Usury

[Droopy]

I just got a great notice in the mail from a lending institution! They will loan me $1000-$3000 at an APR of just 96%! And I'm preapproved!! Think of all the great things I could do with that money like buy a Play Station and a bunch of games, or go down to the casino, or buy that $2500 limited edition electric guitar I've been eyeballing. This is going to be great!

[Dr. Strange]

1. I'd be careful if I were you.

There's got to be a catch there somewhere.

:spray:

[skygazer]

2. And there are people who just see "pre-approved" and jump on it

I really think that kids should be taught financial matters in school - stuff like how to manage money and what a credit card actually is (hint: it's not extra money). So many people are just clueless and they end up learning (if they ever do) by screwing up.

[GreenPartyVoter]

3. Or, as in our case, there wasn't enough real money and we subsidized with the cards. But eventually,

when hubby's job cut his hours back over too long a period we couldn't keep up on all the payments and our house of cards came crashing down on our heads. We wound up going through bankruptcy.

[Droopy]

7. That's exactly how I learned. By screwing up.

But I have since unfucked myself. And the silly part of it was that I really did know better. I was just in a pinch and too proud to ask my folks for a loan even though they said they would help me out.

[Orsino]

4. Sure, they lure you in with a great rate...

...but will adjust it down to zero as soon as you're not looking.

I'd be very, very careful.

[auntAgonist]

5. Jump on it!!

and stomp it to death. YIKES 96% omg ... and to think some would actually go for that. Very sad :(


:hi:

kesha.

[Droopy]

6. Yeah it's terrible

I was listening to the news the other day and heard something incredible about those check cashing places that do those payday loans. Their APR is almost 400% for those customers who cannot make the pay back in time. They simply loan them more money to cover the oustanding debt. I can see how people could get sucked into one of those places for years. There is a movement in Ohio to get the rates that those places charge capped at 36%. I hope the law passes.