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Monday, 28 October 2013

Sue Lewis sees little wrong with usury.

Payday loans defended by new consumer champion

Sue Lewis, head of the FCA consumer panel
Sue Lewis, head of the FCA consumer panel

Sue Lewis, the new chair of a City watchdog for consumers, is clearly living in a world of her own creation. The example of a £50 charge on her credit card for a meal as being no different than the usury practiced by many if not all of the so called "Payday loan" companies in the high street or on the internet, is both facile and patronising.
To the vast majority of those having to resort to the "services" of these parasitic money lenders, the notion of paying £50.00 for a meal is completely scandalous when they may have only that amount for food for a week or even a fortnight to feed their families.

A sample of the payday loan companies

Only recently, Wonga one of the biggest money lending companies reported profits of £84.5m for 2012, an increase of 35% on the previous year and in its annual statement, they announced £1.2bn in lending, up 68% on the previous year.
The money lenders grow rich and become fat on others misery and Sue Lewis sees nothing despicable in their activities.