UK Money News
31st July 2008
Consumers take blame for credit crunch
People's attitude to debt is almost as much to blame for the credit crunch as lenders and the government, according to a new survey.
In a poll conducted by finance site Fool.co.uk, 29 per cent of those polled said they blame banks for the financial situation currently facing the world economy, while 22 per cent said that the government must shoulder the lion's share of the responsibility.
Meanwhile, 26 per cent said consumer culture and the imperative to keep up the Joneses is culpable.
However, 23 per cent of the sample blamed themselves for allowing themselves to over-rely on cheap borrowing from banks.
David Kuo, head of personal finance, at Fool.co.uk said: "Both the banks and the government have to take equal responsibility for the credit crunch - banks for peddling unaffordable loans and the government for lulling people into believing that there would be no return to boom and bust."
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