from David McWilliams:
The idea that the economy is a morality play seems to be taking hold in some quarters. This is particularly the case when it comes to this term “strategic defaulter”. The strategic defaulter is someone who can pay his debts but decides not to. The central bank suggests that these defaulting characters lurk everywhere, sticking their two big delinquent fingers up at the banks.
Some people have suggested these new villains – the so-called strategic defaulters – may constitute as many as 30pc of mortgage arrears.
It is very convenient – particularly for banks – to paint the picture that there are good and bad borrowers, and bad borrowers are those that take the mickey while the good ones struggle with their responsibilities and go without to pay back debts.
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