Banks accused of loan shark tactics
Published: 11 July, 2009, 09:07
Russian banks are being accused of intimidation in their desperate quest to get loans repaid.
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Published: 11 July, 2009, 09:07
Russian banks are being accused of intimidation in their desperate quest to get loans repaid.
And this is why Russia needs to wake up, before it is too late and drive several nails into the coffin of consumer credit, before it infects us to the core like in the US and UK. This is where 'big' government can take a role, slapping the consumer credit vultures firmly in the face. This is a trade every bit as dangerous as drug dealing. We don't want it here. Russia should take a lead and push all the risks onto the lenders, make insurance copulsory for each contract, paid for by them. For every contract, make it their duty to verify the persons means. They bare the risk. Set limits on the amount that can be loaned as a percentage of annual disposable income. Ban carousel increases of limits......Russia needs act now, otherwise we will be tool late. Credit for business, managed for the utility of the money is a good concept, consumer credit, for purchasing goods, without a view to good use of the money, to increase personal wealth is a parasitic corrosive force on the people and economy as a whole. Take action Putin and Medvedev, don't take a seat on the pole with the vultures.