Monday, 22 March 2010

Moneyfesto: Media Moguls

Andrew Ellson, Personal Finance Editor of The Times, followed me last week. I wish Simon Read at The Independent would do likewise - I'd give him a piece of my mind - giving with one hand and taking away with the other...

Take a look at his article condemning doorstep lending, but defending the extortionate interest rates charged on payday loans. http://www.independent.co.uk/money/loans-credit/simon-read-dont-forget-the-real-villains-of-ripoff-lending-1905096.html 

What can a national journalist possibly know about being so desperate as to give up a week's groceries for some extra cash over a week or two? 

More than you might think if they're a personal finance writer actually, for whilst direct experience of poverty may be minimal, knowledge of the financial products and services designed to protect consumers from such exploitation is not. To prove the point, here are a few links with which to update the currency columnists yourself:

The New Economics Foundation publication, Doorstep Robbery: 

the Let's STOP 2356% APR loans campaign:

National Press coverage of Credit Union Current Account launch in 2007:

The Zero-credit Moneyfesto opposes the trivialisation of debt and poverty in the media. The acceptance of financial products and services that are detrimental to the economic well being of the most vulnerable in our society cannot be tolerated. To those lucky enough to be paid for writing about finance when almost 20% of the population lives on low income, it is not okay to pay £14.75 to borrow fifty quid. 
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