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When Lenders Sue, Quick Cash Can Turn Into a Lifetime of Debt
Sunday, 15 December 2013 11:00
By Paul Kiel, ProPublica | News Analysis
Five years ago, Naya Burks of St. Louis borrowed $1,000 from AmeriCash Loans. The money came at a steep price: She had to pay back $1,737 over six months.
I really needed the cash, and that was the only thing that I could think of doing at the time, she said. The decision has hung over her life ever since.
A single mother who works unpredictable hours at a chiropractors office, she made payments for a couple of months, then she defaulted.
So AmeriCash sued her, a step that high-cost lenders makers of payday, auto-title and installment loans take against their customers tens of thousands of times each year. In just Missouri and Oklahoma, which have court databases that allow statewide searches, such lenders file more than 29,000 suits annually, according to a ProPublica analysis. ............................(more)
The complete piece is at: http://truth-out.org/news/item/20638-when-lenders-sue-quick-cash-can-turn-into-a-lifetime-of-debt
Egalitarian Thug
(12,448 posts)It is the parasitic mechanism by which they live.
leftyohiolib
(5,917 posts)Egalitarian Thug
(12,448 posts)leftyohiolib
(5,917 posts)Egalitarian Thug
(12,448 posts)of their mythology of choice and therefore must be obeyed, so why shouldn't we use it to further a good cause?
Interest is the built-in functional error that destabilizes the whole system.
leftyohiolib
(5,917 posts)have your cake and eat it too i think is how the expression goes. cherry picking the intelligence so to speak
Egalitarian Thug
(12,448 posts)The Books have been used to justify the whole history of atrocities and seemingly infinite examples of nonsense by their "followers".
But this is pretty far from the topic, I just want them to follow their own rules.
hollysmom
(5,946 posts)My first loan was from a credit union with my father as a co-signer. Paid it back early.
gollygee
(22,336 posts)No way should a $1k debt be allowed to keep increasing until it reaches that far. There should be some point where they say, "You've paid the original loan plus a great deal of interest (whatever amount - I don't know how much would be reasonable and fair) - I don't care how long it took to pay it back, you've covered your debt."
dionysus
(26,467 posts)"After ProPublica submitted questions to AmeriCash about Burks case, however, the company quietly and without explanation filed a court declaration that Burks had completely repaid her debt."
sunlight, the best disinfectant.
xchrom
(108,903 posts)aikoaiko
(34,159 posts)Even something insane like 5 times the principal would be helpful.