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Victory

incremetal_progressincremetal_progress Member Posts: 358
in Tug Tavern


for the payday loan industry. Now more Americans can get ripped off by usury interest rates that keep poor, working Americans in perpetual debt. That should really help Americans getting back on their feet post-lockdown.
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  • thechatchthechatch Member Posts: 6,967
    I don’t think you’re gonna find too many people here who think the payday loan industry is anything but evil and predatory and It should be highly regulated.
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  • GoduckiesGoduckies Member Posts: 7,802
    50.50 on this yes you can get trapped, but its a way to get money in emergencies if you credit is killed. But you can get in a bad cycle and there needs to be ways after the principal has been paid back that it caps interest.
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  • theknowledgetheknowledge Member, Swaye's Wigwam Posts: 5,474 Founders Club
    My buddy, who is not poor, but is historically bad with money destroyed his finances for years on payday loans. Instead of chilling out for a few days until payday he would hit the PDL and party until payday. Eventually his paychecks were gone before they ever came. He has liquidated his assets multiple times over the years to pay off debt. Never understood how a person could do that to themselves.
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  • NorthwestFreshNorthwestFresh Member Posts: 7,972
    SFGbob said:

    I was unaware that people were forced to use Payday loan businesses.

    @insinceredawg seems like the type that this non-story impacts personally.
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  • MikeDamoneMikeDamone Member Posts: 37,781
    incremetal_progress said:



    for the payday loan industry. Now more Americans can get ripped off by usury interest rates that keep poor, working Americans in perpetual debt. That should really help Americans getting back on their feet post-lockdown.
    Now more Americans who need emergency cash can get it rather than picking through trash, selling drugs and cruising gay bathhouses for cash.
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  • MikeDamoneMikeDamone Member Posts: 37,781
    Swaye said:

    MikeDamone said:

    incremetal_progress said:



    for the payday loan industry. Now more Americans can get ripped off by usury interest rates that keep poor, working Americans in perpetual debt. That should really help Americans getting back on their feet post-lockdown.
    Now more Americans who need emergency cash can get it rather than picking through trash, selling drugs and cruising gay bathhouses for cash.
    If we are gonna bash cruising gay bath houses then I am OUT!
    I'm bashing cruising them for cash, not cruising them as you would.
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  • dncdnc Member Posts: 56,827
    thechatch said:

    The one time in 100 that it helps someone without pulling them into a debt spiral, yes...that’s a positive. The problem is that’s not the norm in that industry by any means.

    When I started college in the late 90s, it was kind of the end of the predatory credit card age. If you’re my age you probably remember news stories about kids killing themselves over CC debt that they’d gotten in way over their head with. Companies like Providian were targeting college kids and destroying their credit with extremely questionable lending practices before the Federal Government stepped in with some needed oversight under the Bush43 admin.

    This is that on steroids...except it’s not college kids with mom and dad there to bail them out. This is targeting Already impoverished people and the business model is to trap them in a debt spiral. PDL shops don’t want the principal payment back. They want minimum payments on debt service for the rest of your life, and they prey on the uneducated working poor as their prime demo.

    It’s one of the least honorable businesses I can think of. I have more respect for drug dealers than I do PDL shops.

    Yep.

    I had a fren who worked for one for awhile and finally quit because he had seen too much shit. He has no respect for the industry and hates himself for having worked there.

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  • MelloDawgMelloDawg Member, Swaye's Wigwam Posts: 6,811 Swaye's Wigwam
    thechatch said:

    The one time in 100 that it helps someone without pulling them into a debt spiral, yes...that’s a positive. The problem is that’s not the norm in that industry by any means.

    When I started college in the late 90s, it was kind of the end of the predatory credit card age. If you’re my age you probably remember news stories about kids killing themselves over CC debt that they’d gotten in way over their head with. Companies like Providian were targeting college kids and destroying their credit with extremely questionable lending practices before the Federal Government stepped in with some needed oversight under the Bush43 admin.

    This is that on steroids...except it’s not college kids with mom and dad there to bail them out. This is targeting Already impoverished people and the business model is to trap them in a debt spiral. PDL shops don’t want the principal payment back. They want minimum payments on debt service for the rest of your life, and they prey on the uneducated working poor as their prime demo.

    It’s one of the least honorable businesses I can think of. I have more respect for drug dealers than I do PDL shops.

    https://www.forbes.com/sites/sergeiklebnikov/2020/06/17/20-year-old-robinhood-customer-dies-by-suicide-after-seeing-a-730000-negative-balance/#47ba3b161638

    Now it's kids who don't understand options trading....
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  • creepycougcreepycoug Member Posts: 23,972
    My view - as long as there is adequate disclosure (and an argument can be made that no disclosure is necessary), people should be free to use these services. Sure, they seem ... unseemly from my vantage point, but someone uses them or they wouldn't have proliferated as they have. They are serving a segment of society.

    Agree we should be teaching basic consumer finance to every HS, which they should have to pass before graduating.
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  • PurpleThrobberPurpleThrobber Member Posts: 47,486 Standard Supporter
    creepycoug said:

    My view - as long as there is adequate disclosure (and an argument can be made that no disclosure is necessary), people should be free to use these services. Sure, they seem ... unseemly from my vantage point, but someone uses them or they wouldn't have proliferated as they have. They are serving a segment of society.

    Agree we should be teaching basic consumer finance to every HS, which they should have to pass before graduating.

    That was a graduation requirement in the State of Washington in the early to mid-80's.

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  • NorthwestFreshNorthwestFresh Member Posts: 7,972
    PurpleThrobber said:

    creepycoug said:

    My view - as long as there is adequate disclosure (and an argument can be made that no disclosure is necessary), people should be free to use these services. Sure, they seem ... unseemly from my vantage point, but someone uses them or they wouldn't have proliferated as they have. They are serving a segment of society.

    Agree we should be teaching basic consumer finance to every HS, which they should have to pass before graduating.

    That was a graduation requirement in the State of Washington in the early to mid-80's.

    Eliminated for the sole purpose of putting people into debt with the banks that lobby the Democrats and Lincoln Project GOP, and then defaulting for government assistance.
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  • Blu82Blu82 Member Posts: 1,667
    MikeDamone said:

    Swaye said:

    MikeDamone said:

    incremetal_progress said:



    for the payday loan industry. Now more Americans can get ripped off by usury interest rates that keep poor, working Americans in perpetual debt. That should really help Americans getting back on their feet post-lockdown.
    Now more Americans who need emergency cash can get it rather than picking through trash, selling drugs and cruising gay bathhouses for cash.
    If we are gonna bash cruising gay bath houses then I am OUT!
    I'm bashing cruising them for cash, not cruising them as you would.
    MikeDamone said:

    Swaye said:

    MikeDamone said:

    incremetal_progress said:



    for the payday loan industry. Now more Americans can get ripped off by usury interest rates that keep poor, working Americans in perpetual debt. That should really help Americans getting back on their feet post-lockdown.
    Now more Americans who need emergency cash can get it rather than picking through trash, selling drugs and cruising gay bathhouses for cash.
    If we are gonna bash cruising gay bath houses then I am OUT!
    I'm bashing cruising them for cash, not cruising them as you would.
    Cruising them for cash and cruising them with cash are very different things.

    HTH
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