Irish Credit Cards Uncovered
During the boom days when everyone assumed that housing prices would continue to rise ad infinitum, Ireland was wedded to their credit cards. There was always more credit on tap. Buying and selling property was the kind of thing you would feel left out if you weren’t doing. Even before banks cut off questionable lending, people started to realize that accumulating debt was ultimately not going to be offset by a continued boom in property prices.The consumer’s mindset was largely “Buy now, pay later,” and unfortunately, the “Rip Off Ireland” concept was largely tolerated by consumers. But something happened on the way to the credit crunch.
