A recent report by Charlie Weston in the Independent suggested that banks would demand lifestyle changes from anyone looking for mortgage debt forgiveness or debt restructuring.
These would include sacrificing “luxuries” like:
- Sky Sports
- Private Schools
- Private Health Insurance
- Second Car
- Foreign Holidays
This was met with outrage in certain quarters.
It’s a sorry indictment of today’s Ireland that many of these items are viewed as essentials or entitlements.
The prospect of even partial debt forgiveness for someone who was willing to default on their mortgage repayments while maintaining their lifestyle should not be entertained.
Irish people need to take personal responsibility for the mortgage contracts that they signed and make the necessary sacrifices in order to meet their obligations, not pass the burden of their personal debt on to already struggling tax payers through the nationalised banks.