The Anonymous Widower

The Archbishop Preaches

According to the Sunday Times, the Archbishop of Canterbury, wants to drive payday lenders and loan sharks out of business. He has delivered a speech to the House of Lords on the subject and it’s reported here.

I don’t share his optimism, as there are some bad practices that are impossible to stamp out, save of executing everybody who does them!  But even would that discourage smokers? I doubt it!

He says we should encourage the growth of credit unions. It’s a laudable aim, but we have just so many financial illiterates for it to make any difference.

 

 

June 30, 2013 - Posted by | Finance, World | ,

3 Comments »

  1. If the payday loan companies went out of business, the loan sharks would move in!

    Comment by Liz P | June 30, 2013 | Reply

    • Absolutely!

      The only thing that will defeat them, is a combination of sensible education, advice from various sources and reporting in the media. But the trouble is that many of those trapped don’t listen to advice.

      Comment by AnonW | June 30, 2013 | Reply

  2. It amazes me how many people use them, several of my younger daughter’s friends ended up in a real mess with them. And often not borrowing for absolute essentials – I can kind of understand why a mum with several small children on a low income would borrow to have the washing machine repaired, BUT not for a pair of “must have” shoes which they realistically cant afford anyway! They are used by people in earlier stages of alcoholism and other addictions as well, to cover up the amount they are spending on alcohol, drugs, gambling etc.

    My girls know they could come to Neil and I am we would help them, they are lucky enough to have financially solvent parents. But we have taught them about money and budgeting etc so they are solvent themselves.

    Comment by Liz P | July 1, 2013 | Reply


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