The British Chancellor of the Exchequer takes a stand on consumer credit. With this statement, he makes an understated, yet clear point “there are times when going back to good old-fashioned banking may not be a bad idea”.
The backdrop to that statement is here ….
Alistair Darling signals the end of easy money – Telegraph
The country now has a consumer debt mountain of £1.3 trillion. As this newspaper has warned, with a global credit crunch making its malign presence felt, that leaves a lot of people extremely exposed, as money gets more expensive.
Its clear that the lending environment that has existed for the last 10 years is at an end. Time for new ways to think about lending. The reason I say that, is that despite the comment from Darling, which is similar to how Finance Ministers feel everywhere, the consumer debt exists, and people need help during the transition.
Bankwatch 
Just to point out to foreign readers, neither experience nor knowledge of banking or finance is required to become chancellor of the exchequer… “Mr Darling attended Loretto School, Musselburgh, and studied law at Aberdeen University. He worked as a solicitor in Edinburgh before being called to the Scottish Bar and admitted to the Faculty of Advocates in 1984. He has been the Member of Parliament for Edinburgh Central since 1987. Before becoming an MP, he was a member of Lothian Regional Council, and Chairman of the Council’s Transport Committee.”
Indeed … as a fellow Scotsman, he does sound qualified nonetheless 🙂
Thanks Dave.