My Thoughts on Loans

May 18 2007

Forgive me if this sounds like a bit of a rant but, it seems to me that something has changed in the lending market. I am passionate about personal finance. And that is why we post a lot about it here at the funky.

But, in recent times it seems that lending has moved from a service towards sales.

I think people will always be people. They will always want something before they can afford it, and from this point of view I think lending is a necessary evil. People will always want to borrow money, so it is good that there is a service that provides that need.

But, these days lending has moved more towards the marketing and sales side of the situation and I think that is not so good. When we start to intentionally increase people’s needs and wants to try and “sell” them finance, I think perhaps the dynamic of lending has changed.

Call me idealistic, call me conservative. But, I think a lot of credit problems abound in today’s society and there is far greater debt being carried by the average American than ever before. I just hope we do not have to see a large scale collapse of middle America before we adjust our perspective. Think Global Warming.

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Posted by funky under Loans