In 1880, Sir Joshua Waddilove, a Victorian philanthropist, founded Provident Financial to provide affordable loans to working-class families in and around Bradford, in northern England. This month his company, now one of Britain’s leading providers of "home credit"— small, short-term, unsecured loans—began the nationwide rollout of Vanquis, a credit card aimed at people that mainstream lenders shun. The card offers up to ￡ 200 ($ 380) of credit, at a price: for the riskiest customers, the annual interest rate will be 69%.
Provident says that the typical interest rate is closer to 50% and that it charges no fees for late payments or breaching credit limits. Still, that is triple the rate on regular credit cards and far above the 30% charged by store cards. And the Vanquis card is being launched just when Britain’s politicians and media are full of worry about soaring consumer debt. Last month, a man took his own life after running up debts
A. the failure of credit card providers is caused by the bursting of technology bubble
B. the politicians and the media play a negative part in promoting credit industry
C. higher national interest rate increases sub-prime lenders’ risks of not being repaid
In 1880, Sir Joshua Waddilove, a Victorian philanthropist, founded Provident Financial to provide affordable loans to working-class families in and around Bradford, in northern England. This month his company, now one of Britain’s leading providers of "home credit"— small, short-term, unsecured loans—began the nationwide rollout of Vanquis, a credit card aimed at people that mainstream lenders shun. The card offers up to ￡ 200 ($ 380) of credit, at a price: for the riskiest customers, the annual interest rate will be 69%.
Provident says that the typical interest rate is closer to 50% and that it charges no fees for late payments or breaching credit limits. Still, that is triple the rate on regular credit cards and far above the 30% charged by store cards. And the Vanquis card is being launched just when Britain’s politicians and media are full of worry about soaring consumer debt. Last month, a man took his own life after running up debts
A. credit industry has to look for further growth in a sub-market
B. the politicians began to worry about soaring consumer debt
C. there’s plenty of room for growth in the basic market
D. a big number of consumers have very poor credit records
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