Harringay, Haringey - So Good they Spelt it Twice!
Protest to 'embarrass' money shops to hit Wood Green
A protest to “embarrass” money shops is expected to go ahead in Wood Green tomorrow.
The Haringey, Islington and City Credit Union is sick of seeing the high interest rates on offer at money shops and has called on its members to take action.
Members of the not for profit credit union believe it is time for the Government to act by capping the interest money shops can charge on loans.
The action is particularly targeting payday loans, which are sums handed out to working people in need of money before their next pay cheque.
The protest is expected to take place between 12.30pm and 1.30pm outside an array of Wood Green money shops, which are yet to be confirmed.
Replies to This Discussion
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Permalink Reply by michaela rourke on
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At the risk of being a bit impolite, does anyone else think the lady modelling in the window of the Money Shop at Turnpike Lane station must be the boss's wife? She's no Samantha Brick...
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Permalink Reply by Michael Anderson on
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That's fantastic news. Sorry I can't be there and best of luck.
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Permalink Reply by 2thfh47dr63xg on
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Likewise, sorry I can't make it. The way these people exploit those least able to pay back the money, or to understand about APR rates, is appallling-likewise all the betting shops, giving people the impression easy money is there for the taking. I might be being all middle class and grauniad reader about this, but I don't think so...
Peter
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Permalink Reply by Clive Carter on
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The other day I saw an ad on Telly and they did say the APR was over a figure over 2,800%. But it was in a condensed font and alongside other information - hard to see at all and the significance was not apparent.
Some punters might think that a higher interest rate is better than a lower one. Anyone with the slightest and most basic understanding of finance would appreciate that it is folly to borrow money at anything like these rates, even if the APR does include (hefty) handling charges. Anyone who borrows in this way is either ignorant, desperate or probably both. It probably causes deeper impoverishment a few weeks later.
I think if nothing else, it makes the case for greater consumer financial education. These operations shouldn't see any demand in a society of educated consumers. Should these operations be legal?
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