Young, British and Broke - the Truth about Payday Loans | BBC.ZigCOM.mp4

The truth about the new scourge of the society - the PayDay loans companies, and their willing customers, mostly young, not overly bright, rubbish with numbers, wilfully ignorant of the fact that there's no such thing as a party that goes on forever. What we borrow we must pay back someday - at interest rates that, in case of the PayDay loans companies, can go as high as 27,000% APR!?

What is truly shocking is that money borrowed is all too often to fund the Friday nights out, drinking, drugs in some cases, and purchases of totally non-essential consumer trivialities.

Yet what is even more shocking is the ease with which these people are given these loans, without anyone ever checking their credit worthiness.

Perpetual debt is modern-day slavery - and this is what these people are letting themselves into. Ultimately the PayDay loans companies may not be the only ones to blame - if only their hapless customers did their sums before they took these poisonous loans.

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