Hoofbite

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I never knew their interest rates were that ridiculous. I'm actually surprised it's legal and 500% to 1900% APR seems more like indentured servitude than any sort of service.

[video=youtube_share;PDylgzybWAw]http://youtu.be/PDylgzybWAw[/video]

I think Oliver's show is easily one of the best shows on TV right now. This episode not as good as his net neutrality or prison healthcare show where it was revealed that table sugar was used as an antibiotic for a woman with a cesarean section, but pretty good.

I had always assumed you were getting fucked by these places but not this bad.
 

Doomsday

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The bottom line is, there's no legislating stupidity. There's no fraud involved in payday loans and title loans, everything is up front but people still sign up for it.
 

Hoofbite

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The bottom line is, there's no legislating stupidity. There's no fraud involved in payday loans and title loans, everything is up front but people still sign up for it.

There's also no legislation that guarantees people won't have some sort of unforeseen life event that puts them in a bind.

Yes, the terms are stated but that doesn't make it any less predatory. People would sell organs if allowed.
 

Doomsday

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There's also no legislation that guarantees people won't have some sort of unforeseen life event that puts them in a bind.

Yes, the terms are stated but that doesn't make it any less predatory. People would sell organs if allowed.
And, they should be allowed.

I didn't argue if it was predatory or not.

I knew a lady who had a mortgage - and I shit you not this was in 2004 - and it was 21.5% APR. I couldn't believe my eyes. Some quick math on this showed she would never live to pay any of the principal, but by that time assuming she reached age 80 could have bought three of the same house for what she was paying for this one. Unbelievable. Despite ALL big gubmint regulation done to appease the loud, shrill emos, this was and is today, still legal.

THAT was predatory. People are all to willing to trade "predatory" private enterprise for truly predatory, big gubmint.

The problem is, people wail and scream for more government, more government, more regulations, more regulations just so they can "feel" better about some problem or another, and that's what they get. Just stop it.
 

jeebus

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And, they should be allowed.

I didn't argue if it was predatory or not.

I knew a lady who had a mortgage - and I shit you not this was in 2004 - and it was 21.5% APR. I couldn't believe my eyes. Some quick math on this showed she would never live to pay any of the principal, but by that time assuming she reached age 80 could have bought three of the same house for what she was paying for this one. Unbelievable. Despite ALL big gubmint regulation done to appease the loud, shrill emos, this was and is today, still legal.

THAT was predatory. People are all to willing to trade "predatory" private enterprise for truly predatory, big gubmint.

The problem is, people wail and scream for more government, more government, more regulations, more regulations just so they can "feel" better about some problem or another, and that's what they get. Just stop it.

Are you implying that a high interest rate home loan takes longer to pay off than a low interest rate loan?
 

Sheik

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Sarah Silverman, yuck. I'd rather bone my neighbor and she's probably 10 lbs overweight and annoying.
 

Iamtdg

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If people are stupid enough....well

So, let's let them dig themselves into a hole that the gov't will have to dig them out of. Brilliant.

I'm not saying more legislation, but as it stands these type of loans are a really bad idea.
 

Doomsday

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Are you implying that a high interest rate home loan takes longer to pay off than a low interest rate loan?
No idea where you get that. Unless you don't know the difference between principal and interest.
 

Doomsday

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So, let's let them dig themselves into a hole that the gov't will have to dig them out of. Brilliant.
Free to fail. Bankruptcy is a whole different ball of wax. If you're there, it's not due to payday loans alone. But I guess there has to be a devil or a boogeyman for everything - sure can't be lack of personal responsibility.

I'm not saying more legislation, but as it stands these type of loans are a really bad idea.
Yes they really are.
 

Iamtdg

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I'm all about personal responsibility. I'm also about keeping people off of welfare and costing me more money. The shorter router to me not having to pay more money is taking these loan sharks out of the picture.
 

jeebus

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No idea where you get that. Unless you don't know the difference between principal and interest.
I knew a lady who had a mortgage - and I shit you not this was in 2004 - and it was 21.5% APR. I couldn't believe my eyes. Some quick math on this showed she would never live to pay any of the principal
 

Doomsday

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I'm all about personal responsibility. I'm also about keeping people off of welfare and costing me more money. The shorter router to me not having to pay more money is taking these loan sharks out of the picture.
A more and bigger, more intrusive government type of approach. Make it illegal because too many dullards will go for it. Worked great with alcohol too.

Competition is what will moderate this.
 

Iamtdg

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A more and bigger, more intrusive government type of approach. Make it illegal because too many dullards will go for it. Worked great with alcohol too.

Competition is what will moderate this.

The welfare piece is what you're not grasping in my point. Instead of allowing an avenue for people to dig themselves deeper into my pocket, how about you stop the thieves that are enabling it.
 

Doomsday

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The welfare piece is what you're not grasping in my point. Instead of allowing an avenue for people to dig themselves deeper into my pocket, how about you stop the thieves that are enabling it.
I ignored it because Billy Clinton fixed the welfare problem. The era of big government was over. Or some such.

I'm totally against federal welfare. It should be abolished. The States can have it and fund it if they want.

Every time some problem such as this comes up people call for bigger federal government. Whereas if they would be patient, they would see that the market moderates this kind of crap.

The Feds wouldn't ban it anyway, they would just TAX it.
 
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