Regulate yourselves.

The number of people running into debt through so-called payday loans has quadrupled in two years, according to one debt advisory service

And whose fault is that? Do people need to be more responsible with their borrowing or do we need to regulate the loan companies?

The Citizens Advice Bureau says it is too easy to obtain such credit and is calling for tighter regulation.

Of course. We regulate.
I would have thought the mandate of the citizens advice bureau would be to advise citizens. Something like, "Don't borrow what you can't afford to repay". Or even, "No you don't need the latest ipod, you can't afford it".

But no. In our modern culture of no responsibility, we don't blame people for getting themselves into debt, we blame the lenders.

I've been there myself in my younger years, borrowing money I didn't need and couldn't afford to repay. Fortunately, even though I didn't have the nouse to not do it in the first place, I could see where it was going and I put a stop to it and repayed all the money. It was very easy to get credit back then but I never blamed the lenders for my folly because they didn't force me to get credit cards. It was all my own doing. I still get the odd letter through the post telling me I have been approved for this, that and t'other. They make good kindling.

These days, the only debt I have is my mortgage. If I can't afford to pay cash for something then I don't buy it.

Unlike this chap:

Steve Perry, who took out 64 loans from 12 different companies over 18 months, leaving him with a debt of £22,000, told the BBC it was the "roll over loan process" that needed to be tackled.

No. It. Isn't.
What needs to be tackled is your belief that you can spend £22,000 pounds of borrowed money in only 18 months and claim it's not your fault.

Peter Tutton, from the Citizens Advice Bureau, said ministers need to take action.

The only regulation we need here is peoples ability to regulate themselves. If you borrow it, you pay it back.

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