Thursday, 18 November 2010

APRs @ millions, okay?

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The Daily Mail, like so many others in the media and banking seem to think that extortionate APRs on payday loans may be justified in the context of unauthorised overdraft charges.

Have they looked at the UK debt statistics lately? They must have done because only a few days before, on 11th November, they reported Mervyn King, Governor of The Bank Of England as saying that half of all UK families were struggling to repay their debts.

Responsible lending? Ha!

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