1 thought on “The poorest will suffer if we ignore the real evidence on payday loans”

  1. Posted 30/06/2013 at 10:54 | Permalink

    Why is that government allow legitimate loan sharks to exist. By licensing these extortionate money lenders they are condoning sheer greed on a massive scale. With interests rates of up to 4000% in some cases reported from online lenders, it makes some of the illegal lenders and criminals look actually legal. What is it with government that they are apparently a party to this terrible lending mentality that places ordinary people in even deeper and deeper debt. It is as though they want people to get into unavoidable and unrepayable debt. But why, cannot they see that the whole system is immoral and I greatly welcome the Archbishop of Canterbury’s intervention and where at least it shows that at least the Church cares for our people if our politicians seemingly do not. Actions speak greater than words and the government should take a leaf out of the archbishop’s book. It is undeniably one of the major financial elements that needs stamping out, as debt is the greatest burden on our economy and whenever debt persists and grows, an economy cannot in real terms deliver economic results to provide large growth in employment and new wealth. Apparently government and their wise advisers do not comprehend this first principal of economic recovery. No wonder the country is in such a precarious situation and where debt is our greatest threat by far. Seemingly government have learnt nothing from the financial collapse and the terrible repercussions that the people now endure for many decades to come.

    Dr David Hill
    Chief Executive
    World Innovation Foundation

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