Buy now, regret later? | Page 2 | Vital Football

Buy now, regret later?

It seems both unfair and foolish to pick on one particular retailer which serves a certain class and ignore the problem of extortionate interest-rates in the whole UK credit market.

These stories give the impression that it is only a problem for chavs, which prompts the readers to pat themselves on the back for their own financial nous and sneer at the dumb schmucks in the story for not being as clever as they are.

The state of affairs is no better for people who have a good enough credit history to get themselves a credit card or store card, and are paying 30%+ interest rates.

Both France and Germany have had "usury" laws for a long time which set a limit on interest rates for different types of credit. Poland have recently introduced similar caps.

These regulations allow higher limits for the riskiest sector of the market but even in the high risk small loans sector there is a limit of around 20%.

The only solution to this sort of outrageous usury is regulation.


 
Should be a limit on what apr anyone can charge.

These sort of shops, along with the wonga type places are just vultures and shysters praying on people already in financial trouble and who don't have the education or knowledge of finances.

The government should put limits, along with the obscene rates credit card companies can charge, snaring people with 0% and then whacking up to anything up to 32.5%

It is greed and should be stopped. 19% surely would be high enough for any of these Rob dog fat cat institutions.
 
OnMeHeadFred - 6/10/2013 10:15

It seems both unfair and foolish to pick on one particular retailer which serves a certain class and ignore the problem of extortionate interest-rates in the whole UK credit market.

These stories give the impression that it is only a problem for chavs, which prompts the readers to pat themselves on the back for their own financial nous and sneer at the dumb schmucks in the story for not being as clever as they are.

The state of affairs is no better for people who have a good enough credit history to get themselves a credit card or store card, and are paying 30%+ interest rates.

Both France and Germany have had "usury" laws for a long time which set a limit on interest rates for different types of credit. Poland have recently introduced similar caps.

These regulations allow higher limits for the riskiest sector of the market but even in the high risk small loans sector there is a limit of around 20%.

The only solution to this sort of outrageous usury is regulation.
Click to expand...

Yes there is other institutions who do similar I know. I posted it as a subject of discussion.

I would be the last person to sneer at people who use these. I have had desperate times in the long past. A failed business in the 90's in the recession on 92 time, with hungry mouths to feed so I know the desperation of the big boys wanting paying and the big boys wouldn't pay us, so we lost everything, materially.

I finally got us financial help through the CAB and a voluntary arrangement.

We never turned to these. I was just selling expensive items we had and relying on Mom to get us through to the fortunes turned.

My 2nd son got into problems with pay day loans last year when his bi-polar was in major flare up which we helped him sort out. Yes he is paying us back. Though he was very ill you still have to take responsibility for your actions. At least Wonga blocked him from using them again. They asked us if we wanted him blocked. More than the other company did.

Hopefully he has learned his lesson and that won't happen again even in bi-polar flare up
 
Other than pricing levels, what's the difference between this and the old mail order catalogues like Kays?
 
"he has bought a television, two sofas and a hi-fi from the store, and today he has come in to buy two tablet computers"

He doesn't need that stuff, he can't afford it but he buys it anyway?... But i expect his financial situation is not his fault though, is it....?
 
kefkat - 6/10/2013 12:58

OnMeHeadFred - 6/10/2013 10:15

It seems both unfair and foolish to pick on one particular retailer which serves a certain class and ignore the problem of extortionate interest-rates in the whole UK credit market.

These stories give the impression that it is only a problem for chavs, which prompts the readers to pat themselves on the back for their own financial nous and sneer at the dumb schmucks in the story for not being as clever as they are.

The state of affairs is no better for people who have a good enough credit history to get themselves a credit card or store card, and are paying 30%+ interest rates.

Both France and Germany have had "usury" laws for a long time which set a limit on interest rates for different types of credit. Poland have recently introduced similar caps.

These regulations allow higher limits for the riskiest sector of the market but even in the high risk small loans sector there is a limit of around 20%.

The only solution to this sort of outrageous usury is regulation.
Click to expand...



My 2nd son got into problems with pay day loans last year when his bi-polar was in major flare up which we helped him sort out. Yes he is paying us back. Though he was very ill you still have to take responsibility for your actions. At least Wonga blocked him from using them again. They asked us if we wanted him blocked. More than the other company did.

Hopefully he has learned his lesson and that won't happen again even in bi-polar flare up
Click to expand...

I think you have highlighted the inherent problem.

Even for those of us who have not been diagnosed bi-polar, we are still vulnerable to bouts of manic extravagance.

And I am told that shopping addiction, or reckless risk-taking (gambling) is linked to all sorts mental health issues.

It is bad enough ending up with a credit card bill for crap you have no use for, so I can just imagine how bad it is to have signed your life away with these types of crazy credit deals.

Over-consumption is a problem for too many people to be ignored I would personally like the return of the Beware of the Squander Bug campaign from WW2.

Sadly, in this mad age of contradictory messages, shopping is now presented as a patriotic duty.



 
OnMeHeadFred - 7/10/2013 10:37



Sadly, in this mad age of contradictory messages, shopping is now presented as a patriotic duty.
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In which case it would be nice if they at least bought British :33:

 
Villan Of The North - 7/10/2013 09:52

OnMeHeadFred - 7/10/2013 10:37



Sadly, in this mad age of contradictory messages, shopping is now presented as a patriotic duty.
Click to expand...

In which case it would be nice if they at least bought British :33:
Click to expand...

The fact that no member of government could be actually caught saying such a thing, illustrates how dominant free-market ideology is these days.

Remember the days when the UK's economic performance was measured by the balance of payments?

These days they only tell us how well Tesco and M&S are doing.

This is more than a little weird.
 
I'd forgotten about balance of payments. Some things really were better in the "god old days"!
 
Good grief, yes, balance of payments... that is a blast from the past indeed!

And yes, very difficult to buy British. Went to look at Rovers years back, took my dad, it was a comedy or errors just in the showroom, I ended up buying a BMW.
 
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