Financial products and services which solve short-term debt or cashflow problems with a new layer of borrowing pose the greatest threat to our economic recovery and well-being. They are an abomination, parasites of the downturn!
Their capacity to convert a household in moderate financial difficulty to one that is comprehensively insolvent and overindebted to the point of homelessness - starvation even - should not be underestimated.
From the left wing perspective, what hope is there is an age of austerity for middle income households becoming welfare dependent? Will the capacity for social mobility still be there to revert this downward trend?
From the right wing perspective, when middle income households cease to repay debts to the start -ups and SMEs on which the recovery is counting, where will the revenue to create jobs come from?
In 2010, Consumer Focus told us that the UK Payday Loan market had grown 400% in four years. We've even seen Payday APRs soar from 1500% in 2008 to 4000% in 2011.
This level of growth is the antithesis of everything else that is happening in our economy. Whatever your politics, it is rapidly spreading cancer, which demands incisive surgery right now.