Personal Debt

[threegee]

This is amusing:

 

Top five personal loan hotspots by postcode

• BA1 9: Outskirts of Bath
• EC1V 2: Shoreditch area of London
• NE66 4: Alnwick area of Northumberland
• PE7 0: Outskirts of Peterborough
• TD12 4: Coldstream in the Scottish Borders

Not Bedlington then!

 

Full article: http://www.bbc.com/news/business-27054416

[Malcolm Robinson]

See the Yank are pulling out of these payday loans...............wonder why?

[keith lockey]

How did they get this 'personal' data?

[threegee]

It's the debt that is personal not the data!  "Anonymised" data they calls it.

 

My theory on the Alnwick and Coldstream lot is that it's a result of all the fuel they charge to their credit cards in the desperate effort to get their 4x4s to the Metro Centre.  A massive opportunity for Bedlington to promote its charging point I think; those country gents will be swapping their gas guzzlers out for electrics in scores!  Anyone up for a green-wellie cleaning biz? 

[mercuryg]

See the Yank are pulling out of these payday loans...............wonder why?

 

It will happen here soon, too; I used to a lot of work writing promo articles or payday loans companies - it's dried up, the bubble has burst.

[Malcolm Robinson]

Merc,

 

I meant here, seems most of these companies are American owned. 

[mercuryg]

Merc,

 

I meant here, seems most of these companies are American owned. 

 

aah I get you, see, I was right!!

 

The concept of payday loans has become much less attractive in the last year as they are now bound by some serious restrictions. Advertising is to be regulated to a great degree - as with the PPI claims handling companies - which makes it harder to attract customers.

 

The list of things that can no longer be stated in advert texts and promotional material for both of these areas is colossal.....

Edited April 25, 2014 by mercuryg

[Malcolm Robinson]

I think the interest rates charged should be in some way aligned to base rates.  

 

The ones I see are still 1000's of %s!  

[mercuryg]

I think the interest rates charged should be in some way aligned to base rates.  

 

The ones I see are still 1000's of %s!  

 

I agree; the thing is, if used as originally intended, they can be an easy way of getting a small, short term loan for a matter of days;  it's when people get into trouble paying it back that things get nasty.

[threegee]

It should be called "non-intentional debt":  -  lender has no intention of charging reasonable interest, and borrower has no intention of keeping to the repayment schedule - or even repaying!