Tuesday, August 30, 2011

debt forgiveness



The topic of debt forgiveness is making the news. Hardly surprising with over 50,000 in arrears on their mortgage. And it seems likely that figure will grow, sadly.

Some find the idea scandalous. Why? Did we indenture ourselves to the international money-lenders for the sole purpose or artificially propping up the balance sheets of our high-stakes gamblers (otherwise known as bankers and developers)? Or did we also hope to benefit the ordinary people who are now struggling to hang onto their homes? I know whom I would rather help.

That may require higher taxes from the rest of us who are fortunate enough to still have jobs or to have bought before the market went mad.  So be it. These people were not 'financialy illiterate' and 'reckless' as some would have it; they wanted to buy a home and made the mistake of listening to the bankers, economists, and politicians who told them that buying a house at those prices was a prudent investment.

Nay-sayers think they were sensible in the past and don't think they should pay for the mistakes of those who were reckless. And perhaps some did make 'sensible' decisions because they were wiser than most in our society - wiser even that the so-called experts. Most, I think, realise that the only reason that they are not also facing financial ruin is by the grace of God. The only way to show we are grateful for what we have is to be generous to those among us who are struggling now.

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