There are some that believe Payday adverts should be removed from daytime TV in the UK to protect young ones who are vulnerable to them. This is a very interesting topic and calls for careful examination. It brings up the question just what are the effects to the younger generation regarding the adverts they are bombarded with throughout the day.
Adverts, Young Adults, Responsibility, and Debt
Do adverts target young adults who may be vulnerable to the quick and ease of quick cash now? Carefully considering this question may not be as simple as you may think. The point of any advert is to sell a product, there is nothing surprising there, however, what happens when the advert can have a negative result and should the company who is placing the advert hold a certain level of accountability? What makes such an interesting topic is the lasting effect it can have on those who do not utilize it in the way the product is supposed to be used which in this case is an unnecessary debt.
The Effects Advert
As stated earlier, the point of adverts is to sell a product. Short-term loan companies sell loans that are their product. So are younger adults vulnerable when it comes to advertising? Well yes and no, on one hand, you are dealing with a young person who lacks life experience and is not always capable of thinking of the consequences. On the other hand, at what point do we stop allowing the “buck” to be passed and make this generation responsible for their actions, even mistakes. The honest and real answer is two-fold.
Solution Part 1: The Short-Term Loan Company Responsibility
The short-term loan company is held to standards that must be followed. Among them is the responsibility to ensure they approve loans for those that they determine will be able to pay the debt back. This is fundamental in their operations and a reputable company takes this seriously and will fulfil this standard without any issue. When you deal with a good company, adverts do not play a role because there is not any chance that they will be approved for the loan. Now, a tip for someone who has had the unfortunate experience of dealing with a disreputable company, filing a complaint can be the first step in getting this situation resolved.
Solution Part 2: The Borrower’s Responsibility
When you decide to apply for and take out a loan, you are committing yourself to meet the repayment contract. There is a certain level of maturity that is essential for the borrower to possess; making timely payments is your responsibility. If you get the loan knowing that you can’t pay it back, is essentially your fault and only yours.
Adverts being taken off of TV daytime, may or may not entice younger adults who are not fully mature, however, those adverts are simply there to promote a product. Responsibility is really the issue for both the short-term loan company and the borrower. Visit CreditPoor Payday Loans to learn more.