Unscrupulous moneylenders set to make the most of banking crisis

THE fallout from the banking crisis means that people in a vulnerable financial position are likely to come under pressure from moneylenders.

Already they have moved into some housing estates seeking those who are hard-pressed at the moment. It is going to get worse as the economy declines and with Christmas coming up, many families in urban housing estates are going to come under severe financial strain. The fact that moneylending is going on is an indication of the lack of regulation in this area. Even today there are people going around housing estates offering goods and services at inflated prices with the teaser that there will be no repayments for a few weeks. This type of unscrupulous marketing places pressure on people and should be outlawed. The fact is if people miss these payments, their ‘debt’ keeps rising all the time. Such people should seek advice from community-based financial help organisations.

Mick Ryan