?
Every child in Ireland is born with €10,000 of debt not of their making
Is there a growing lack of personal responsibility in Irish society?
Yes by choice. We bought groceries, clothes, petrol and paid other bills by credit cards in order to keep the cash income to pay the mortgage and any other business expenses we owed. .
Is there nobody here who took out the supposed 'equity' on their homes, nobody who ran up multiple credit card debt, nobody who consolidated, nobody who had an overdraft for years, nobody who took multiple holidays abroad, nobody who bought an unaffordable car, nobody who bought a pad in Bulgaria or Dubai in a Dublin hotel, nobody who partied every week?
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