Doorstep loans...

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Here in the sunny UK we have companies that offer doorstep loans or will sell you things on credit at an exhorbitant rate. The shorter term you repay the debt over the more interest they charge you. Interest rates vary from 272% to 1068% (no, I haven't missed a decimal place) on a loan of £300 from one of the better known and more "reputable" companies. The cheapest APR I found was a company I'd never heard of and that was 157%. Today I found in the mail box two printed leaflets, that look like they were done on a word-processor circa 1985, from a local company stating "You can relax in the comfort of your own home and be supplied with Electrical Goods, Shopping Vouchers, Bedding, Toys, Christmas Hampers and Chocolates" What they fail to mention is that interest will be charged on whatever price they quote. They also don't mention anything like a typical APR rate or their registration number (hence I 'phone trading standards this afternoon!). Two things bug me, first that these vampires are sucking money out of those who have very little of it and second that some of the stuff they are offering are luxuries not necessities. There are twelve weeks left until Christmas so a few extra items in the grocery shop each week could provide a hamper. I know some folks who buy saving stamps or put money on a savings card each week at a particular supermarket they then give you a bonus of between 2% and 4% so why not do this instead of buying something from these sharks? Some local butchers offer saving schemes for their own Christmas hampers - no interest charged - so there is no "Shock" of a big grocery bill in December. I do know someone who has taken one of these loans and frankly I was disgusted because she knows better. She took the loan for a holiday, I could understand if it was for some essential appliance, and is now paying it back over a year and paying almost £1,000 after borrowing half that!