THE BLOG

Britons Cannot Safely Afford Loans

08/01/2016 16:06 GMT | Updated 08/01/2017 10:12 GMT

It's tough being a borrower in London. When I was studying for my Bachelors in the heart of London, I had the luxury of paying less than the mandatory ten thousand pounds inflicted by the Tories for my degree. But, what about the poor students after me? Is London a place to consider for education anymore? What are the choices for poor/marginalised people? Are there any choices left? (Other than rendering ourselves into excruciating debt). More importantly, are there safe ways for people to borrow money in Britain?

The Conservative government is becoming more and more like the Obama administration, zoning in on the poor and the marginalised. No modern high street in London is complete without a betting store or cash loan shop. The loan shops are absolutely everywhere, with blinding flashing lights that read "money, fast, now". Without proper education on economic management and autonomy, it is not possible for people to make sensible decisions that don't harm them in the future. Affordable loans are one thing. But, offering loans as the first choice for any monetary situation is preposterous. We need to be teaching people how to make decisions that reduce their chances of losing their homes, jobs, or relationships.

Young people who are the cornerstone of any modern society are being treated like every other institution; as money-making machines. It wasn't enough that the Tories sent our A & E's to hell, and now they are squeezing every penny out of our youth, pouring them into economic slavery before they even have a chance to learn what words like "loan interest" really mean. Affordable loans are a thing of the past in Britain and London is slowly losing its shine as a student's "dream city".

The people of London need better information on how to make safe choices, especially when starting off their educational careers. The Tories trebled the tuition fees in 2010, what kind of message does this send out from the coalition government? Citizens understand inflation. But, it is unacceptable to subject them to unaffordable loans and higher interest rates, disincentives for millions of budding minds, our system is looking more and more like the American one. Students are already experiencing multiple psychological difficulties such as identity issues and depression and suicidal thoughts, economic instability is just another drop in the ocean of worries. These "innocent" loan shops are driving poor people into massive debt that they cannot afford, why? Because the Tory government is not interested in educating people on loans, transparency means lack of trust in the banking system.

The government would rather that we are in the dark about what "Affordable loans" really mean for honest, hard-working Britons.