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The good times have ground to a screeching halt

January 29, 2009
Well they have definitely slowed down anyways!
There is one thing I hate here – and that is instant credit that can be taken with a text message to a company specializing in instant credit and short term loans.
 
There are advertisements on busses, bus shelters, TV and in free newspapers and magazines… It’s everywhere… The thing that many people don’t realize is the massive interest rate placed on some of these short term loans – it just makes them harder to pay back and perpetuates a vicious circle of debt. Before Christmas the Mr. and I looked with incredulous eyes when we saw these ads on TV. The message was clear – spend lots of money or you won’t be thought of very highly! What a bunch of hooey!
In the late 1990s and early part of this decade the good times rolled in Finland – and it showed – lots of new cars (lots of cars period!) on the road, newer, bigger houses, more big ticket items – TVs, home entertainment systems, computers, trips abroad, etc. Even with the current downturn many people continue spending (beyond their means?). Background: http://www.hs.fi/english/article/Interior+furnishings+find+buyers+as+consumer+confidence+perks+up+a+little/1135243093740
 
Rampant materialism, over shopping and wasteful practices, which in my opinion many Finns are guilty of just throw people into a bigger spiral of debt. It has been said that the effects of the deep recession in Finland in the early 1990s are still being felt today. With this economic downturn well on its way, I hope people get smarter with their money!
 
Here is a recent news piece about taking on more debt. The links at the bottom are a very good background to the issue.  http://www.hs.fi/english/article/Finns+continue+to+take+short-term+consumer+loans/1135242944503
 
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