Thursday, 7 March 2013
Payday Loan Arranger
I'm all for looking after the weak and helpless. I'm not so sure I want to provide the same supporting shoulder for the stupid and feckless; to those who have brought misfortune on themselves. Payday loan companies are in the news again and The Guardian is reporting "widespread irresponsible" lending behaviour. Of course there is, largely caused by elements of widespread stupidity.
And hot on the heels of the actual news story we get the inevitable tacked-on sound-bites from the wounded survivors of the loan companies’ rapacious attacks on their inability to grasp that nobody lends money commercially for any other reason than profit. And if I'm brutally frank they all sound a bit whiny, a bit ‘victim’ and – let’s not be coy – a bit dim.
Who are these hapless borrowers and why do they need protecting? Oh yes, it’s the same old suspects beloved of every political party wanting to put on a caring face. Well, ever heard the expression ‘you have to be cruel to be kind’? The alternative to legal extortionate lending is illegal extortionate lending and unlike the loan sharks, at least Wonga might not break your legs.
Why would anybody take a payday loan? They are short-term bridging loans and they do have a place for those times when, say, an emergency finds you with too much month left at the end of your money. On such blue-moon-rare occasions they are a godsend for some. But they are a desperately unwise source of funding for a sure thing at the three-thirty at Kempton or to satisfy a craving for a tattoo... or to pay off another loan. There is a heavenly host of voices throughout the land advising the avoidance of any such undertaking and the fact that others have judged you un-credit-worthy should be a big clue.
Obviously, in the view of Stella Creasy, it is down to the government to wade in and help out ‘the most vulnerable in society’ as if it hasn’t been the activities of interfering governments – principally her party – that resulted in so many being so stupid, naive or reckless as to be tempted by such usury. There has been a progressive deterioration in education, self-control, self-respect and concern for others, coupled with a rise in welfare dependency and entitlement mentality, etc, the inevitable outcome of which is aberrations like Heather Frost. Yes, it is all her fault; why not?
Pointing the blame finger is easy, but when will we wake up and accept that some humans are just lesser examples of the species than others? Yes, we can all fall on hard times but given that most payday borrowers probably watch more television in an afternoon than some of us manage in a month they ought to be wise to what happens to those who don’t repay. Even with all the warnings of concrete boots or an opportunity in construction - propping up a flyover for eternity – not to mention a wealth of personal experience, some people are just too stupid to listen and too impatient to wait.
Welcome to the inevitable cost of Socialism’s profligate ‘caring’ policies – Wonganomics – the more you avoid hard decisions in favour of misguided aid the more you entrench the levels of dependency. Maybe it’s time to let people learn from their mistakes, rather than teach them the state will always be there. The time is fast approaching when it just won’t be.
Money talks. For most of us, all it has ever said is “Goodbye!”