Vierkaesehochonline today!
Vierkaesehoch
Ocean Coast, Maine, USA
Nov 2019
652 Views
12 Comments
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"Payday Loans",...and ways to take advantage of po folks...

News story on these usurious businesses, much worse than traditional pawn shops, located exclusively in areas where the poor live, got me a blogggin'---AGAIN. Interest rates on these unsecured cash short term loans, would make the worst mafia loan sharks jealous, and they are legal. Well, for now at least, and there's a ban on their loaning to active US military personnel. We hear of a young lady, single mom, who borrowed under USD 200, and over 6 months, at around 200% interest, paid back over a thousand. As with the lottos, if not played frugally, and cigarettes, the poor take it again up the back side. And government wastes time on the fake coup.
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ooby_dooby
ooby_dooby●Ashland, Virginia USA
Nov 8, 2019●60 Blogs●728 Comments
#1
These predatory lenders sometimes come out holding the smelly end of the stick. I had a couple staying with me a few years ago who were the epitome of low lifes. They were splitting up, he moved in with his parents and she went to FL to stay with her kids. Before she left she took out a Title loan. I started getting letters from the lender looking for payment. I went to the Title loan store and told the man he could use that title as wall paper because the car was probably already melted down.
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ooby_dooby
ooby_dooby●Ashland, Virginia USA
Nov 8, 2019●60 Blogs●728 Comments
#2
When I was in the 2nd grade, a couple of men came from a bank at the invite of either the teacher or Principal or school board, or maybe it was the banks idea, which is my opinion looking back as a skeptic, to talk to the class about money management. They even had all the kids, myself included, open up a savings acct. I remember it paid 2% interest and we all got a passbook. I wonder if that would be allowed today? It seemed like a good idea to start kids off as savers instead wasters. Of course 2nd graders don't have much money especially to put in the bank instead of buying candy.
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kornbluthonline today!
kornbluth●Lexington, Kentucky USA
Nov 9, 2019●6 Blogs●428 Comments
#3
" I've been trying to get the govenment schools and prisons to start financial education courses."

This sounds like the "Back to Basics" movement of the late 1970s. Whatever happened with that?
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Vierkaesehochonline today!
VierkaesehochOP●Ocean Coast, Maine USA
Nov 9, 2019●682 Blogs●1,602 Comments
#4
Good point, KB. Simple living rules.
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Len05
Len05●Antwerp, Antwerpen Belgium
Nov 9, 2019●18 Blogs●307 Comments
#5
I do think there is a difference between man to man action and man to company action.

I don't offer 10 page disclaimers to apple whenever we need to agree on anything.

So a business does need to follow some rules concerning my financial powers.
Otherwise all humans would be millions in debt by now.

Limiting people on their chances is very hard.
But if you notice some parties or companies being overrepresented in the field than i do think it is normal to challege them.
And i agree that giving money to a wasteful community gives extra losses.
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ooby_dooby
ooby_dooby●Ashland, Virginia USA
Nov 10, 2019●60 Blogs●728 Comments
#6
If pigs had wings they could fly.
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Dongg
Dongg●Wainscott, New York USA
Nov 10, 2019●235 Blogs●669 Comments
#7
If you all have your way and ban payday sites or try to mess with their profit margins, the market always wins. Manny and Luigi will make that loan. They don't need no paperwork. Terms WILL be steeper and penalties WILL hurt.

Brilliantly stated.
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Dongg
Dongg●Wainscott, New York USA
Nov 10, 2019●235 Blogs●669 Comments
#8
If you want to do something to improve the lives of people in these communities, oppose Democrats.

Democrats rely on perpetuating poverty and poor education levels to shore up their voting base.

Through things like minimum wage laws which keep unskilled people from reaching the bottom wrung of the mobility ladder, to taking bribes and campaign contributions from teacher's unions who condemn inner city minorities and poor people to abysmal educations and a life of ignorance (for the same reason), Democrats entire platform today revolves around pandering to and perpetuating ignorance. They have lost their purpose and been given over to the dark side, joining forces with enemies of their own country.
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kornbluthonline today!
kornbluth●Lexington, Kentucky USA
Nov 11, 2019●6 Blogs●428 Comments
#9
"If you all have your way and ban payday sites or try to mess with their profit margins, the market always wins. Manny and Luigi will make that loan. They don't need no paperwork. Terms WILL be steeper and penalties WILL hurt."

Bingo.
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ChesneyChrist
ChesneyChrist●Manchester, Greater Manchester, England UK
Nov 11, 2019●1,393 Comments
#10
And bring back national service because it’s two birds, one stone. Not only does it make welfare less of an entitlement because it’s a contribution, it would also bring the rich and poor into proximity. The gap between rich and poor - in every sense of the word gap - is what leaves society without guidance.
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ChesneyChrist
ChesneyChrist●Manchester, Greater Manchester, England UK
Nov 11, 2019●1,393 Comments
#11
You could make national service civic and include teaching people about money in that, but the important thing is to be around people who inspire you. All walks of life converging for a bit is the making of a country.
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Vierkaesehochonline today!
VierkaesehochOP●Ocean Coast, Maine USA
Nov 11, 2019●682 Blogs●1,602 Comments
#12
Many good thoughts, my many astute CS birds of a feather. Yes, the shunning by most banks of the poor, certainly made incentives for many entrepreneurial opportunities and opportunists. Same with various emporia of quality and value where poor live. Welcome to the free market, which many on the left like reflexively to dis, often white guilt self loathing obsessively, while all enjoy the cushy life,--- with health care, food, transportation and relative political freedoms, they shamelessly enjoy. Day after day, year after year. And my right wing views would be loathe to support anything but mostly hands off from government. A glance at the high living of Party hacks in, say, the PRC, and corresponding big government controls, often self protective, and arbitrarilly so, is the best lesson here. But yes, credit cards with add ons can have effective interest around 30%, but never to the 200% in either the pay day world, or from made men Gino and Salvatore on every big city street corner. Lots more to say, but enough for the many "do as we say, not as we do", pathetic lefties here. Rigid anti government regulation knuckel draggers on the far right as well. Wearing Greek fisherman caps, or military fatigues, on either side of these discussions, may make you feel a sense of belonging, and delayed adolescent identity resolution, but no one is fooled. THINK MORE BROADLY.
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Vierkaesehoch

Ocean Coast, Maine, USA

Retired, but busy. Years left to enjoy. Handy, curious, multilingual (German, French, Spanish, learning Portuguese). Love animals. Live on a salt water ocean bay just south of Canada. Angling off the rocky beach. Mussels. Watching the oceans reclaim [read more]

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by Vierkaesehoch
created Nov 2019
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Last Viewed: Apr 19
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Last Edited: Nov 2019
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