Harringay, Haringey - So Good they Spelt it Twice!
Loan shark operating in Harringay's Post Office?
THIS afternoon, while in a queue at Harringay Post Office I noticed a woman coming down the waiting queue with a sales pitch for each person. She was carrying a bundle of leaflets and I overhead roughly what she said to the person in front of me.
When she got to me I could barely understand what she was saying due to her thick accent and poor diction. The first pitch was offering a savings account (no thanks). The second offer was for a credit card. I must admit I berated her a bit about that.
Here she was, systematcially offering a chance of credit to each person in the queue, without discrimination, and that could easily end up as a large loan at credit-card type interest rates. Doubtless there would be an application form and so forth, but this does not strike me as a responsible way of marketing credit. Some marginal folk might be tempted, scrape through the (presumable) credit score, spend up to the limit and then find difficulty in repaying. All because they were waiting to be served at the local post office!
Call me old fashioned, but IMHO, this is altogether too easy and it trivialises and disguises the fundamental propostion, that this is advancing or lending money and at what could easily be high interest rates, certainly higher than a regular bank loan. Borrowing money is something that ought to be taken seriously. One of the reasons the economy is in danger of recession is because of the extension of too much credit too easily and to too many people.
At least two people in the queue were not employed. The saleswoman is an employee or anyway retained by, the Post Office.
When she got to me I could barely understand what she was saying due to her thick accent and poor diction. The first pitch was offering a savings account (no thanks). The second offer was for a credit card. I must admit I berated her a bit about that.
Here she was, systematcially offering a chance of credit to each person in the queue, without discrimination, and that could easily end up as a large loan at credit-card type interest rates. Doubtless there would be an application form and so forth, but this does not strike me as a responsible way of marketing credit. Some marginal folk might be tempted, scrape through the (presumable) credit score, spend up to the limit and then find difficulty in repaying. All because they were waiting to be served at the local post office!
Call me old fashioned, but IMHO, this is altogether too easy and it trivialises and disguises the fundamental propostion, that this is advancing or lending money and at what could easily be high interest rates, certainly higher than a regular bank loan. Borrowing money is something that ought to be taken seriously. One of the reasons the economy is in danger of recession is because of the extension of too much credit too easily and to too many people.
At least two people in the queue were not employed. The saleswoman is an employee or anyway retained by, the Post Office.
Tags for Forum Posts: cards, credit, interest, irresponsible, loan, office, post, rates
Replies to This Discussion
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Permalink Reply by John McMullan on
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Post offices are closing because individually they do not make enough money to justify their existence. This is how they are trying to cope. They can sell things to people in queues. It's really quite imaginative but they should just be using this money to buy oil, not loan it to their customers. So it's just co-incidence that the people they were offering loans to were unemployed.
This is the best thing of have seen on our current problems. It is like an Alex cartoon, he even knew that Norwegian villages were the biggest losers early on. Brilliant.
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Permalink Reply by GK/OD on
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John...you ever tried taking currency from The Dominican Republic back to a bank. They will fight tooth and nail not to take it even if its in good condition.
Your Post Office will not blink an eye without even considering the condition the notes are in.
Better exchange rate as well.
If your going to an underdeveloped country use the PO
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I have a Mauritian coin that is shaped exactly like a 50p... but is worth about 10p. I have yet to be able to give it back to the coffee vendor who gave it to me.
Let's see, the banks are so paranoid because they are expected to turn a profit and need to avoid being screwed by dodgy forgeries. The PO...
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