Surfing the debt

I couldn't get near the computer at the time but another fiance company is going belly up.
MFS Pacific Finance joins the list at 14th place since April 2006...


I have been reading Maxed Out by James Scurlock. If this guy has done his homework right and he seems to have, this is just the tip of a very big iceberg.

Surfing debt (continual refinancing and consolidating an ever increasing debt)= not a good idea.
Investing in companies who finance debt surfing = an even worse idea unless you accept that it is all going to unravel at some point and you could lose the lot when it does. Which neatly explains why these finance companies are going belly up in increasing numbers.

Robbing Peter to pay Paul only works for so long. It is time we all, including the government thought about what is going to happen when Peter wants his money back and Paul still wants paying.
Deregulating the financial and banking industry hasn't worked and keeping it deregulated won't encourage people to save while the banks can make more money out of loaning money than investing our savings.

Puts a new spin on the recent raises to credit card interest rates doesn't it.