How can we allow this abusive exploitation?
SIR – The Money Advice Service has just reported an increase in the number of people struggling to pay their bills.
Pay-day lenders have not been slow to exploit this widespread and growing vulnerability among struggling families.
They prey on their anxieties with extensive television advertising seeking to inflict their odious usury on families by tying them into high interest loan deals that can exceed an annual rate of 5,000 per cent.
What society are we to allow such abusive exploitation?
The Archbishop of Canterbury is clearly unhappy about it but thinks that a competitive market solution to drive these vultures out of business with an expansion of the credit union movement is appropriate.
The Bible records that Jesus did not confront the money lenders by competing with them on levels of interest, but turned their tables and drove them out.
Having discovered that the Church of England has investments tied to Wonga, the Archbishop of Canterbury drew in his horns a bit and said that Wonga was a very well-run business.
Pay-day lenders represent the most loathsome face of capitalism and are an attempt to make loan sharking respectable. It says everything about society today that none of the main parties is proposing to outlaw these practices.
PETER NIELSEN
Worcester
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