Cash for gold? You will always get ripped off

Despite being legal, these cash-4-gold companies will always rip you off

Why? Because they can.  And because they prey on people who need money quick.  The BBCs ‘Breakfast News’ ran a feature this morning.  They had some old gold jewellery valued at £200 and then sent it to each of three different ‘cash 4 gold’ companies.  Each offered around £60 and increased their offers when the reporter refused.

The report showed a horrified and disgusted young woman whose demeanour gave the impression she felt that someone had done something wrong to her by offering so little money for her gold.

Er, like, what did you expect?

The same goes for the explosion of ‘pay day loan’ companies you see advertising everywhere there are desperate, credit-unworthy people needing cash they can’t save from week to week.

They’re not here for your good, folks.  They’re here to take as much money off you as they can without breaking the law.

First law of common-sense: people go into business to make themselves rich, not you.  The gap between how much they can pay themselves and how little they can give you is the measure of how civilised we are (or aren’t).

Comments

Leave a Reply