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Started By
Message
Serious question about Federal Employees missing paychecks
Posted on 1/18/19 at 9:34 am
Posted on 1/18/19 at 9:34 am
Why don't they seriously just go to a payday loan place?
Never spent a bunch of time in northern Virginia or D.C., but around here there are just as many payday loan places as McDonal's and Suways, andI be damned if I didn't go to Speedy Loans before I lined up at a soup kitchen or a restaurant giving away free meals to federal employees for the news cameras.
...If the Shutdown continues, I'm gonna borrow 10 million dollars and paint detail my grandpa's horse trailer and turn that bitch into a traveling payday loan place for federal employees!!!
Never spent a bunch of time in northern Virginia or D.C., but around here there are just as many payday loan places as McDonal's and Suways, andI be damned if I didn't go to Speedy Loans before I lined up at a soup kitchen or a restaurant giving away free meals to federal employees for the news cameras.
...If the Shutdown continues, I'm gonna borrow 10 million dollars and paint detail my grandpa's horse trailer and turn that bitch into a traveling payday loan place for federal employees!!!
9
Posted on 1/18/19 at 9:39 am to BoneDrownedDave
Because payday loans are a fricking racket, for starters. I think some offer it at "no cost" providing you pay back on a given date, but they bank on you not paying back on said date, and from that point the interest rate is stupid.
So how are they going to a payday loan when they don't know when payday is going to be?
So how are they going to a payday loan when they don't know when payday is going to be?
Posted on 1/18/19 at 9:44 am to BoneDrownedDave
Because they dony want to pay 40% APR would be my guess
Posted on 1/18/19 at 9:44 am to BoneDrownedDave
Maybe because the interest they charge is exorbitant 
Posted on 1/18/19 at 9:48 am to BoneDrownedDave
You thought this was a good post on the Poli board until you brought this crap here.
Posted on 1/18/19 at 9:56 am to lynxcat
Yeah, really isn't a solution for most responsible folks.
Posted on 1/18/19 at 10:53 am to BoneDrownedDave
How can they get a payday loan when they don't know when payday will be?
I'll leave the politics to the Poli Board, but the financial implications of this to these employees is starting to get out of control.
Friend of mine is one of the "lucky" employees who still has to work but isn't getting paid. He's overdrawn on checking. The bank calls him 3-4 times a day to remind him to make a payment. He just took a $2,000 distribution from an old IRA he had, and cashed the check, because he doesn't want to put the check in the bank.
He's basically not paying any bills and using cash to pay for gas, groceries, etc. His credit card is just about maxed out.
And in the end, they are going to get all the money back they are owed from payroll. But, what about the tax and penalty he now owes on the IRA withdrawal? Even if he puts the money back into the account, he still owes it.
Emergency funds are important. We are learning so many don't have one.
I'll leave the politics to the Poli Board, but the financial implications of this to these employees is starting to get out of control.
Friend of mine is one of the "lucky" employees who still has to work but isn't getting paid. He's overdrawn on checking. The bank calls him 3-4 times a day to remind him to make a payment. He just took a $2,000 distribution from an old IRA he had, and cashed the check, because he doesn't want to put the check in the bank.
He's basically not paying any bills and using cash to pay for gas, groceries, etc. His credit card is just about maxed out.
And in the end, they are going to get all the money back they are owed from payroll. But, what about the tax and penalty he now owes on the IRA withdrawal? Even if he puts the money back into the account, he still owes it.
Emergency funds are important. We are learning so many don't have one.
This post was edited on 1/18/19 at 10:54 am
Posted on 1/18/19 at 11:28 am to LSUFanHouston
quote:
Emergency funds are important.
I had this conversation with a guy in my office earlier this week. I wondered just how many people had literally no options in keeping their bills paid. I know that USAA is doing what they can to lend and help bridge the gap, as I'm sure other places are, but the hidden costs of interest, late fees, etc will certainly take their toll.
Its a shitty situation that I'm thankful to not be in. I've always thought that I'm ok with a little short term pain for long term gain (i'm certainly not advocating for or against a wall here, thats another topic for another place) but again thats an easy standpoint to take right now since I'm not the one having to endure the short term pain....
