Thou Shalt Not Steal? Posted: 8 months ago by dollyllama
In the face of what some economists are now calling a recession, many low- and middle-income Americans are turning to payday lenders, creditors who offer short-term, small-sum loans to desperate consumers. The catch? These lenders generally charge exorbitant interest rates that can trap borrowers with loans they often can't repay.
Comments: 3 Score: [-] 168 [+].
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Posted: 8 months ago by 2manyusernames:
These lenders generally charge exorbitant, yet fully disclosed interest rates that can trap borrowers with loans they often can't repay.
Self-responsibility is important.
They don't force people to come to them. They don't lie about the finance charges. Some people are dumb. Some people don't think things through, they just want what they want and they want it now.
Rent-to-own places are just as bad. Heck, the charges that banks put into place for "allowing" you to overdraft your funds is also exorbitant amounts. They aren't labeled interest, but in effect they are.
I have had so many customers that I have tried to counsel and explain that paying the multiple overdraft fees is not the wisest thing to do from a financial situation.
I have also had many customers who use these type of places properly and many who keep using them for frivolous reasons to their own detriment.
Alas, some people can't be taught. I really don't have sympathy for those who overuse such payday loan places. If used sparingly for emergencies, then they serve a useful and needed place. If people are lazy and just abuse them to a point where they and their family are hurt, well that is that. Their choice. Their informed choice.
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Posted: 8 months ago by kurt311c:
Thats why the goverment should "protect" you from these places.
....hahahahahahahha
Score: [-] 31 [+].
Posted: 8 months ago by gammerus:
No, that is why things as critical as self finance should be taught in school, because the parents clearly don't understand it well enough themselves.
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