Rolling in Wonga(tm)
[ Update : Someone from Wonga has responded in the comments - please read their clarifications ] This won't be new to some of you, but it deserves highlighting. Yesterday I saw a TV ad for a company called "Wonga" (a British slang term for money). This is what's called in America a payday lender. The character in the ad needed to borrow £70 for five days. Wonga proudly announced that they can help him out - for a fee of only £9.22. Let's look at that for just a second. £9.22/£70 = 13.17%. For five days. Imagine you lose your job and don't have the money to repay at the end of the five days. Maybe you'll borrow another £79.22 from Wonga (or a different lender). In another five days you still haven't found work so you roll it over again. You keep this up for a year before finally getting an inheritance from your dear great-aunt Mildred. How much would you have to inherit to pay off the bill? Take a guess, off the top of your head, before yo...