"Credit is a system whereby a person who can't pay, gets another person who can't pay, to guarantee that he can pay."
Courtesy of Sue, Muffled Vociferation, via email, I am pointed to this post by Jeremy Warner, Telegraph:
"Ordinary Europeans were not responsible for the the gross irresponsability of their bankers, but they were all very much a part of the credit fuelled party, and the idea that they should now be forgiven the cost somehow sticks in the craw. For every pound saved by the borrower, there is a pound lost by the saver. The thrifty and responsible are being obliged to pick up the tab for the irresponsible and the feckless."So the one thing to which we can't look forward - those of us who lived within our means and saved the odd pound or two - is Great Expectations!
Just another thought.........