I saw a recent story on the evening "news" (propaganda channel) regarding online cash advance companies that some Indian tribes have set up. I think the APR was 400% when you considered the fees and other charges. People take advantage of the desperate and ignorant. In my area it seems as if the only new businesses opening up are cash advance/title loan joints. I live near three smaller sized towns (population less than 25,000 and each of them have a "Title-max" and two or three independent tile loan businesses and at least ten cash advance businesses each. The APR charged by these businesses are all in the triple digits.
What's insane about charging him 50%? It's the correct pricing of risk. So you rather this guy gets no credit, rather than getting appropriately priced credit? Or, perhaps, your statement is that a person shouldn't be trusted to make his own decisions, but should have them forced upon him by those who know what's better for him??
People take advantage of the desperate and ignorant. ---------------------------------------------------------------- And the majority of WALL STREET scum bags, Banks, Brokers, online trading companies and Bucket Shops do the same. Desperation comes at all income levels. Remember that.
Isn't this true of every human organization, from the corner grocery to the holy roman empire, since the dawn of time?
I did that a few years ago.... no more payments, no forwarding address, no more nagging AmeriBitch, no relatives, no car.. I moved to an area with great weather, great dining, great public transportation. I get up every morning and give the upraised middle digit salute to the rat race... I found that not having a car made for a huge uptick in my happiness, I walk miles every week. The autotrading R&D [requires only a laptop and a wifi connection at a coffee shop really] has gone far better... I'm not sure I'd change anything had I a Billion $...
mmm..having a GOOD car made huge uptick in my happiness. just buy it with cash. same for everything else. the only reason i have that BJ's card is because it's gives me almost 4% back on my purchases. pay in full every month and don't worry about it. and yes,i walk and run miles every week too. if you so happy without all the goodies-then why do you trade? just do nothing,chill out all day long
Everyday is like that if you didn't get yourself in debt in the first place... and you wouldn't have complete strangers calling you a freeloading deadbeat in their heads... imagine that.