Feb
9
The financial downturn is my fault. It’s not only my fault of course – I’m not that important. But I hate seeing all these politicians and media commentators attack bankers without recognising their share of responsibility for the situation. Nick Robinson records the latest blame game on his blog.
Therefore, I want to set out why I’m responsible, what I will do to ensure it won’t happen again. Because it was my greed – wanting now what I couldn’t afford until tomorrow and assuming that could continue indefinitely – that got us into this mess. I’d like Gordon Brown, bankers, professional investors, companies and others to do also recognise their responsibility.
- I took a mortgage with Northern Rock. It was interest only and fixed rate (it was a smart idea at the time). Therefore, I should maintain a savings account to repay the capital after the end of the 25 year mortgage period. But nobody is checking that I have.
- I am always overdrawn. I have no savings to cover these liabilities
- I have a debt for some home furniture and have not set aside a monthly sum to pay this
- I have no savings to insure me against loss of earnings
- I have stopped contributing to my pension fund (which fell by more than I paid in last year anyway)
- I borrowed money for home improvements that I couldn’t afford to pay so had to take a mortgage holiday
- I saved money to pay my last tax bill – and then spent it. I’m now having to pay the taxman back in an instalment plan
- I have borrowed money on credit cards with no consideration of the APR or thinking about how I will repay the balance
In short, I have been financially irresponsible. I am partly to blame for the current financial situation.
Now it’s your turn . . . .
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