Book: Maxed Out - hard times, easy credit. James Scurlock (2006)

Scurlock has written a fascinating account of the new religion of the 21st century - credit.

We live in a credit- obsessed society, full of voracious consumers, all created by the rampant advertising and soliciting of the banks and credit card companies.

In the old days, when my mum worked at Lloyds Bank and, before that, Midland Bank back in the 1960s, banks hated lending ordinary customers money. Loans were for companies and big businesses. People just didn't have personal loans and lived within their means.

To work in a bank, in the old days, you had to be good at basic arithmetic and perhaps have a vocation in banking, accounting, etc. Now, according to Scurlock, it is a positive disadvantage to have such qualities; banks want salespeople, not bankers. They want clerks who can smile like morons while they pester every customer into taking out a loan and taking on more debt. That's how the banks make their money. Banks make money through consumers taking on debt, not saving money.

I was in debt to the the tune of about £12,000 until about 4 years ago when I said to myself, fuck it, I've had enough, forget the whole thing. I simply stopped paying. Immoral, you say? Well, I was a saver with Britannia building society ten years ago until they sent me about 40 letters begging me to take out a loan. In the end I caved in, taking out a £5,000 personal loan (immediately £6,000 debt, even if I'd paid it back after one month). They talked me into it so they can fuck off. I actually kept up the monthly payments until I'd repaid about £2,500 so they should think themselves lucky.

Same with the credit cards, which both arrived through the post, totally unsolicited. As Scurlock says, where is the health warning with credit/debt??

On teletext, just yesterday, the UK banks are reported to have made £38 BILLION this last year. What a joke... hope the housing market collapses!!