Penniless Britain needs Wonga
It’s official, we are all completely effing skint. According to a Which! survey (and is there really any other kind?), nearly two out of three people rely on credit cards to pay for essentials.
And, more disturbingly, one in four of us are relying on payday loans with an APR of 43792648403820% to pay off credit card debt. We are locked in a spiral of despair, essentially, while the high street sharks clean up.
Which! is calling on the government to make sure it cleans up Britain’s payday loans market, which is a murky business conducted behind bullet proof counters by spotty turds called Darren.
Its plan includes setting a limit on charges for late payments. It also suggests there should be clear warnings, possibly written in neon lights, which tell you that you will have to sell a kidney if you miss a payment.
Which! also wants the cost of interest on credit shown clearly as pounds per £100 borrowed over 30 days.
Richard Lloyd, spokesman for Which! said: "For an increasing number of people, using credit to pay for essentials has become the norm. This has led to people being forced into a vicious cycle, taking out further, expensive credit to pay off existing debts. Irresponsible lending goes on across the whole of the credit market and lenders must clean up their act.’
Maybe we should just all go on the game instead? At least you get cash in hand, no questions asked.