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Wonga's profits exceed all expectations
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Posted September 17, 2012 at 3:48PM
Well, would you credit it! Well no I wouldn't, as tighter financial constraints lead some hard-pressed consumers to take out loans with this and other cash loan companies. Hoping desperately to pay back this short-term loan in time to avoid, as in this case, an eye-boggling typical annual percentage rate (APR) of 4,214 per cent! money lenders
I remember my daughter years ago getting into problems with credit cards. She was using each card alternatively to pay off the other but her debt figures always increased month on month. We were obliged to settle up her debts with the stern proviso that she tore up her cards and would pay us back as she could afford. Taught her a severe lesson in the pitfalls of getting into unaffordable debt.
What is happening to some now far exceeds the situation my daughter was in all those years ago. I do hope the vast majority manage to pay back their loans on time, possibly with the help of family. I hope too that their circumstances change where they become financially self-supporting again. TC.
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Posted September 19, 2012 at 7:32AM
"In my younger days overdrafts just weren't available to most people, and it was a bit of a stigma to go into the 'red',"
Still is with me.
The only time it happens is because of bad forecasting on my part, like a magazine DD becoming due the day before my pension goes in.
Luckily my bank allows me free overdraft facilities to cover these small glitches, they only happen once or twice a year.
(Yes, I know my "free" overdraft is paid for by low interest rates on my current account, but at least I don't pay an exorbitant £20 a day or similar!)
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