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Thursday, 30 August 2012
STOP LOAN SHARKS
“Above all, the rates charged by high-cost credit companies often do not reflect any economic rate, meaning one that reflects competition in the market or the cost of lending. That is why rates vary so substantially, from 4,500% with Wonga to a mere 2,500% with Uncle Buck, 1,700% with Kwik Cash or 1,200% with PaydayUK. There is simply a lack of competition in the market to drive the price down in the way Ministers expect.”Stella Creasy MP – House of Commons - UK: on Loan Sharks, May 2012
To free oppressed families caught in debt traps, support a global 5% Cap, now, today. The financial sector is the most overmanned and inneficient industry of all; using 1/20th of the entire workforce to do what 5 IBM mainframes could do. Thus, the price of money is far too high - from 16% -30% credit cards upwards to 4,000% on pay-day loans. The money-economy is as expensive as all national health (private and state) services.
The loan-sharks BUY money at 0.5% and SELL it at up to 9,000 times the cost. The borrowers earn less than a living wage and so are locked into inescapable debt. This is indentured slavery. It is immoral. It is evil. It is against all world religions. It mocks natural justice.
Reducing interest to fair levels will reduce all prices of all goods by 25% and boost the global economy.
Sign our Avaaz global petition for a 5% per year Cap on interest & charges.