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Living on debt

OUR first mortgage in 1964 was limited to two and a half times my wage.

OUR first mortgage in 1964 was limited to two and a half times my wage. We had to show proof of earnings and be regular savers. One week's wage in four paid the mortgage and my wife did not need to work.

Having convinced Margaret Thatcher's government to remove this limit, the money lenders were free to seduce and coerce the public into six times joint income mortgages (wife must now work) and other self-assessed loans secured against their houses. This increased irresponsible lending resulted in the house price explosion.

On taking office as Chancellor Gordon Brown could and should have stopped the debt spiral by insisting that the money lenders accept responsibility for the security of their loans. He did nothing! Why?

Seemingly Brown's fiscal policy is when your overdraft and credit exceed their limit you get another credit card. Also sell off a few more of the remaining family heirlooms.

Why do the people we vote for never care for us?

R Sayer, Shirley.

 

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