Is it time to bring back debtors prisons?

Throw the economically fucked people, that we fuck over, in jail for not being able to pay back the loan we thought they'd just about be able too if they completely fisted themselves for a few months.

Just ban these companies man
 


Your friendly online loan provider thinks so...Link

"Think of how satisfying it would be as your neighbour who is always living beyond his or her means, the one who has been living the high life driving round in flash cars – we all know them – is carted off to prison for a couple of months because he doesn't make the repayments."

Some of their other blogs are interesting as well.

I reckon there would be 95% of the population in prison

and the other 5% hard pushed to keep them there.

To be serious, the present and past two generations at least, have little or no sense of responsibility or common sense where financial affairs are concerned.
Want it, want it now.
It seems to get worse with every upcoming generation.
 
This.
Our society these days is a "I want it NOW" one.
It seems that only the baby boomers and older generations who will save up for things these days. Going into debt years ago for a luxury item was unheard of.
With the reliance on credit cards since the 80's - it seems the norm to put everything on a credit card, store card, or worst of all - using these "pay-day loans".

Nowt wrong with saving up.
And of course the old adage - "don't spend what you haven't got" should be drummed into kids leaving school and starting work these days IMHO.

Easy saving up for a house as a baby boomers when they cost fuck all in comparison

The only ones who can afford to because they didn't have to spend 80% of their wages on rent and bills

Beaten to it
 
So if you cut through the headlines, the bloke is basically saying if you make a false declaration on your loan application, and you have no intention of paying it back, you should be banged up! Tend to agree with the guy, as it is basically obtaining money under false pretences, which is basically stealing.
 
Easy saving up for a house as a baby boomers when they cost fuck all in comparison



Beaten to it

Back then it was easier to save for a deposit but arguably more difficult to actually get the mortgage & service the debt. But what you also have to remember back then women generally didnt work so the deposit was saved by a sole earner compared to now its generally 2. And loads of things are now cheaper so its a bit swings & roundabouts.

And actually in the north east housing is still cheap & easy to save for even on a low income.
 
Why don't we just ban these shysters who charge an exorbitant amount of interest instead?
People would just borrow more from the lower rate providers.
They charge more as the risk is higher ( profits too I must add) just like we wouldn’t lend a tenner to someone who you stood a massive chance of not seeing it again but if someone offered you a £5 on top you might take a chance.
It’s all about people expecting more than they are entitled too. Imo you are only entitled to what you are able to pay for and the temptation of getting that earlier or even at all is what’s causing the problem. Seeing x, y,z celeb poncing about in something they might not have even paid for leads the gullible down that path and the “ keeping up with the Jones’s” at every corner adds more weight of expectancy.
People need to be either more content with their lot or work harder.
 
Back then it was easier to save for a deposit but arguably more difficult to actually get the mortgage & service the debt. But what you also have to remember back then women generally didnt work so the deposit was saved by a sole earner compared to now its generally 2. And loads of things are now cheaper so its a bit swings & roundabouts.

And actually in the north east housing is still cheap & easy to save for even on a low income.
The 2nd wage coming into a household made house prices rise. Things became more affordable and people just charged more for existing items ( houses )
 
APR rates range from 45.3% APR to 1575% Max APR

:lol:

I’m not a fan of pay day loan companies but APR is a flawed measure. If you want to lend someone a hundred quid for a fortnight and charge them something like 10%, it wouldn’t come close to covering the admin costs. Agree with others that education in schools should be a priority so people understand what their options are and what they mean.
 
I love how in the below the line comments, some absolute fartnozzle says you're a snowflake if you think it's a bit off for a loan tout who charges 1575% interest to advocate a return to debtors prisons
 
I’m not a fan of pay day loan companies but APR is a flawed measure. If you want to lend someone a hundred quid for a fortnight and charge them something like 10%, it wouldn’t come close to covering the admin costs. Agree with others that education in schools should be a priority so people understand what their options are and what they mean.
I agree.
 
Looking forward most to rickets and everyone being too smashed on home made gin to do any work
 
Or maybe in the 70's the average wage in the UK was £32 p/w. The average house was worth just under £5k, and a new mini was £600 (155 weeks wage and9.3 weeks) Nowadays the average wage is £475 a week, with the average house now being £140k and a mini is £10500 (294 weeks and 22 weeks).
You also didn't have poll tax etc. to worry about
We don't have poll tax to worry about today either. They paid rates in the 70s just like today.
Interest rates in the 70s were around 16% so mortgages were as hard to afford as today. Why are prices so high today? Greed and a capitalist system that breeds on high prices and the need of consumers to have everything immediately.
 
We don't have poll tax to worry about today either. They paid rates in the 70s just like today.
Interest rates in the 70s were around 16% so mortgages were as hard to afford as today. Why are prices so high today? Greed and a capitalist system that breeds on high prices and the need of consumers to have everything immediately.

Well said sir.
 
Inflation is built into the financial system. If the Federal Bank in the USA releases 100 billion to the High Street banks they add an interest rate for example 10%. The High Street banks then add their 10% to investors and borrowers. So the economy is dependent on a level of growth to simply maintain the balance. The global economy is basically screwed. In that environment it is estimated the average household debt on credit cards etc is £15,000. It seems as if we will be forever chasing our tail.
 
There are two types of debtors; those who can't pay and those who won't pay. The ones who have the ability to repay and play the system to dodge their responsibilities should be put in stocks and pelted with shite (and then their assets taken off them). It could be done in the fan zone before the match.
 
In the 1970s inflation reached 16% or even higher at times as someone said. Hire Purchase was the main form of credit at 11% so it was cheaper to purchase a washing machine on HP and pay it off over a year than saving up the money for a year. Maybe that started a trend and then along came credit cards. At first with HP if you couldn't keep up the payments than the item was repossessed which obviously was no good for the seller so they changed the method to providing a financial loan that was repaid and for which the buyer would always be liable. I suppose it made debt a cultural habit.

Credit cards fed a system that was already in place. It was good for the banks who at source could offer more choice and less restrictions on hoe you spent your money. At first credit cards were not that easy to get but the use of credit cards has expanded into third party provision for just about everybody. The whole system is crazy.

How would it affect growth is the free availability of debt was removed and that affected people's purchasing power.
 
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