Wednesday, September 2, 2009

Cattles off to the slaughter house

Doorstep lender's staff face job losses

"Systemic failure to apply bad debt provisioning policy". Well there's a surprise. No doubt the FSA will be along to investigate sooner or later or much later. Can anyone think of any other 'property investors' who may have underestimated the size of the bubble they created?

Posted by paul @ 08:53 AM (880 views)
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4 thoughts on “Cattles off to the slaughter house

  • There’s a sizeable chunk of the population – maybe 20% – who are easily tempted by credit, yet for whom a brief spell of indulgence is followed by years of misery. These are low earning people who are just not good with money; people who really struggle to work round a monthly pay cheque, and struggle to manage bills.

    I am sure these people would be much happier if credit were denied to them, if they had no bank account, no credit cards, and were paid weekly in cash.

    The way companies like Cattles profit by dangling carrots in front of their noses is really quite despicable..

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  • mark wadsworth says:

    I can just picture the scene where these newly unemployed ring up their old employers and ask for a loan to tide them over …

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  • Forget these guys, what about store cards? Argos charge 27.9% APR if I am not mistaken?

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  • Credit cards – store cards – what’s the difference?

    All lure the cash-strapped into paying interest they can ill-afford..

    ..debit cards are fine, but do we really need credit cards??

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