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Secured Loans – The Pitfalls

Taking out a loan for a small amount to pay for a purchase that is just outside your usual spending power should be quite a manageable situation. If you take the loan out at a reasonable rate of interest over a decent term then you should be able to make the repayments even if you find yourself out of work for a period. However it is a different story if you take out a mortgage to pay for a house, or a car loan. These forms of credit are often “secured” on your purchase, which means that, should you default on the loan, the lender will be able to reclaim the property from you as a way of making their money back.

Secured credit has such pitfalls because, without the possibility of reclaiming their money in this way, banks would need to charge higher rates of interest and keep the term of the loan much shorter than they currently are. This would put the purchase of a house or a new car far outside the range of most people. It is, however, vitally important to be sure that you have a contingency plan should you suddenly lose your job. In such cases, becoming unemployed can also mean becoming homeless.

Further to this, a default on a mortgage can stay on your credit file for some time, meaning that another mortgage any time soon will be an impossibility for you. Take into account all the perils of taking a mortgage before you sign any documents, because the drawbacks to secured credit could be prohibitive.

Is Life Fantastic With Plastic?

We in society have become used to using plastic cards to pay for our purchases, because it promises convenience, speed and reassurance about our situation. While today we may not have the money to pay for that stereo or that holiday, a quick call to a bank can be all it takes to allow you to make the purchase one day and worry about paying it off in the future. When used correctly, credit cards can be beneficial for the user, as they allow a situation where you can control the cost of living. They are, it should be said, best used as a kind of progressive weapon against delays. The problem comes when one is used as a shield against debt. The thing they simply fail to offer is thinking time.

With a credit card, you can make a purchase and not have to worry about the money not being there. It is there, it just isn’t yours. As long as you can replenish that money within a suitable time period, no-one will get angry. However, there is no way of the vendor knowing that you will be in a bad position to actually pay for the purchase, and indeed they have no reason to care. It is the bank who will have something to say about it when you fail to make payments that they were expecting you to make. And the thing about that is that banks have a way of making their displeasure very clear indeed.

Where The Banks Have Gone Wrong

It would be very simplistic to place the blame for the global financial crisis at the door of one financial sector, or at the feet of any organisation operating within that sector. The reason why the finances of so many major countries are now unstable cannot be pinned down to one thing, but part of it is certainly attributable to unwise lending by banks and other financial institutions. While it could not securely be argued that this was what caused the financial crashes we have seen, there is no doubt that it hasn’t helped.

Quite apart from anything else, there is a sense that risky lending looked like a good idea for the banks and risky borrowing looked like a great idea for the customers up until very recently. For the banks, the idea was that the risks would bear greater rewards as money made more money and for the customers it seemed to be a case of all their Christmases coming at once. As it turned out, there were big warning signs that everyone ignored – leading to the banks having tons of bad debt on their books and the customers being hamstrung in a place where they suddenly had greatly reduced means and a raft of payments to meet.

There are other reasons for this crash, of course, and no-one would try to deny this. But the upshot for most of us is that banks will not be so free with their money, so borrowing from now on has to be extra diligent.

Irresponsible Lending, Spending and Borrowing

One of the major criticisms of banks which emerged as the extent of the global credit crisis became clear to everyone was that they lent money irresponsibly to too many people. Most of us, if offered the chance to have a spending pot of more money than we earn in a month, would be sorely tempted. And maybe that is the problem. There are those who argue that credit should only be given to those who can show they don’t need it. While this is a tad harsh (short term borrowing can be a responsible solution in some cases), it might at least be argued that credit should only ever be given to those who have never abused it in the past.

Part of the problem is that banks saw fit to speculate on the continuing boom in the global economy and felt that by lending to people who were looking to become upwardly socially mobile they could cash in on those people being successful. However, for some potential borrowers it became clear that banks were taking risks and lending to people who had little hope of comfortably repaying the debt. Knowing that some contingency has to exist for these eventualities, people took advantage of this profligacy to take out big loans and enjoy a short-lived period of financial windfall – knowing that even when the money ran out they would simply be back to living the life they led before. Banks seem to be learning the lesson – but look at what it took for that to happen.

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