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Making the news today....


Mick Dempsey

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Here’s one: NOT making the news today…

I just heard an ad on the radio for Barclaycard / Avios card which had an average APR of 72%. I know (fortunately not from first-hand experience) that high street / authorised payday lender rates can be much, much higher - hundreds of percent.

When I was first old enough to start to understand these things, I remember that Bank of England base rate was between 8 and 12%, spiking at 15. And around the same time, I recollect reading a press story about doorstep loan sharks being prosecuted for extorting money with menace and illegal lending, but being pilloried for charging 350-500%.

Clearly in the loan shark example the ways used to recover the debt were horrific, but I wonder how / when the underlying situation changed - when it became mainstream and seemingly politically acceptable to charge extortionate rates? BoE base rate is currently about a tenth of what it was back in the late 80s / early 90s, by contrast.

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1 hour ago, djbobbins said:

NOT making the news today…

 

I've often thought while reading this thread that  ' what's not making the news ' and exactly why would make much more interesting reading... to me the news is always has been nothing more than a diversion and never more so than today, just an endless drip feed of drivel intended to keep folk squabbling with each other whilst them that would lord it over us line their pockets.

 

And yes I can well remember paying the crippling interest of 3% over the base rate of 15% back when I started out in self employment... and I get the distinct  feeling that that's where we're headed back to right now, or perhaps worse.👎

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What don’t you understand? Or should I say what are you turning a blind eye to here?
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