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Friday, October 18, 2013

No more credit for those in debt?

Minister Vande Lanotte (of Internal Affairs) has aired the idea of asking the banks and other credit institutions to deny credit to those people who are not able to pay back their major loans (i.e. that of their house/flat, of major renovations).

The banks already reacted by claiming this is a bad idea and that it would cost thousands of jobs.

Personally, I think it is not such a bad notion. When you can't pay your mortgage any more, do you really need to book a holiday on credit, or buy another car?

I've found out that most of the younger generations don't know what priorities are. I was raised by parents and grandparents who knew what was important. My grandmother lived through two world wars and she always said to me: "child, you're rich when you have a roof over your head and food in your tummy," - and that's a great truth.

I try to teach my students some awareness about keeping a budget. Never spend more than you can afford. And always take into account you can lose your job and could fall back on unemployment aid (which is only a quarter or less of what you'd earn)...

I'm curious to read the comments in tomorrow's newspapers. What is your take on this?

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