While Financial Institutions cry wolf of profit warnings and growth failures, out there is a sea of people who have been left high and dry on the personal finance front.
Their saving grace? Governments round the world taking zealous measures to make the lenders clean up their operations and be more responsible.
The problem with this is that they need to train all their representatives to do the same thing. Take the creative out of lending; base it on fact not fluff. I yearn for the day when I see a clients budget actually capable of supporting a mortgage let alone unsecured credit.
In Australia right now the average home costs 10 times that of an average income. Why? Well there are numerous explanations. Hazard a guess yourself.
Indeed the latest statistics prove that most of suburban Australians are handing back the keys and going bankrupt. The property they lived in was never worth the Real Estates valuations or asking prices and the pressure to keep up with the Jones' in the auction became a bonanza for egos.
Who cleans up after it goes wrong? The banks, Trustees, Loan sharks, Refinancers and credit reference agencies. Even Government departments benefit gain from selling information to certain institutes and then the Tax payer.
Meanwhile, no matter how controversial you think this is, truly its just another big cog slowly turning until the next wave of confidence springs into action and re inflates that ECONOMIC BALLOON Economists talk about.
My observations are pretty sound as most of this retort is spread around the newspapers and on line columns of the day. Its just that few people actually bother to amalgamate it all to see the true blue picture.
When it comes to the poor Credit7or, advice needs to be honest, factual, and guiding, which should not bias or compromise their situation further. Frustration, bullying, anger and delinquency or even apathy sets in when people are in a corner.
A chat in the bar with mates or a debate with the partner isn't the answer because it often leads to mischief and panic reactions based on a lack of detail.
Like the above scree exposes, a need to take stock and look at the full picture is really what is essential for any situation to be assessed and solved. Common sense? Philosophical? Who knows...I like to think educated and experienced people are giving out the advice.
In my 20 years in the personal insolvency or Credit7 mgt industry I have met them all. The question for everyone after reading this? Who do you listen to and when do you do something about it... I hope I have spread a little light on a rather dark place because nobody has to suffer alone, and education can be a valuable tool in the game of cat and mouse.
While Financial Institutions cry wolf of profit warnings and growth failures, out there is a sea of people who have been left high and dry on the personal finance front.
Their saving grace? Governments round the world taking zealous measures to make the lenders clean up their operations and be more responsible.
The problem with this is that they need to train all their representatives to do the same thing. Take the creative out of lending; base it on fact not fluff. I yearn for the day when I see a clients budget actually capable of supporting a mortgage let alone unsecured credit.
In Australia right now the average home costs 10 times that of an average income. Why? Well there are numerous explanations. Hazard a guess yourself.
Indeed the latest statistics prove that most of suburban Australians are handing back the keys and going bankrupt. The property they lived in was never worth the Real Estates valuations or asking prices and the pressure to keep up with the Jones' in the auction became a bonanza for egos.
Who cleans up after it goes wrong? The banks, Trustees, Loan sharks, Refinancers and credit reference agencies. Even Government departments benefit gain from selling information to certain institutes and then the Tax payer.
Meanwhile, no matter how controversial you think this is, truly its just another big cog slowly turning until the next wave of confidence springs into action and re inflates that ECONOMIC BALLOON Economists talk about.
My observations are pretty sound as most of this retort is spread around the newspapers and on line columns of the day. Its just that few people actually bother to amalgamate it all to see the true blue picture.
When it comes to the poor Credit7or, advice needs to be honest, factual, and guiding, which should not bias or compromise their situation further. Frustration, bullying, anger and delinquency or even apathy sets in when people are in a corner.
A chat in the bar with mates or a debate with the partner isn't the answer because it often leads to mischief and panic reactions based on a lack of detail.
Like the above scree exposes, a need to take stock and look at the full picture is really what is essential for any situation to be assessed and solved. Common sense? Philosophical? Who knows...I like to think educated and experienced people are giving out the advice.
In my 20 years in the personal insolvency or Credit7 mgt industry I have met them all. The question for everyone after reading this? Who do you listen to and when do you do something about it... I hope I have spread a little light on a rather dark place because nobody has to suffer alone, and education can be a valuable tool in the game of cat and mouse.
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