Victory
Comments
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Yep.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.
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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https://www.forbes.com/sites/sergeiklebnikov/2020/06/17/20-year-old-robinhood-customer-dies-by-suicide-after-seeing-a-730000-negative-balance/#47ba3b161638thechatch 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.
Now it's kids who don't understand options trading.... -
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.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.
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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.PurpleThrobber said:
That was a graduation requirement in the State of Washington in the early to mid-80's.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. -
MikeDamone said:
I'm bashing cruising them for cash, not cruising them as you would.Swaye said:
If we are gonna bash cruising gay bath houses then I am OUT!MikeDamone said:
Now more Americans who need emergency cash can get it rather than picking through trash, selling drugs and cruising gay bathhouses for cash.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.
Cruising them for cash and cruising them with cash are very different things.MikeDamone said:
I'm bashing cruising them for cash, not cruising them as you would.Swaye said:
If we are gonna bash cruising gay bath houses then I am OUT!MikeDamone said:
Now more Americans who need emergency cash can get it rather than picking through trash, selling drugs and cruising gay bathhouses for cash.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.
HTH
