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A down side to Capitalism
Posted on 4/6/21 at 11:12 pm
Posted on 4/6/21 at 11:12 pm
In most states, it's completely legal to borrow money from a company to borrow money to pay another company, etc.
You can especially find such places in the poorer towns and small cities throughout the South.
Of course, the way they make money is compounding interest. "It's the idiot who falls into these traps." No, it's a shady business going after poor and mostly uneducated people.
Wait, there's more...
You can only borrow so much money, right? Then, we have the companies who allow you to pay for your 10 year old car with "easy bi-weekly payments - NO CREDIT CHECK!"
We all know people with money problems, and they deserve a break.
Remove such places from poorer communities and regulate bailbondsmen, and we can remove the money train.
A down side to Capitalism is unregulated trade.
You can especially find such places in the poorer towns and small cities throughout the South.
Of course, the way they make money is compounding interest. "It's the idiot who falls into these traps." No, it's a shady business going after poor and mostly uneducated people.
Wait, there's more...
You can only borrow so much money, right? Then, we have the companies who allow you to pay for your 10 year old car with "easy bi-weekly payments - NO CREDIT CHECK!"
We all know people with money problems, and they deserve a break.
Remove such places from poorer communities and regulate bailbondsmen, and we can remove the money train.
A down side to Capitalism is unregulated trade.
This post was edited on 4/6/21 at 11:13 pm
28
Posted on 4/6/21 at 11:15 pm to jptiger2009
Can you tell me the upside to these companies lending people money that can't pay it back?
Posted on 4/6/21 at 11:17 pm to Spelt it rong
No upside but they mostly exist outside the areas of significant regulation (poor South).
Posted on 4/6/21 at 11:24 pm to jptiger2009
quote:
We all know people with money problems, and they deserve a break.
I mean, who doesn't deserve an exemption to personal responsibity, at the cost of others? quote:No.
A down side to Capitalism is unregulated trade.
Posted on 4/6/21 at 11:30 pm to Taxing Authority
quote:
mean, who doesn't deserve an exemption to personal responsibity, at the cost of others?
Blah, pull the numbers. You're comparing apples to watermelons.
Posted on 4/6/21 at 11:36 pm to jptiger2009
We need strict usury laws
Posted on 4/6/21 at 11:40 pm to Spelt it rong
quote:A sweet government bail out?
Can you tell me the upside to these companies lending people money that can't pay it back?
Posted on 4/6/21 at 11:41 pm to jptiger2009
quote:Blah, pull the borrowers agreements. No one was forced to take the money.
Blah, pull the numbers
This post was edited on 4/6/21 at 11:42 pm
Posted on 4/6/21 at 11:58 pm to jptiger2009
This is kind of a catch 22. Predatory lending is a problem and I think they cap it at 25%. The problem you run into is that risk and reward go hand in hand. If I loan a person with very poor credit a $1000, I don’t real expect to get paid back. If I loan an anesthesiologist a $1000, I’m pretty sure I’m getting my money back. If you remove my right to charge a greater interest rate to the undesirable applicant I simply won’t loan them money.
That puts a person with questionable decision making skills in a difficult position when Christmas is around the corner and his kids want bikes or a PlayStation 5. Now he or she can’t borrow money. Legitimately cannot obtain it. Now, I’m not in a position to comment on what anyone spends their money on but people tend to find a way to do what they think they need to regardless of what the legislature says about it.
Also if this is unsecured credit there are legal avenues to discharge the debt.
So yeah. Is it unethical? Yep. Should it be illegal? Probably not.
That puts a person with questionable decision making skills in a difficult position when Christmas is around the corner and his kids want bikes or a PlayStation 5. Now he or she can’t borrow money. Legitimately cannot obtain it. Now, I’m not in a position to comment on what anyone spends their money on but people tend to find a way to do what they think they need to regardless of what the legislature says about it.
Also if this is unsecured credit there are legal avenues to discharge the debt.
So yeah. Is it unethical? Yep. Should it be illegal? Probably not.
Posted on 4/7/21 at 12:09 am to jptiger2009
quote:
Remove such places from poorer communities and regulate bailbondsmen, and we can remove the money train.
