Will the financial institutions now be more strict when lending out money to customers?
milanlovich asked:
should these financial institutions be blamed for giving out loans to people who were in no situation able to pay it back?
should these financial institutions be blamed for giving out loans to people who were in no situation able to pay it back?
in terms of the financial crisis today?
Yes, standards are much stricter. As less money is available, it will get even stricter.
Banks are already re-assessing current credit card accounts and lowering limits and/or raising interest rates. In some cases, closing accounts completely.
yes it will be harder for a while — but folks do have short memories == the blame has to rest on the lenders but the folks who knew they could not afford the loan has to share the blame!!