Economic crisis - Histrionics will not help us recover

The Money Advice and Budgeting Service (MABS) has experienced a surge in the number of people seeking assistance. Inquiries have increased by two-thirds in just two years.

Some 35% of the people seeking advice are in financial trouble over mortgage repayments. The Financial Regulator has stated that some 30,000 people are currently three months behind in their payments.

Many who bought their homes in the midst of the property bubble now they find themselves in trouble. They are in negative equity and having difficulty keeping up with their payments, yet they are expected to help contribute towards the rescue of the banks, which are talking about an inevitable rise in interest rates.