A day of reckoning for loan companies
She lived in an immaculate council flat with her bright-as-a-button little daughter and she had just taken out a loan to buy the child a bike for Christmas.
The only problem was that she was still paying off the loan she’d taken out the previous year, which had quadrupled as a result of the compound interest charged by a loan shark, who was dropping heavy hints that he’d let her off in return for a bit of “you know what”.
Driving back to the office, I cried with anger that life could be so unfair. In those days the Christmas cycle of debt story was a hardy annual. Today that story has changed but only a bit.
Today the Rachels of this world, struggling along in part-time minimum wage jobs, are still excluded from the banking system. (At best they have basic accounts that don’t have an overdraft facility.) But over the phone or the counter, in a couple of minutes they can take out a “short-term” loan from a company like Money Shop or Wonga, which advertises itself on the shirts of strapping footballers.
The headlines are full of stories about the unsustainable debts owed by countries. We hear much less about the other national debt, the unsustainable debts owed by more and more individuals, trapped between rising prices and static or falling incomes. The latest figures are terrible.
Personal debt across Britain rose to £1.5trillion last month, up £629m since August. Provisional figures from Citizens Advice Scotland (CAS) for 2010/11 show a 6% increase in debt cases. That’s the equivalent of 400 extra cases for every day of the year.
What’s even more worrying is that cases relating to “debt remedies” are up by 14%. These are clients who have taken out loans to pay existing debts. In extreme cases their entire income is lower than the scheduled repayments.
According to the Co-op, a third of struggling families spend an average of £165 a month more than they have coming in. The poorest, both in and out of work, suffer a multiple whammy sometimes called the “poverty premium”.
payday loans 30 days to pay - News
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Payday loan companies claim to be the good guys, replacing loan sharks and filling a gap vacated by banks. That may be true for a majority, but according to an OFT report last year 30% of payday loans are not paid off. Annual interest rates can be more
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