Should payday loan ads be restricted during TV shows aimed at kids?

Jagraf

I think children are fine, I think we should ban adults watching them.

AubreyMac

1. No change.


Kids can't take out these loans and isn't it common sense that you don't spend beyond your means or take out when you can't pay back?


I prefer them to be shown more during the day when I'm at work so I don't have to endure them so much in the evenings.

MallyGirl

AubreyMac wrote: »

Kids can't take out these loans and isn't it common sense that you don't spend beyond your means or take out when you can't pay back?

It may be common sense to most but taking a read of the Debt Free Wannabe section of this forum will show that people get themselves in a mess for a variety of reasons and see loans as a way out until they are in so deep that they cannot get free without help.

pelirocco

I dont think they should be banned , as another poster has said they are an ideal opportunity to discuss the downfalls of borrowing money . How ever I would point out that the APR is a bit confusing as it it based on fees added to fairly small short term loans so it does look higher then most loans . I think you need to point out to your children that longer term loans may show a lower APR , but its really the overall interest that you have to pay thats more of an eye opener in my opinion

happyinflorida

These awful ads should definitely be stopped from daytime viewing and before the watershed. I've heard mum's talking and saying their kids have actually suggested they take out one of these loans when the mum's mentioned needing a new washing machine and can't afford it - the kids quote the adverts word for word - that is worrying and shows some parents may even be sent down the wrong road to taking out one of these thanks to their kids seeing these awful adverts.

They should be banned altogether as well as the companies but we all know why they haven't been - David Cameron is best friends with one payday loan company owner and they've given to the conservative party. Corruption rules.

Flyonthewall

AubreyMac wrote: »

1. No change.

Kids can't take out these loans and isn't it common sense that you don't spend beyond your means or take out when you can't pay back?

I prefer them to be shown more during the day when I'm at work so I don't have to endure them so much in the evenings.

Common sense isn't always that common. Hundreds of thousands of people spend beyond their means and with these companies around and things becoming more digital (no need to hand over actual cash and feel the pain of it), it's only getting worse.

Obviously it'd the effect it has on kids in the future rather than now. They can't take them out now but they will be able to when they're an adult.

pelirocco wrote: »

I dont think they should be banned , as another poster has said they are an ideal opportunity to discuss the downfalls of borrowing money . How ever I would point out that the APR is a bit confusing as it it based on fees added to fairly small short term loans so it does look higher then most loans . I think you need to point out to your children that longer term loans may show a lower APR , but its really the overall interest that you have to pay thats more of an eye opener in my opinion

Why do you need a bad advert to point that out? Just discuss it when they say about wanting money to buy things and teach them the value of money then and about earning it and only spending what they have then.

The advert would allow good parents to point it out then, but what about those with bad parents or no parents? It's not helping them at all and any good parent should be teaching about money anyway, you shouldn't need an advert to prompt you.

However well you teach there will always be those few who see the adverts and think "nah, I'll be fine, I need some cash" and they'll do it anyway because they can see the adverts telling them they can get it. If they never see the adverts they won't have anything tempting them to ever use them, they'll just follow what they've been taught.

CapricornLass

I think they should be banned - I don't like seeing them.


And as for common sense and intelligence, I'm often astounded how even bright people are incredibly dim where money matters are concerned.

nyg123

I would ban the adverts completely and I would make it illegal to have such high rates of interest. Unfortunately too many people have no idea how interest works and don't understand how these loans work- perhaps any loan but short term ones seem to be harder with the people I've spoken to. I once tried to explain to someone how her providential (I think it was) loans worked and how much money she was wasting. She used them every year for Christmas and for birthdays and for other things sometimes. She was constantly paying them back. The 'provie lady' would come round every fortnight for her money (she didn't have internet access then). She used to say 'no, no it's really cheap I only have to pay back £10 a week' (this was a few years ago and she never borrowed that much). I never understood why she didn't just save the £10 a week and not use the loans. She (or her husband) wouldn't even apply for a credit card and they both worked and owned their house and the only debt was a loan for the new central heating which was always paid so they would have got one and whatever the rate of interest it would have been a better rate. Her reason for not getting one was because she was worried she might get into debt! She just didn't see these loans as debt!
Another person I know (friend of a friend of a friend!) who is educated and intelligent and quite well paid with only himself to support, owes so much that every month he gets out a loan, pays it back when he gets his salary paid and them immediately gets another one out to pay the bills! I don't know what sort of mess he is in now as I'm not in contact with any of them.
As regards to education, I agree with Martin that we need more education in school on finances. I have educated my son in little bits over the years and I continue to do so but not all parents can do that. Pay day loan adverts are not needed to provide that education or show the downfalls of debt. There are lots of ways that that can be done.

patanne

I think they should be banned completely. Getting into a payday loan cycle is almost as bad for your health as smoking and they ban those ads.

Bellisima

Ban them completely please. They are aimed at people who are rather ignorant of APR rates, or who have bad credit ratings. You'd probable never get a money saving forumite taking out a loan with them! I especially hate the Sunny one where life will be so lovely if only you borrowed from them - yeah right.

Whilst you are at it can you also ban those ghastly gambling ads? Shows lots of beautiful people having such fun, when in reality online gambling can end up in such misery.