Quote:
Originally Posted by Alan Fry
The reason they cannot afford it is becuase wages have not be rising fast enough because of a decline in union power (along with high unemployment) which the rich and major businesses have also done
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Alan that is complete rubbish .All this lending and borrowing took place in the boom times when work was plentiful and wages where high ,so explain that .Quite simply people thought they could afford to borrow more than they could ,they used cheap credit deals like buy now pay later ,and when the reality of actually paying it back 12 months down the line set in they rapidly realised they couldn't afford it and so defaulted .It had nothing to do with unions or rich people or major businesses .