As we can all tell the world is in a huge financial black hole and this situation has been caused by the banks. Over the last five years banks were giving mortgages to families and individuals that just could not afford them and missing payments. This has all led to the banks crashing and businesses that relied on them failing as well.
I have always said that if you have not got the money to buy something, them simply do not buy it ans wait until you are in a better position? I mean borrowing over 100k is a huge amount of money. So this is ultimatley why banks need to sit down and think about who they give their cash too.
I have noted down a few situations where the banks should not be giving money too.
1) Folks that are on very minimal wages, what the banks do tend to turn a blind eye to is the fact that people have a massive amount of outgoings on a monthly basis. They have travel costs, food costs, bills and much more that have to be taken into account. So even a person that is earning around 25k, should not be borrowing huge amounts of money.
2) What amount of times have they been in their jobs? There are some people in this world that cannot be bothered to work and end up getting the sack. These lazy people then decide to get back into work after a year and as soon as they get their first wage packet they just go out and get a mortgage and expensive cars on finance. And to be honest no one tells them different, the bank just hands it over and the tax payer's end up suffering in the long run.
3) A very important aspect that the banks should look at is the lifestyle of every individual. How many times have gambling addicts got given a mortgage and car and then blow there monthly repayments on playing online poker or roulette. Addicts just will not stop so lending them money would be a huge no no.