What took the OFT so long with the pay-day loans? Didn't they see the TV ads for 2,435% APR loans? http://ow.ly/isygM
@drpizza Question is whether the pay-day companies are helping those in poverty, or exacerbating the situation. I lean to the latter.
-
-
@bazzacollins@drpizza Therefore it's in their best interest to lend to those that'll default/defer.Thanks. Twitter will use this to make your timeline better. UndoUndo
-
-
-
@bazzacollins@drpizza Certainly the latter. They're legalised sharks. Nothing else. 50% of their profit comes from those defaulting. -
@PhilLuckee@bazzacollins I don't see the relevance of that statistic. -
@DrPizza@bazzacollins Sorry, what? You don't see the relevance of HALF of their money coming from customers who default? -
@PhilLuckee@bazzacollins nope. Imagine if their interest rate was 0%, but they charged £10 for late payment. -
@DrPizza@bazzacollins They lend to people they know are highly likely o default or roll the loan over. Exploitation at its finest. -
@PhilLuckee@bazzacollins do they? Or is it simply that the kind of people who need payday loans are at high risk of defaulting? -
@DrPizza@bazzacollins I do see your point; probably a bit of both, but they can not be held up as examples of helping the needy.
End of conversation
New conversation -
-
-
@bazzacollins if people actually need the loans but can't get them, that is making things worse, not better.Thanks. Twitter will use this to make your timeline better. UndoUndo
-
-
-
@bazzacollins that is the key question, but it doesn't appear to be the question that is actually being investigated.Thanks. Twitter will use this to make your timeline better. UndoUndo
-
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.