MSE News: Loan shark cartoons to teach kids about debt dangers

BillJones

Pincher wrote: »

Get the bullies to dress up as Pay Day loan staff.
Use a smart phone to record lending £10 to a pupil.
After the £10 is repaid, start extorting more money..

You don't really understand how interest works, do you?

If an apparent adult thinks that paying more than the principal back is "extortion" then god help us.

bigadaj

BillJones wrote: »

You don't really understand how interest works, do you?

If an apparent adult thinks that paying more than the principal back is "extortion" then god help us.

That's a bit harsh, I'm open to a loan from pincher given his terms, repayment of capital over five years would suit me fine.

BillJones

bigadaj wrote: »

That's a bit harsh, I'm open to a loan from pincher given his terms, repayment of capital over five years would suit me fine.

I'm going to wait until he offers interest-only mortgages.