Monday, December 6, 2010

The working class's fear of debt

Jackie Ashley in today's Guardian rolls out the old chestnut about the deep seated fear of debt in working class households.

At least, I think it is an old chestnut.  Is there any evidence for it?  My gut feeling is that it is more myth than substance, and if it was once true, it is of historical interest now.  If not, why haven't we still got a substantial stock of social housing, since uptake of the right-to-buy was such a failure? Why are levels of household debt so high? It seems to me that the British public of all classes have embraced debt with enthusiasm in the last few decades.  That's one of the reasons we are in the mess we're in.

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