Qualified advisers answering your
Financial Questions
call 0800 092 1245

Has the consumer been as much to blame for the current recession?

The news in the UK has been downbeat for some time to say the least, we have seen house prices collapse, the debt mountain growing, mortgages defaults on the increase and now we are seeing unemployment numbers show some serious upwards momentum. While we all blame the authorities and the financial sector, could the UK consumer have avoided this trap?

While there have been excesses in the financial markets it is wrong to place all of the blame with these companies. True, they did offer finance at rates which many found hard to ignore, they did give out mortgages to homeowners who plainly could not afford the repayments and they did chase the last buck out of a rising economy. However, the financial companies did not force feed debt to the masses, they did not ask people to over extend themselves and they did not sign away the financial future of the UK consumer.

Then again, not all of the UK population have extended themselves out with their means, not all chased the last bit of cheap credit and not all of them were determined to get on the housing ladder no matter what the cost. As ever it has been a small minority on both sides who have caused the damage which has then brought more and more people into the frame.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details