Rant Alert!

I get the odd bit of junk mail like most people, usually it's banks trying to help me cut my home or my car insurance - of which I don't own either. But I got a new one this week from a loans company or should I rephrase that to "loan shark company"?

Can you believe the interest rate on offer here?!

I was ranting to a good friend of mine about this letter and asked him "who in their right mind would sign up for such a deal?". He told me his girlfriend used to quite often but he of cause has put a stop to it. This is a company who will knock on your door once a week to collect a weekly repayment (there is your major costing already). They will knock a lot more often if your not home when they call, I bet! But there are folk who will look at such a deal and think it is just what they need. To me - it is daylight robbery!

A couple of weeks back I was looking at consolidating my credit cards and one company offered me a loan for £5,000.00 at 42% interest. I told them I wouldn't touch it with a barge poll and was amazed that the lady seemed to think that I was mad not to take it. I told her that I could get twice the loan amount for way less than half the interest she was offering, which was very true.

In the letter pictured above it says and I quote:

...we've spent the last 125 years helping people when they need it so you know we really are here for you.

They have been ripping off the poor for the last 125 years they mean! The one good thing it would seem is that the most your can borrow is £500.00 but that is still just under 1k to pay back.

The whole credit debt issue really goes back to our very instant society and the belief that "your worth it". No, sometimes we are "not worth it" and other times "it's" not worth it either. Instant gratification doesn't satisfy nor does it teach us worth.