Mixed messages about debt

There are very mixed messages about what debt is doing to the nation. We are told the country cannot afford to go on like it is and the deficit must be reduced and personal debt is totally out of control. But when spending started to drop and inflation looked like it would go negative many economists were concerned that people would stop spending and the economy would fall into a recession.

For spending read, getting into even more personal debt.

The strange thing is that this sea of debt has created so many jobs in the UK. From loan companies like Pound Of Flesh Limited, to the debt collectors, debt enforcers, debt councillors and at least 347 TV programmes a week telling you how to spend less and keep out of debt, interspersed with adverts telling you how to borrow £500 at 1,000 per cent plus APR. I can see a follow- up to the 1960s “I’m Backing Britain” campaign soon, “I’m Backing Britain By Being In Debt.”

In the whole economic history of the UK has there ever been a time when the Prime Minister has come on the telly and told the nation: “Everything is great, spend what you want, go out and buy it, you deserve it. Fill your boots, I am. You haven’t got any boots? Well rush out and get some on tick, then fill them up with debt for the good of the country.” Oh I forgot that was Mrs Thatcher’s idea, paid for by selling of the nation’s family silver and the council houses to the relatives of the people occupying the council properties. Sorry Mrs T, wherever you are.

The nation is well-wedded to its credit cards and easy loans, so if the government felt all this spending was too much they have the power to curtail it through interest rates and legislation. It will need a big stick to stop many spending. If only all loans had to be applied for personally. Having to confront someone with a good grasp of economics before you take out a loan could be very refreshing for the applicant. Say you need a loan for the latest limited edition “Drug Cheat” sports trainers, and there in front of you is a hologram of Ena Sharples from Coronation Street fully programmed to give you a piece of her mind about your purchase. And while we’re at it she could be placed outside every high stake gambling den and as the patrons are about to enter she could utter the immortal lines, “Don’t go in there or I will tell your mum!”

Those immortal words that send fear into any son or daughter used to be heard a lot around the dance halls of Liverpool in the 1950s and 60s. One promoter, instead of hiring bouncers to control the crowds at his dances came up with idea of just employing one little old lady, just like my aunt Dolly. She took the money at the entrance and if any Teddy Boy was starting to cut up rough she would march into the fray look at the culprit and shout at him: “Stop it now or I’ll tell your mum!” No more trouble. Makes you proud to be British, no wonder we once had an Empire with front like that.

Peter Steggles

Longnor