Think before you act!

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The financial crisis was a problem with money which caused people to lose a lot of money!Banks need to be careful with who they give loans to.Not everyone can pay them back and this is what introduced the financial tragedy!This idea should be used by banks because if any citizens can't pay back the financial crisis will have a reoccurance!Although this may be difficult because if someone new asks for a loan then how are the bankers going to know if they will pay it back.This is why they should keep track of how many loans certain people don't/do pay back.the people that benifit from this should be everyone because it'll stop the financial crisis.This idea will be fair because the certain people that didn't pay back wouldn't get any more loans.

by nice_jouralist and chatty_temperature

Comments (2)

  • Weston-Favell-logo-250x250.jpg outstanding_orca
    Weston Favell Academy 12 Dec 2018

    Why do you think that this would work?
    In 2017 the household debt (money that had been borrowed but not yet paid back by normal people) was £1,630.1 billion.
    Obviously some of this will be paid back, but not all of it.
    What would you recommend that the banks do if these people don't pay back their loan?
    Have you thought about possibly making it a rule that bankers ask for a guarantor when they lend money to someone? I think that this would be helpful because if I didn't have enough money to buy the what I wanted, I would ask a member of my family to help me out and pay for some of it. This is the same thing as a guarantor because they would promise to pay for my loan if i couldn't afford to pay. This means the banks would always get their money and we would avoid another financial crisis.

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  • Weston-Favell-logo-250x250.jpg outstanding_orca
    Weston Favell Academy 12 Dec 2018

    My source for my information was:
    https://www.theguardian.com/business/2017/sep/18/uk-debt-crisis-credit-cards-car-loans

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