Welcome to the Usury Kingdom – Sponsored by Wonga

Posted: May 17, 2013 in Not Music

Scriptonite Daily

UK1

With wages falling, costs rising, and social safety nets being torn asunder – UK citizens are turning, in ever greater numbers, to pay day lenders to plug the gap. In the past, the poor were protected from predatory lenders by Usury Laws which made extortionate interest rates illegal.  Yet in today’s Usury Kingdom, crime pays.

The Rise in Personal Debt

In the ten years between 1999 and 2009, the annual salary rose 13.6%.  During the same period, house prices went up 130%, a loaf of bread went up 147%, and a litre of petrol went up 42%.  This goes some way to accounting for the fact that personal debt rose during this period by 158%.  Access to credit created consumer demand which concealed the gap between wage and cost of living inflation.

In the last five years, wages have increased by just 10%The UK…

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