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It takes two to make a loan.

Borrowers are losing beds, TVs and washing machines after taking out short-term, high-interest “payday loans” they cannot afford to repay, say consumer advocates.

So, don’t take out the loan. Stop drinking. Give up smoking. Eat something other than takeaways. Stop buying Lotto tickets. Get a job. Take some responsibility for your life. Everything that happens to you isn’t someone else’s fault. It is not someone else’s job to keep paying for your mistakes, or laziness, or both.

John Brady, national compliance manager of City Finance, which lends money to people who need to fix cars or buy a new fridge… says his typical customer borrows $1500 and pays it off over a year, paying a 43 per cent interest rate and application fee of up to $380.

Yes, they are scoundrels. They take advantage of the poor.

But the answer is pretty simple. If you can’t afford to repay a loan, don’t get it.

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