And where will these people go to finance purchases? They don’t have the personal discipline to save, they typically have atrocious credit ratings so traditional banks won’t touch them, it looks to me like these lenders of last resort are providing a service no one else will. As for the loan terms, should the lenders not be compensated appropriately for loaning money to people who are unlikely to pay it back? The minority of these borrowers never fully repay the loans requiring the lenders to try and recoup their money early in the loan period.
Posted on 4/7/21 at 12:37 am to jptiger2009
quote:
A down side to Capitalism is unregulated trade.
You have to be a troll.
There is no such thing as unregulated trade.
Posted on 4/7/21 at 12:58 am to jptiger2009
quote:
We all know people with money problems, and they deserve a break.
People with money problems really have a decision making problem. What did they do to deserve a break from their bad decisions?
quote:
Remove such places from poorer communities and regulate bailbondsmen, and we can remove the money train.
bullshite. Most of these are companies risking their own financial well being within low income communities. It’s like being a slum lord- profit is hard to come by. It’s not a recipe for becoming a multi-millionaire. Regarding bail bondsmen- abolish financial bonds and the problem is solved. Money does not guarantee that someone will show up for court. If they don’t show up, issue a warrant. Then don’t issue another bond after their re-arrest.
quote:
A down side to Capitalism is unregulated trade.
More bullshite. Why can’t 2 people be free to negotiate their own deal? In reality, no trade ever happens unless both people feel they got the better deal. Why does that need to be regulated and who gets to decide, Commie?
This post was edited on 4/7/21 at 1:02 am
Posted on 4/7/21 at 1:04 am to jptiger2009
quote:
Blah, pull the numbers. You're comparing apples to watermelons.
I don’t get your analogy. Aside from the obvious racist reference, you’re saying it’s like comparing fruit to fruit. What exactly does that refute?
Posted on 4/7/21 at 3:15 am to jptiger2009
quote:
regulate bailbondsmen
What does this have to do with lending money?
Bailbondsmen are already heavily regulated in an industry that is high risk for the business owners. Liberals are already pushing to end bail, which has caused many to fail. Bond rates are set by law; bondsmen can't even control their own prices. They are on the hook for significantly more money than they are putting up for the bail.
They are also beholden to insurance companies. Bail bond companies have to keep millions in escrow depending on the number of bonds they do. They are also not allowed to touch that money even if the business closes until every single bond is off the books which could be years.
Bail bondsmen and bounty hunters ensure people show up to court. Cops don't have the manpower or desire to actively go after criminals for missing a court a date. Bail also covers some of the expense of running a jail, so that it is not solely on the taxpayers.
Bailbonds is one of those businesses that people don't really understand until they are in the industry. Most people just believe the talking points put out by political activists.
Posted on 4/7/21 at 4:20 am to jptiger2009
quote:
No upside but they mostly exist outside the areas of significant regulation (poor South).
So there are no "pay day" loan places anywhere but the South? Nah...They are all over the internet...I guess those folks who can't figure out how to get on the internet are safe.
Posted on 4/7/21 at 5:32 am to jptiger2009
quote:
We all know people with money problems, and they deserve a break.
No, they don't 'deserve a break'. Stop and think about how wholly stupid that statement is.
What did they do to 'deserve' it? Why do they 'deserve' it? No, one does not 'deserve a break' because they have money problems.
Could be just the opposite. Maybe they were irresponsible and blew all their money on cell phones, crack, tvs, cigs, and booze while their 18 kids went hungry. Maybe they actually deserve to have their asses whipped. Being a poor adult almost always is due to bad behavior by the adult and they don't deserve anything buy scorn and ridicule of society. Yes, there are exceptions to this, but generally if one works hard and acts responsibly, they will not be poor or ever need a payday loan.
Think of payday loans as a way to relieveing idiots from the ability to misuse an invaluable asset, money. Whatever money they have should be taken from them and given to people who know better how to use it.
Posted on 4/7/21 at 6:04 am to jptiger2009
Ever seen the interest rates on some of the big banks' credit cards, lol?
Oh yeah, and they'll open a credit card for you so you can transfer the balance to another high interest rate card.
Oh yeah, and they'll open a credit card for you so you can transfer the balance to another high interest rate card.
This post was edited on 4/7/21 at 6:05 am
Posted on 4/7/21 at 6:09 am to jptiger2009
So much wrong in your post...not sure where to start.
Posted on 4/7/21 at 6:21 am to jptiger2009
quote:
jptiger2009
Bless your heart, you weren't taught what personal responsibility means.
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