Attention class � today�s topic is payday loans. We all acknowledge something must be done, but what?
Problem with payday loans is they are very expensive. Solution?
�Ah, ummm, could it be...no too simple. Er, no, you've got me there.� *class shrugs*
Oh come on class it's not that difficult! Welby, what do you think?
�Er, might competition work if we sort of bolstered it? Just a thought.�
Anyone else? Wheatley?
�I've powers to limit the cost but I'm not at all sure using them to, er, limit the cost would, er, limit the cost?�
You at the back, Gibbons, thoughts?
�Please sir, could we cap the interest rate, making the cost lower and driving usurers out of business?�
Class rolls on the floor with laughter.
�Cap interest rates! Gibbons u fule, that would and end the problem! Then where would we all be??�
Dry, thorough, balanced, and inconclusive - 2010 OFT paper on evidence for and against credit cap worth reading http://goo.gl/xpa2ix
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