Financial Responsibility

In a week where Labour have quite rightly trounced the Tories in elections (with the exception of mad Mayor Boris!), I have actually found myself agreeing with a Conservative MP. Defence Secretary Philip Hammond has said that consumers and home-owners who took out loans, spent on credit cards and accepted large mortgages were "consenting adults … Households were spending more than they earned. That's why household debt rose … there were two consenting adults in all these transactions, a borrower and a lender, and they may both have made wrong calls. Some people are unwilling to accept responsibility for the consequences of their own choices." I wholeheartedly concur with this opinion. People who borrow money without considering their financial situation are reckless and should understand that their actions contributed to the financial crisis just like the banks’ actions did. A person should only spend what they can afford; it’s that simple. Monetary speculation is economic naivety. So in future, I strongly suggest that everyone only buys what they are able to purchase. It really isn’t difficult.