This post was edited on 1/18/19 at 11:30 am
Posted on 1/18/19 at 12:27 pm to AUjim
The cluster will likely be a consideration for people working for the federal government or a contractor relying on the federal government going forward. Washington is only going to get more dysfunctional so I expect these shutdowns to become commonplace.
Posted on 1/18/19 at 1:33 pm to iron banks
quote:
Yeah, really isn't a solution for most responsible folks.
Agreed, but most responsible folks aren't really affected by having a couple paychecks delayed a little while.
Posted on 1/18/19 at 1:38 pm to LSUFanHouston
quote:
How can they get a payday loan when they don't know when payday will be?
I'll leave the politics to the Poli Board, but the financial implications of this to these employees is starting to get out of control.
Friend of mine is one of the "lucky" employees who still has to work but isn't getting paid. He's overdrawn on checking. The bank calls him 3-4 times a day to remind him to make a payment. He just took a $2,000 distribution from an old IRA he had, and cashed the check, because he doesn't want to put the check in the bank.
He's basically not paying any bills and using cash to pay for gas, groceries, etc. His credit card is just about maxed out.
And in the end, they are going to get all the money back they are owed from payroll. But, what about the tax and penalty he now owes on the IRA withdrawal? Even if he puts the money back into the account, he still owes it.
Emergency funds are important. We are learning so many don't have one.
Loan your buddy some money, man.
Posted on 1/18/19 at 1:46 pm to BoneDrownedDave
Why not just go to one of the many reputable banks that are currently offering loans for federal employees on furlough?
Posted on 1/18/19 at 1:48 pm to LSUFanHouston
quote:I've followed your posts on the Money Board long enough to believe your above post is factual.
Friend of mine is one of the "lucky" employees who still has to work but isn't getting paid. He's overdrawn on checking. The bank calls him 3-4 times a day to remind him to make a payment. He just took a $2,000 distribution from an old IRA he had, and cashed the check, because he doesn't want to put the check in the bank.
He's basically not paying any bills and using cash to pay for gas, groceries, etc. His credit card is just about maxed out.
And in the end, they are going to get all the money back they are owed from payroll. But, what about the tax and penalty he now owes on the IRA withdrawal? Even if he puts the money back into the account, he still owes it.
However, I have ZERO sympathy for your friend.
Any person who is healthy and has been in the workforce for a while but who has no savings for a short-term financial cushion completely deserves whatever financial angst he's going through. Especially in today's economy with under 4% unemployment.
Hell, I could walk down the street and have a temporary, part-time job paying me $9/hour before the end of the day today. I pay my yardman $50/hour!
Posted on 1/18/19 at 1:51 pm to LSURussian
quote:
I pay my yardman $50/hour!
You need a new yard guy bro
Posted on 1/18/19 at 1:58 pm to LSUFanHouston
quote:
Friend of mine is one of the "lucky" employees who still has to work but isn't getting paid. He's overdrawn on checking. The bank calls him 3-4 times a day to remind him to make a payment. He just took a $2,000 distribution from an old IRA he had, and cashed the check, because he doesn't want to put the check in the bank.
He's basically not paying any bills and using cash to pay for gas, groceries, etc. His credit card is just about maxed out.
And in the end, they are going to get all the money back they are owed from payroll. But, what about the tax and penalty he now owes on the IRA withdrawal? Even if he puts the money back into the account, he still owes it.
I feel for this guy but how in the hell did he max out his CC plus $2000 IRA withdrawal in three weeks?
Posted on 1/18/19 at 1:59 pm to TheCaterpillar
quote:Nah, he does a great job.
You need a new yard guy bro
But, I'm curious, are you saying I'm paying him too much or too little?
Posted on 1/18/19 at 2:01 pm to BoneDrownedDave
Are you retarded?
Posted on 1/18/19 at 2:18 pm to LSUFanHouston
I will say this ... did a little traveling recently (during shutdown) and the TSA workers were fairly friendly and it seemed business as usual (although maybe less of them)
Posted on 1/18/19 at 2:53 pm to LSU
quote:
Agreed, but most responsible folks aren't really affected by having a couple paychecks delayed a little while.
And most skilled workers can easily find a second job and be paid extra during this time.
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