Editorial: A debt of gratitude to the Ombudsman
Published 16/06/2015 | 02:30
Borrow a little and if you can't pay it back, it's your problem. Borrow a lot and if you can't pay it back, it's the lender's problem. That old saw was turned on its head after the banking crisis and the socialising of billions in private debt on the backs of the taxpayer.
But it seems when it comes to borrowing and lending, the lines can still be blurred. And it still seems that the smaller you are, the more likely you are going to face a tough time. Today, we learn that the moneylending sector is thriving. Paradoxically, a spin-off of the taxpayers' rescue of the banks and the hardship it visited on hard-pressed homeowners merely served to drive them deeper into the arms of the moneylender.
But, that the loan shark should be the beneficiary of the dire straits so many have found themselves in, seems especially egregious. The day of the "doorstep loan" has dawned and borrowers have been able to access more money even before the outstanding loan has been paid off.