Make the party longer. Let’s all do the Wonga.

Posted: November 20, 2013 in This is the Voice of Lefty Reason

Wonga, Payday Loans, Quick Cash.  Hock yourself to your eyeballs with the staggering 1473% interest rate.  TV adverts, full of smiling, mid-30s well- dressed types, obviously having a ball at the call centre, clamped into their pens in the pastel shaded open office as they fawn down the headset.  Hi-Tech loan sharking for beginners, no fins or white teeth though, just a can-do atmosphere of help and servitude.  “Can I help you”? ( get into stomach churning, white knuckled, sleepless night debt?).  Can I help you access the land of compounded, daily calculated interest?  Take a hundred, it’ll be one forty before the week’s out.  Shylocks and usurers there on the screen in full HD, 3D glory.  I wonder what life circumstance forces people into their debt-net?  Illness?  Bereavement?  Redundancy?  Or the modern pursuit of things, gadgets, toys, technology?  Materialism gone mad, the modern aspirational quest for fulfilment.  What is these companies Target Market?  The haves?  The well-to-do?  The Middle Classes who wouldn’t recognise the Wonga moniker unless they had bought the box set of Only Fools and Horses as a slightly ironic Christmas gift?  More likely it is the dispossessed, the downtrodden, the worried, the smoking cash generation; no bank account, no credit card, feckless and work shy.  Stuck in a Welfare Net of such enslavement that work does not pay.  Raise the National Minimum Wage, lower the Job Seekers Allowance, lets reincentivise employment cries the Government of the day as they seek to be tough on scroungers and the lazy masses.  Employers complain of rising costs eating into their profits because of the minimum wage, it dampens our entrepreneurial spirit and blocks the trickle-down effect they splutter as they wolf down the locally sourced burger in the latest ivy clad gastro-barn-pub.  We have never been so well off in the UK in terms of output, income and wealth.  We are a developed, post- industrial economy that is the world’s seventh largest.  We are the luckiest Britons of all time.  I wonder why there is a market for loans made at 1743%?


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