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 decade banks have been giving ridiculous amounts of money away to people that cannot afford to pay it back. This has all led to the demise of the banks and businesses that were relying on them failing too.
I have always had a motto that if you cannot afford something then you should not buy it, why are people getting out huge mortgages that they cannot afford the repayment for? I mean loaning over 100k is a massive amount of cash. So this is why banks need to buckle up and start thinking carefully about who they give their money to in the future.
I have listed down a few situations where the banks definitely should not be lending out.
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 someone that is earning 30k in my view should not be borrowing huge amounts for a home.
2) How long have they been in their jobs? There are a huge amount of people in the world that just hate working and end up getting sacked from every job they get. 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) One crucial aspect that banks should look at is the habits of an individual before they loan any money out. 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 can not control themselves, so lending them money is a very bad idea.
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