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Probably unknown to anyone the other side of the Atlantic but the British company Wonga that specialised in pay day loans, lending money at absolutely outrageous rates of interest (one woman borrowed £300 and had to repay £2,000), has been forced to admit that it lent money to people without checkings if they would ever be able to pay it back, and now has had to write off £220,000,000 ($355,000,000) worth of debt. My heart bleeds for Wonga!
"You can be young without money but you can't be old without money"
Maggie the Cat from "Cat on a Hot Tin Roof." by Tennessee Williams
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We have those types of businesses here too, and they're the same type of loan sharks with extraordinarily high interest rates that people can nearly never pay off, sinking them even farther and farther in dept. It's hard to believe they're legal, or allowed.
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In capitalism everything is allowed, until it screws the wealthy. Then its worthy of attention.
Why do you think the government bailed out the banks? Because it would hurt some of the wealthiest people in America if the banks failed. Why do think the government doesn't do more to help regulate the economy, to make it fair on everyone? Because it would hurt their mega rich campaign donors.
That's the problem with capitalism. It only works for the wealthy while screwing the lower half of society!
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While I am glad to see Wonga get it in the shins, this is a two way street. The people that use these loan companies need to educate themselves and to face up to financial reality. If you can't pay your bills, you need to deal first with your creditors not with loan sharks.
I bid NO Trump!
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Everything is allowed in capitalism. Except if it affects the wealthy. Basically the only reason why the government ever really interferes in the economy is if it hurts the real people they serve. The wealthy that donate to their campaigns.
The lower half of society just gets screwed.
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Borg69 Wrote:We have those types of businesses here too, and they're the same type of loan sharks with extraordinarily high interest rates that people can nearly never pay off, sinking them even farther and farther in dept. It's hard to believe they're legal, or allowed.
What has happened to Wonga will probably mean a shake up in the whole pay day loan business.
"You can be young without money but you can't be old without money"
Maggie the Cat from "Cat on a Hot Tin Roof." by Tennessee Williams
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Wonga pay day loans
