There has been so much talk about this whole sub prime crisis issue but the truth is that all you hear about in the news is how this is going to affect the banking sector and subsequently wall street etc. Basically what they’re saying is a bunch of poor people can’t pay their debts and now us rich wall street guys are gonna suffer. Well let me tell you this – I think it is the banks fault because they made it just too easy to take out loans.
In fact, there was a point where banks would actually beg their customers to take out various personal loans and would offer a wide range of incentives and gifts to whoever did so. But this just led to a culture of debt which got people taking out loans beyond their means. At the end of the day these same banks are the ones who will offer their customers to apply for debt consolidation and will benefit from the customer all along the way. Well, I guess this time it didn’t work out exactly as they planned…