A hundred and fifty per cent interest in Britain.

These firms in the shopping centers in Britain , are lending people money, but they have to sign an agreement to have their bank account garnished. Desperate people who have maxed out their credit cards. If they were a business or a corporation they would get a loan at about four per cent. If they were a saver they would get nil per cent from the Bank. We are looking at history as Governments allow loan sharking to offset the dire economic times.

a reply to: anonentity

Anyone for socialism should be watching the UK,look how screwed up the people and country are socialized medicine,let old and sick die,only the rich can live,taxation upon taxation,I know quite a few from UK,they say it's a cesspool,and regulated up the keister

a reply to: Oldtimer2


To avoid socialism, people have to have the resources to fend for themselves, even a small garden or an allotment to grow stuff. But a whole generation have been brought up to be dependent and lack the basic skills of survival...its going to be a mess.

I fail to see what usury has to do with socialism.
Surely it is the opposite?

And keep supping that koolade Oldtimer. I wouldn't trust the US health system to do anything other than bankrupt me.

originally posted by: Oldtimer2
a reply to: anonentity

Anyone for socialism should be watching the UK,look how screwed up the people and country are socialized medicine,let old and sick die,only the rich can live,taxation upon taxation,I know quite a few from UK,they say it's a cesspool,and regulated up the keister

Example of exploitative capitalism means socialism bad...

The UK isn't socialist by the way. Getting basics right tends to help.

99% of this board does not know what socialism or capitalism is. Stop commenting about it.

originally posted by: SR1TX
99% of this board does not know what socialism or capitalism is. Stop commenting about it.

Agreed. And this is a rampant business tactic in the US. You can't turn a corner without seeing one of those places, and they advertise on TV...

And Trump just deregulated the policy in place putting a cap on these business practices...

a reply to: anonentity

150 % interest = utterly meaningless - without a timespan

these are hi-risk SHORT term loans [ most only 5 to 20 days ]

without the context of , is this 150% per day , month , year etc

it tells us nothing usefull

PS - i am NOT an advocate of these loan operations - just pointing out that interest figures MUST specify a time period

I have my doubts that people are maxing out credit cards due to buying necessities rather than luxuries.
Cigarettes are luxuries.
Plasma TV sets are luxuries.
Booze is a luxury. And so forth.
It's not hard to live in the UK, if you only work limited hours per week and are in rental you can get state subsistence to pay for the rent and towards heating costs. The state loves to have welfare dependency as it gives them greater control over the recipients. These loan sharks are precisely that, they are government sanctioned when they should be illegal however that will only push the usurers underground and not address the issue. I am personally in favour of welfare, however i do feel that this needs to be earned in some capacity, it's not slave labour, it's putting something back while you are at the same time, taking something out. perhaps some voluntary work in a retirement home, a hospice or orphanage, even municipal work picking litter from parks.
The UK is totally dominated by the PTB.

originally posted by: anonentity
These firms in the shopping centers in Britain , are lending people money, but they have to sign an agreement to have their bank account garnished. Desperate people who have maxed out their credit cards. If they were a business or a corporation they would get a loan at about four per cent. If they were a saver they would get nil per cent from the Bank. We are looking at history as Governments allow loan sharking to offset the dire economic times.

Seems to me its govt pollicy to eanble busienss to spend citzens into bankruptcy so they are easier to control and throw on the human scrap heap.

Also, these sorts of people need to be advised to go to:

goodf.forumotion.com...

where they will get free and REAL help to deal with this rubbish. Never tell these people to obtain help on debts from lawyer sites because they will always tell them to enter into payment plan and noting more. Payment plans are traps and bacnkruptcy can be avoided.

originally posted by: ignorant_ape
a reply to: anonentity

150 % interest = utterly meaningless - without a timespan

these are hi-risk SHORT term loans [ most only 5 to 20 days ]

without the context of , is this 150% per day , month , year etc

it tells us nothing usefull

PS - i am NOT an advocate of these loan operations - just pointing out that interest figures MUST specify a time period

I think the interest per annum is something like a thousand %. I've used payday loans often and they've helped me in tight financial situations.

For example: My bank account is empty, I need money. I can withdraw money from the bank but the bank will charge me £5 a day for the unauthorised overdraft. When I get paid and am back in the black, I still have bank fees lingering and I'm already on a short week because I went overdrawn the week before. Thus, the following week, I run out of money again and have to use another unauthorised overdraft. I get charged five pounds a day until I get paid. And round and round it goes until the end of the month and my statement tells me that I owe the bank 80 pounds.

