Our senses are constantly being attacked by companies that provide payday loans. Count but how many ads you see on TV and pasted on billboards and buses.
You would think that they have nothing to do with you – that you would never think about taking one.
But what about your children and grandchildren? These companies are predatory.
Good concealment: but cruel loans are not only limited to Wonga and are many rivals, which are still there
They are so talented that it seems as if it is normal to take out a payday loan that charges a maximum of 1,617 percent interest.
& # 39; Cash in 15 minutes & # 39 ;, they sing for an infectious tune that you can not hum. & # 39; No cost, no hassle & # 39 ;, they promise.
They never seem to mention that taking out a loan on the payday can damage your credit score and allow you to have a mortgage.
But cruel loans are not just limited to Wonga and are many rivals that are still there.
Nasty lending is also common to so-called respectable banks.
Profit receipts that are charged by many large banks of the High Street and building societies when customers accidentally slip into the red, can be up to seven times more expensive than a payday loan, according to research by consumer group Which?
The match watchdog estimates that these fees earn £ 1.2 billion every year.
So bad is the scam that the City Watchdog is forced to intervene and consider how much they can charge.
Although the base rate remains low, the average credit card rate has risen to an almost-record high of 18.26 percent in the past nine years. And that is only the average.
If your credit is a little less than perfect, you pay even more.
Lenders who called credit-building cards to people with bad credit scores count everything from 30 percent to no less than 70 percent.
It is just like the Wild West there. So if your children or grandchildren are preparing to go to college, it is very important that you take the time to give them a good, long lecture on responsible lending before they leave. After all, you are the one who saves them when something goes wrong.
£ 1.2bn windfall
It is amazing to think that a huge £ 1.2 billion will be lost on forgotten savings accounts for children.
As we explain today, this money can be a lifeline for many children who save for a university or prepare to leave the parental home.
The child's trust funds say they are working closely with Royal Mail to track down families who may have lost their account after moving.
But there is certainly more that the government could do to give this money back.
For example, the tax authorities and customs of Her Majesty must have the contact details of parents requesting child benefit. They can contain a memory with all the letters they send.
Or better yet, since the oldest children who qualify for the scheme are now sixteen and can take their money, why does HMRC not take a letter with the number of their national insurance, stating that they have cash in an account? stand? ?
The government must also consider what it will do with this money if it can not be reunited with the young people it was intended for. It is a huge sum to do nothing.
Fraud of fraud
If you go to your bank branch and ask to take a large sum of money, you should not be surprised if the staff asks a few probing questions.
They can ask what you need the money for or someone – perhaps as a policeman – has asked you to withdraw it.
They are not just curious. It is part of a big drive to protect us all from fraudsters.
You might think that what you do with your money is nothing of their business – and you might be right – but they are really trying to help.
Fraudsters have become so advanced that even the smartest among us are at risk.
Anything that causes customers to stop and think for a while before they withdraw their life savings can only be good.