Attention
class – today’s topic is payday loans. We all acknowledge something must be
done, but what?
Problem with
payday loans is they are very expensive. Solution?
“Ah, ummm,
could it be...no too simple. Er, no, you've got me there.” *class shrugs*
Oh come on
class it's not that difficult! Welby, what do you think?
“Er, might
competition work if we sort of bolstered it? Just a thought.”
Anyone else?
Wheatley?
“I've powers
to limit the cost but I'm not at all sure using them to, er, limit the cost
would, er, limit the cost?”
You at the
back, Gibbons, thoughts?
“Please sir,
could we cap the interest rate, making the cost lower and driving usurers out
of business?”
Class rolls
on the floor with laughter.
“Cap
interest rates! Gibbons u fule, that would and end the problem! Then where
would we all be??”
Dry,
thorough, balanced, and inconclusive - 2010 OFT paper on evidence for and
against credit cap worth reading http://goo.gl/xpa2ix
