By 
Nearly half of the people who turn to financial institutions during this time have no financial reserves and suffer from a long-term lack of money. And yet, some company will lend them a few tens of thousands, even though it knows the applicant was denied a loan by two banks.
Common sense should tell both the applicant and the lender that the likelihood of the loan being repaid is negligible. If someone wants to buy twenty thousand worth of gifts for under the tree and hasn’t been able to save half that amount since last Christmas, they will almost certainly be unable to save enough for loan payments by the next holiday season. And they’ll have another gift-giving season ahead of them.
Everyone talks about financial literacy, about the need to teach people—especially those with lower incomes—to manage their finances in a balanced and risk-free way, but in practice, this isn’t happening at all.
You don’t need charts and statistics to assess your financial options. All you need is to use your brain.
Another quarter of people interested in such loans are those experiencing a temporary loss of income. So who is so reckless that, for example, after losing their job and living on welfare, they go out and buy unnecessary things on credit?
Despite the democracy we have, the state should step in to regulate such loans. Just as it began to enforce restrictions on gambling, non-bank companies should be next in line; when providing loans, they should bear a greater risk of bad business on their shoulders so that they better assess clients’ ability to pay and do not rely on legal enforcement and bailiffs.
Such loans should be used as a lifeline for people who need, for example, to repair their car so they can commute to work, or to buy a new washing machine when the old one unexpectedly breaks down.
Investing in housing or education is also understandable if a good opportunity arises.
Christmas gifts are not the essence of this holiday, and people should learn this from childhood. There is also no need for lavish feasting if the family budget isn’t prepared for it. Even an unforgettable vacation can be had on a budget and may have a greater impact than when reminders for unpaid installments start arriving.