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Thursday, 11 April 2019 14:46

When Regulation Is A Bad Thing

It is the general consensus that regulation is there to protect the consumer and stop businesses and organisations running riot. Do we see it that way?

We're of a different mindset when it comes to regulatory bodies and rules; however - we think regulation is a bad thing as it makes people forget their own mind and make careless choices.

Let's use the payday loan industry as an example. Repayment terms and the dangers of mounting debt are plastered all over loan websites reminding people of expected repayment charges and prompting people to only apply for a loan if they are sure that they can repay the money. 

Unfortunately, people, and in particular the younger generation amongst us, decide not to heed these warnings. The reason why? Because they know that if they do default on repayments, regulation and consumer protection will save them. Loan providers and lenders have their hands tied more than ever when it comes to getting their money back.

Put simply; we live in a nanny state where nobody has to take responsibility for their actions because there is always someone or something to bail a person and their actions, out.

There are no real consequences anymore and 'regulation' these days is just a buzz word for letting the incautious off and punishing businesses like ours.

We don't necessarily blame people for taking loans out that they know they'll probably not be able to afford to pay back, all they're doing is using the law and the ridiculous rules that are in place to their advantage.  The easy way out is there to be abused and enjoyed. 

We believe the country's love of 'regulation' and 'protecting' vulnerable people is actually a green light for the reckless to do whatever they want without facing any consequences. 

People appear to have lost the ability to make clear and informed choices. They know they can take risks because they'll always be protected. 

If there were some relaxing of regulations, many people would fall flat on their face, have to dust themselves down, pick themselves up and learn from their mistakes. That's a good thing. It means they won't do it again. Only then would we start to see people being responsible for their choices. We also bet there'd be a reduction in people getting into debt...

Hardly rocket science.

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