I am so glad that ABC Justin has started a crusade on Wonga! The people who borrow days before payday are clearly desperate for cash and are looking for some sort of a miracle. I am less glad that the church finds that it had provided money to invest in this company in the past.
Borrowing, going into debt has always been one of my phobias. My mother spent the whole of my childhood in debt. I was often sent to the door to lie that there was no one else in but me. Sometimes it was frightening....the men wanted their money back. In the end she ended up by owing a huge amount in interest, which is what happens now if the lender doesn't get the money back in time! They used to be described as loan sharks which is why the advertisining on the TV is so misleading.
Two dear little old ladies couldn't possibly send the boys round! It is bordering on fraudulent surely?
As a grown up apart from having a mortgage I have never been in debt. If I use a credit card I pay it off before the due date to avoid the interest....it is a sort of horror with me. I never want the boys at the door ever again.
So when emails arrive from companies offering to sort out my "debt problem" I am amazed! Once I forgot to pay off a card whilst I was out of the country. The horror of this and the letters I got made me cancel the card immediately, so how do these poor people manage if they can't pay off the amount on the due day? They borrow just a little more or watch the interest rise to appalling heights.
Credit unions, run along sensible, humanitarian lines might be the answer.....but not Wonga!