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funkybass | Are people who have borrowed irresponsibly good or bad for the economy? |
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dacotah kid
 |
bad, for tha reason that if they are borrowing irresponsibly, they have burned well past there earned income and need more. so they go and borrow it and burn it up. now they get paid again but already have no money to repay the loan and now the borrower is out that money and if that keeps happening and can not collect, on his/her loans they are now bankrupt and the tax payers pick up the tab for irresponsible people who either had no intentions or just should not have got a loan for something they should never have gotten |
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ξήĢŁĭŞĦ ŗǾşξ ©® ღஐღ
|
bad, borrowing is one of the reasons interest rates soar ... and somebody somewhere has to write off the debt ...
but not as irrisponsible as the banks and companies lending money and offering credit everywhere ... losing the notion of cash payments |
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Phil McCracken
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Bad, beyond doubt.
Too much money in an economy is the main cause inflation, and if they had not borrowed heavily less money would have circulated and inflation would have been lower. It inflates markets falsely, as can be seen by the current obscenely greedy house prices here in the UK.
It is also bad from the individual's viewpoint, that when the debt inevitably snowballs, they then have to pay back more than they can afford, the lender possibly losing out, or the debtor must declare bankrupt, thereby becoming virtually economically inactive.
Lenders should accept the blame for their part in it. If the borrower borrowed irresponsibly. isn't it logical to conclude the lender also lent irresponsibly? I would think it is. They should check how much someone has borrowed already and what they have in terms of income and expenditure before lending it. And when they lose out, tough.
Interesting to see so many see high interest as bad. If you are borrowing and being irresponsible it IS bad, but all things have an opposite. If you are being prudent and saving like people used to, high interest rates are wonderful. |
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Richard S.
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Depends on who you ask. It is now turning out to be "bad" for the economy as a recession is looming. However, everyone made a living off all these "bad" people the past 7 years. It's the only thing that kept out economy running since the dot.com stock bubble bust / 9/11.
Now the credit lenders / banks will make money by charging them sky high interest rates on anything they want to finance for the next 7 years. Modern day indentured servants. |
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Spotlight
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Banks who use dodgy schemes are bad. |
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Gary
 |
Bad for the economy. Look at the housing market regarding foreclosures. It will have a ripple effect. |
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chips02
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its bad. |
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BAL
|
Bad for their personal economy. Temporarily good for the overall economy.
When they default, it is bad for the overall economy and worse for their personal situation. |
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SPIFIMAN1
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I am going to disagree with most all of the other posters and say that they are going to be good for the economy in the long run.
The banks are going to take a hit and the people that borrowed the money are gong to have ruined their credit but all of the homes that are going to be foreclosed on are going to create potential profits for the people that buy them and with the market price going down they will be in the price range of people that would not have been able to buy them a few years ago.
So, in 7-10 years when all of this is simply a bad memory, I think it will turn out to be a good thing. |
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Goose
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Good if they make their repayments, bad if they default. |
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Kellogg's Fruit Loop
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it's good for the economy, because they have to spend it, and when they spend it the money is flowing throughout the economy. only thing bad about it is, the person's credit gets ruined for not being able to pay the creditors back. |
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Johnny
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I depends what they do with the money but assuming that they behave irresponsibly then it is certainly bad. Inflationary for the country and expensive for their fellow borrowers. |
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Pleasant Peter Perkins
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Since ALL borrowing is irresponsible...Sorry? |
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