Why are people calling for the ban of short term loan ads in the Commonwealth Games?
Jan 07, 2014 Simon Williams
Every four years, a large number of nations send their best athletes to a beautiful host city that's spent a lot of time preparing for the influx of spectators and sports stars alike, where they then compete for global honors and to benefit national pride. No, this isn't the Olympics - rather, the Commonwealth Games, during which member nations and former colonies alike participate in weeks of athletic events to bring bragging rights to their homes.
However, this year's games seem to come along with some controversy. Though they won't be held until the summer, a number of British and Scottish leaders are calling for the ban of some sponsors before the events even kick off in Glasgow. Namely, they don't want some short term lending companies to be able to advertise their goods during the games.
According to The Daily Record, Citizens Advice Scotland Head of Policy Susan McPhee is against promoting short term loans because she believes that some consumers drive themselves further into debt when they peruse these alternative finance options. She's calling for Glasgow 2014 organizers to commit to not signing sponsorship deals with lenders.
That being said, McPhee is facing opposition from a number of important figures associated with the events. For instance, the source reported that Commonwealth Games Chief Executive David Grevemberg will not vow to ban short term lenders, noting that advertisers are a vital element in making sure the events run smoothly.
Another thing McPhee doesn't seem to have taken into consideration is the fact that alternative credit companies have been at the forefront of keep consumers afloat for a number of years now. During the height of the recession, in the midst of rising prices, layoffs and other harmful factors, consumer credit took a dive, and people couldn't qualify for traditional loans. Alternative funding, however, was available to help and allowed many individuals to keep a roof over their heads and food on their tables.
