Full marks to The Independent today for making the point that high street banks often charge as much for short term loans as the payday lenders we have got so worked up about recently.

The article is at http://www.independent.co.uk/news/business/news/crack-down-on-overdraft-charges-campaigners-urge-887780

Taking out an unauthorised overdraft for a few weeks can cost as much borrowing the same amount from Wonga or other payday loan companies.

There is, of course. a sane alternative to both high street banks and payday loan companies, it is the Credit Unions. At least with a Credit Union you know you will be charged a fair amount for your loan and that any profit made from loans will go into the business of making more affordable loans to people in financial difficulties. I am a member of Community Savings and Loans, the Berkshire Credit Union, as are many other councillors who also realise that we have a huge task in weaning people off the loan sharks and on to much more equitable loan deals and we need to support our local Credit Unions as much as possible.