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Sunday, 13 October 2019

Instead of payday loans, lets promote saving

After many years of fintech research, let me say this - I am uncomfortable about payday loans, and automatic credit lines extended at high rates of interest. I am not even too happy about credit cards.
Just as sugar, alcohol and tobacco rely on  catchin' em young, so to does the fintech industry. Being  habituated to debt at a young age, can be disastrous for long term financial health.
People who want money to serve real needs - my maid who wants to buy a house, a friend who faces years of expensive treatment for blood cancer - cannot get credit. But any one who cannot live within their means, can get a payday loan easily.
As a culture, we have always been oriented to saving vs spending, and it would be good to see that behaviour being encouraged more, through more products/schemes and accompanying tax relief. I am unable to understand how credit at extortionate interest enriches anyone's life. It only enriches the companies providing it. Source : Engadget
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