The Tallyman Cometh
I just got an email from Compass Online telling me about their campaign to put a cap on the rate of all forms of credit. In reality it's an attempt to protect the poorest members of society from what's become known as legal loansharking. This is where short term loans are offered with a very short repayment period ( which is why they're also known as payday loans ) which also have incredibly high interest rates which kick in should the loan not get repaid on time. A noble cause I'm sure. But who is this going to benefit? Let's look at why people use these services. In fact go back maybe a hundred years and you would find the same practices going on. In fact you would find this going on as long as our society has been going down the road of consumerism. There is a need within all of us to belong, to be part of something. In our society it expresses itself in conformity or a desire to share in goods or services, many of which aren't essential to life but promise t...