"Colin Morrison, 46, admitted illegally lending money at his home address and other areas of the city between January 2004 and January 2010. "
What really caught the eye was that he was charging them so much that if calculated for a whole year, the interest rate would be
719,000%Do people have no shame anymore? Will we do anything for a buck and throw away any kind of morality and common sense?
I've heard about loan sharks and how unpleasant they can be but this guy blew away all my expectations. Until I read further:
"The court heard how Morrison provided several illegal cash loans to Joseph Rankin and his partner Angela Clements - who suffers from the muscle wasting disease Myotonic Dystrophy - over a six-year period."Really? Take advantage of poor people with chronic muscle diseases? Is this what those kids who steal younger babies' Popsicles grow up in to? I don't even want to know what happens to people who don't pay, seeing how if you borrow 20 dollars you suddenly owe several million.
Although the blame of this situation falls mostly on the crook, and that the needs of the aforementioned couple were of a different nature than pure consumerism, I can't help but think this is also a byproduct of the loan and credit society we live in. Everyone everywhere is deep in debt, taking bank loans to buy a car, a house, holidays, surgery, bananas... Then you borrow more money to pay the interests of the loans, and then you go to your bank and ask for a consolidation loan. That makes your credit more solid, so now you can ask for more loans to buy even more shit you don't need! And bananas.
So, what would happen in a world without loans? What if we could only spend what we earn?
(Original article - BBC News)