Alternatively, I get a payday loan with a fixed agreement to pay back in a few weeks when I've had time to reorganise my budget and cram in some overtime at work.

I borrow £200, three weeks later I pay them 230 back. I know what I'm getting into and I make plans to settle the debt.

It works for me and if I thought there was ever a chance I wouldn't be able to pay it back then I would just be a moron who deserves everything I get.

originally posted by: Oldtimer2
a reply to: anonentity

Anyone for socialism should be watching the UK,look how screwed up the people and country are socialized medicine,let old and sick die,only the rich can live,taxation upon taxation,I know quite a few from UK,they say it's a cesspool,and regulated up the keister

Can someone please translate this? I'm British and it appears to be some kind of bizarre, fact-free, rant.

originally posted by: Oldtimer2
a reply to: anonentity

Anyone for socialism should be watching the UK,look how screwed up the people and country are socialized medicine,let old and sick die,only the rich can live,taxation upon taxation,I know quite a few from UK,they say it's a cesspool,and regulated up the keister

When I remove the word "socialism" and derivates, your posting reads like it describes the USA. Well done!

We have these 'pay day' lenders here is Oz as well. Disregard their cute TV commercials, what they are is legalised loan sharks and the banks are not much better when it comes to credit cards with interest rates as much as 10x the official interest rates they pay on savings accounts for balances not paid off by the end of the month. The best rule is to arrange your finances in line with your income so borrowing is not required.

And don't ever fall for the 'interest free' deals on department store purchases either as the extra charges are still there, they just don't call it interest.

a reply to: AngryCymraeg

Sorry, but it reads the same in American English. It's basically a compilation of American right wing talking points mixed with nonsensical "real American" gibberish stereotypes.

Take the "Only the rich can live" phrase. If it were true, then that would mean that everyone still in the UK is rich. But if that were the case, then there would be no need for these payday lenders from the OP, right? And the "let old and sick die" phrase would be more accurately describing the US than the UK.

The "taxation upon taxation" phrase might be my favorite though, since it completely ignores the reality in the US. Here, we have city taxes, county taxes, State taxes, and federal taxes. If I make $1 million this year, I'm taxed on it. Then if I give $100,000 of that money to a family member, both of us are taxed on that amount, too. And if that family member spends some of that money on a purchase in my State, they'll then have to pay additional sales taxes on the purchase. That's "taxation upon taxation" yet we're supposed to assume that only the UK has levels of taxation?

a reply to: Wide-Eyes


Then organise an authorised overdraft facility with your bank, they should be happy to do that and you won't be encouraging the usurers. Sure, the banks are not the real answer but the lesser of two evils in this case.

a reply to: anonentity

These criminals have already been targeted in Canada. They were hit with class action lawsuits for loan sharking.
For every $100 they give you, they can only charge $15.

I knew people who were stuck in the payday loan loop.
Bouncing from loan to loan, to pay off other loans...
I can only imagine how hard it is to break free once your in that deep in these places

originally posted by: Fermy
a reply to: Wide-Eyes


Then organise an authorised overdraft facility with your bank, they should be happy to do that and you won't be encouraging the usurers. Sure, the banks are not the real answer but the lesser of two evils in this case.

Are you sure about that? I don't want to owe my bank a penny.

a reply to: anonentity

Was there ever a time when this stuff wasn't allowed? I don't remember this being in the US 40 years ago. Some places had pawn shops. This stuff seemed to just appear all at once some years ago so I thought maybe they just changed some law and now it is permitted.

originally posted by: Oldtimer2
a reply to: anonentity

Anyone for socialism should be watching the UK,look how screwed up the people and country are socialized medicine,let old and sick die,only the rich can live,taxation upon taxation,I know quite a few from UK,they say it's a cesspool,and regulated up the keister

I'm sorry, but this is so staggeringly ignorant a statement. Even by recent ATS standards.

The UK has had a far-right Conservative government for the last decade. We are not a 'socialist' country.

Yet again people on ATS have absolutely no idea what the word 'socialism' means.

The old and sick are not left to die. Utter nonsense. The poor can live here perfectly well. Taxation is low by EU standards. And happiness ratings put the UK quite high up the rankings.