To hope that the CofE can kill off Wonga, but think they might struggle?

(229 Posts)
ShadeofViolet Thu 25-Jul-13 11:08:57

BBC Link

I would love to see an end to Wonga, but we already have credit unions, I dont know how we can change the culture.

IIRC, with our credit union, you have to save first, then you can borrow. Maybe that is what is putting people off.

PostBellumBugsy Tue 30-Jul-13 09:55:00

Jux, I think many desperate people wouldn't be desperate if they had a basic understanding of money in the first place. Not all of them, as there will always be that unforeseen crisis, but quite a lot.

I have well educated wealthy friends making similarly unwise decisions to Audrina's Dad. It is all fine while the money is rolling in, but something awful happens and it all goes horribly wrong - when there was no need for it to have gone wrong. Similarly, I work with young people and it frightens me how naïve and clueless they are about money. You can immediately tell the ones whose parents have passed on nuggets of wisdom because the ones whose haven't, literally have no idea how it all works.

Also, we live in such a consumerist, conspicuously consumptive society. People feel that they have to have a ginormous TV, x-box, laptop, ipad, sky tv etc. People will actually get into debt just to have these things. They get themselves into long-term hire purchase agreements, which one at a time don't seem too onerous but before they know it, they've accumulated a lot of them & then their overtime is reduced or hours are cut back or even worse they lose their job & they can't stop repaying all the loans, so money for food gets tight.

Owllady Tue 30-Jul-13 10:05:15

I will oput my hand up and admit I am rubbish at dealing with financial issues but partly it's because I am a carer of a severely disabled child, get very little sleep, have had to give up paid employment to care and dealing with finances comes after the care and all the appointments (and sometimes me getting a better night sleep)

If any of you though have any advice, simple advice, on what would make it easier for me to manage I would be very grateful, thanks

Owllady Tue 30-Jul-13 10:06:12

I think food is extortionate too. A small trolley full of food now is near to or over £100 - i dread to think what those large trolleys come to (I wont allow myself to have one anymore just incase I have the urge to fill it up!)

PostBellumBugsy Tue 30-Jul-13 11:13:27

Owllady - at its most basic you need to understand exactly what money you have coming in every month and then you work out what goes out each month.
With the outgoings, look at the absolute can't do withouts first, so that is rent/mortgage, council tax, fuel, water & food. Those are the things without which you can't live in your home. Then you look at all the other things.
After you've done that, you can start looking at whether you can reduce any of your expenditure by swapping providers, changing supermarket etc.
MoneySavingExpert www.moneysavingexpert.com is a great website full of lots of great tips on all of this stuff.

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