I think we're failing to understand how "loans" work for these type of people.
There's never any intention to repay (or expectation of the loaners are from the same social strata).
Payback comes in "favours", a tip on a promising stock floatation, a nice job that pays well, while not eating into your afternoons at the club, a word in the ear of a foreign power...
The nouveau riche caught on recently; see Jimmy Carr's loan based tax aversion scheme.
As above, nice soft loan, gives you a living with no expectation of repayment.
Crank it down a couple more social rungs and you've got:
"Living beyond their means, iresponsible spending, never learned how to budget".

- By davidjay