Martin Lewis, of moneysavingexpert had this to say at this morning’s Parliamentary Select Committee meeting about the regulation of Pay Day Loan Companies: “I think we’re in danger of grooming a new generation towards this type of borrowing, and if you think we’ve got problems now, you wait for 10 years time. Grooming is the right term. We’re talking about a market that didn’t exist 5 years ago and you’ve had people in arguing that this is how people like to use it. They’ve created the demand, they’ve created the operational structure and now they’re saying this is what people want. It’s deliberately contrived and controlled. We have normalised this, this niche lending of last resort has become normalised to a main stream form of credit by the use of advertising.” Frightening results from a recent moneysavingexpert poll – 30% under 10s regularly repeat slogans of payday lenders and 14% of parents of under 10s have had their children refer them to pay day loan companies to buy them toys or treats. The people who run Wonga, QuickQuid and the like are no more than a bunch of robbing thugs who pray on the ill-informed and vulnerable in our society. I really hope the Select Committee listen hard to what Martin Lewis had to say, and make the necessary changes to tighten up regulation quickly. I’m now going to get off my political soapbox and make a cuppa... x
Posted on: Tue, 05 Nov 2013 15:22:57 +0000
Trending Topics
Recently Viewed Topics
© 2015