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Thursday, 27 November, 2008 Many of us receive offers daily from banks and building societies - loans, mortgages, credit cards. However, I was horrified last week when I received a letter from Provident Personal Credit, who offer fast cash loans at a typical rate of 183.2%APR! At first I thought I was mistaken, however, a brief glance at their website confirmed that this interest rate was correct. They also offer credit cards 'pre-loaded' with cash at the same rate. Their literature claimed that these loans were a good option for those struggling to meet the cost of Christmas, and were available to all, regardless of poor credit history, CCJs etc. For many people, the current economic climate is very worrying. The cost of Christmas may be of real concern. However, companies like this only make the problem worse. In my view they simply should not be allowed to continue giving credit to those who are already facing financial hardship, and certainly shouldn't be doing so at such an extortionate rate of interest. Perhaps this Christmas ought to be a simpler one - which doesn't revolve around expensive presents, lavish parties and big nights out. For Christians it is a time to remember God's incredible gift to His people, of His son Jesus. For those without a Christian faith, perhaps it's time to shift the focus to enjoying time spent relaxing with family and friends. Certainly, entering into expensive credit agreements, and then facing the ongoing worry of weekly repayments throughout the next year is not what Christmas should be all about. Source: http://www.eastbourneherald.co.uk |
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