Still Hating America.

[ltl/fb]

Originally posted by sebastian_dangerfield
When they're opaque and designed to deceive, they should be actionable. When you've got eyes bigger than your pocketbook, you should pay the penalty for being reckless.

There's a lot more of one distressed borrower than there is the other.

If you obfuscate terms and lend to people you know won't be able to pay you back completely, you should lose the money you lend.

ETA no, you are so right, and I so duck out of this. I have been talking to reasonable people sort of of your ilk lately, and forgot that you actually think you are middle class, etc. -- making you more delusional than an old, overweight woman trying out for pro cheerleading.

[Shape Shifter]

Where did spanky go? Did he retire? If so, can someone please post a link to his retirement message?

[sebastian_dangerfield]

Originally posted by Replaced_Texan
I thought that this was a pretty good article that sort of demonstrated how the underground economy works. It seems really, really hard to get out of once you're in, because the interest rates are so high. One assumes that such lenders are not good Christians.

There was also a piece recently on NPR about New Mexico's lack of payday loan legislation.

They aren't good Christians, but neither are the people who sign the papers. Wasn't there something about God helping he who helped himself in the bible?

Payday lending's a phony target the credit card companies are directing attention toward to avoid the debate out how those issuers put the debtors into a position where they need payday loans. Nobody goes straight to a payday loan unless he can't get a credit card. And the only people who can't get credit cards these days are the dead.

[sebastian_dangerfield]

Originally posted by ltl/fb
If you obfuscate terms and lend to people you know won't be able to pay you back completely, you should lose the money you lend.

Some owner of the paper eats the foreclosure eventually.

[ltl/fb]

Originally posted by sebastian_dangerfield
Payday lending's a phony target the credit card companies are directing attention toward to avoid the debate out how those issuers put the debtors into a position where they need payday loans.

Um, are you saying these issuers are just fine, or that they are bad? God you are confusing. Probably because you totally contradict yourself all the time.

[Replaced_Texan]

Originally posted by ltl/fb
Um, are you saying these issuers are just fine, or that they are bad? God you are confusing. Probably because you totally contradict yourself all the time.

FWIW, I'm also confused.

[sebastian_dangerfield]

Originally posted by ltl/fb
Um, are you saying these issuers are just fine, or that they are bad? God you are confusing. Probably because you totally contradict yourself all the time.

I'm saying payday lending's getting an unfiar rap. I don't think either the issuers or the payday lenders are inherently "wrong" (though I do think payday lending walks the usury line pretty closely). I just think the public is being sold a bag of bullshit against payday lenders, which are using a variation of the same "rope them in, then consolidate their debts" business model MBNA pushed years ago and now most of the issuers follow as standard business practice.

[Shape Shifter]

Originally posted by sebastian_dangerfield
I'm saying payday lending's getting an unfiar rap. I don't think either the issuers or the payday lenders are inherently "wrong" (though I do think payday lending walks the usury line pretty closely). I just think the public is being sold a bag of bullshit against payday lenders, which are using a variation of the same "rope them in, then consolidate their debts" business model MBNA pushed years ago and now most of the issuers follow as standard business practice.

Take a few minutes and read the article RT posted from the Houston Press. It illustrates the issue pretty well, I think.

[ltl/fb]

Originally posted by Shape Shifter
Take a few minutes and read the article RT posted from the Houston Press. It illustrates the issue pretty well, I think.

Read? What? Who do you think you are talking to?

Anyway, he, and everyone he knows and/or is related to, is solidly middle-class, if not lower-middle-class, so if they've managed to avoid the traps, clearly everyone who has been roped in is just irresponsible/stupid.

[Shape Shifter]

Originally posted by ltl/fb
Read? What? Anyway, he's solidly middle-class, if not lower-middle-class, so if they haven't gotten him, clearly everyone who has been roped in is just irresponsible/stupid.

Now, now.

[Tyrone Slothrop]

OK, this photo is just weird. Apparently Dick Cheney was watching Bush's press conference from the bushes.

[ltl/fb]

Originally posted by Shape Shifter
Now, now.

Show me how his position is different from my summary.

Or not. Headache.

[Hank Chinaski]

Originally posted by sebastian_dangerfield
They aren't good Christians, but neither are the people who sign the papers. Wasn't there something about God helping he who helped himself in the bible?

Payday lending's a phony target the credit card companies are directing attention toward to avoid the debate out how those issuers put the debtors into a position where they need payday loans. Nobody goes straight to a payday loan unless he can't get a credit card. And the only people who can't get credit cards these days are the dead.

next topic- once we go sharia this is all water under the bridge.

[Hank Chinaski]

Originally posted by Shape Shifter
Where did spanky go? Did he retire? If so, can someone please post a link to his retirement message?

worse. fringey has me on ignore. all the great Hank/Fringey tension is out the window. I weep for these chatting boards.

[sebastian_dangerfield]

Originally posted by Replaced_Texan
FWIW, I'm also confused.

They're equally bad and good, and one should not be singled out without reference to the other, since they often work in concert (the issuers milk all the fees they can from the debtor, then the payday lenders get the final scraps).

What we're ignoring, however, is the debtor's responsibility in this mess. I can assure you, the average bad debt on a credit card or default on a mortgage is not the result of a emergency medical expense. It's usually got a lot more to do with "emergencies" like the purchase of a luxury auto, plasma television, etc...

Someone should sue Madison Ave.