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MSE News: Loan sharks leave victims in debt all year
Former_MSE_Guy
Posts: 1,650 Forumite
in Loans
This is the discussion thread for the following MSE News Story:
"It is estimated people on low incomes collectively borrowed £29 million from illegal lenders ahead of Christmas ..."
"It is estimated people on low incomes collectively borrowed £29 million from illegal lenders ahead of Christmas ..."
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Comments
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Would this the unplanned Christmas period that doesn't happen every December?
If people put £40 a month aside it would give you nearly £500 for presents and excess food. If you can't afford £40 a month then why are you spending £hundreds "because it's christmas" ?0 -
"Loan sharks leave victims in debt all year".
Well, from what I can see, the status of "victim" is nothing but self inflicted. Nobody forced these people to take out the loans to begin with. I would be a little more sympathetic if the "victims" were on the bones of their a*se, without heating or food. But Christmas???? Come on!!!!! Don't spend what you can't afford.0 -
There is some dubious maths in there:But once interest rates, which average 825% but can be up to 1,500%, are taken into account...
The association says the average person borrowed nearly �300 over the festive season, but they will have to pay back more than �800, and are likely to still be in debt by Christmas this year.
825% does not tally with £300 changing into £800 over a year?0 -
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Ah. It's my dubious maths then.0
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Why is it that articles like this always put 'loan shark' in the headline, waffle about illegal unlicenced lenders (which is what I would call a loan shark), then discuss fully legal licenced lenders?0
This discussion has been closed.
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