The Conservative Cave
Current Events => General Discussion => Topic started by: Revolution on May 19, 2010, 10:32:21 AM
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The governor signed a bill that will regulate payday lending for the first time after years of unchecked growth by the industry. But he creatively used his partial veto power to rewrite the law, banning auto title loans and making other changes to protect consumers from what he called "predatory lending practices."
http://www.postcrescent.com/article/20100519/APC0101/5190510/1004&located=rss
This is bull! Doyle potentially just wiped out thousands of jobs. Who the HELL is this guy to tell people how they can spend THEIR hard earned money?? It should be 100% your choice! Emergency title loans are sometimes need. If a pet dies, if a family member is injured, etc. Doyle is just mad because SOME people...a very small minority of people give over their car for 80% back so they can buy crack or something. That's what this is about. It's nonsense.
It's a far sight easier to deal with an emergency via a title loan rather than saving all those nickles and dimes by hosting a garage sale. What an IDIOT!
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At interest rates approaching 600 percent?
Sorry, they can make a more honest living. Cap the interest rate at 30 percent, and watch them all dry up.
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At interest rates approaching 600 percent?
Considering the Bible's stance on usury I can see Christians and Jews being opposed to this on moral grounds.
Still, it'd be nice if those taking the loans governed themselves.
It'd be nice if common sense ruled the day but I suppose the lack of common sense necessitated the Bible.
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Nobody is forced at gun point to take out a payday loan.
If you don't want to pay the high interest, then don't sign the damn contract.
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"protect people" from being able to get a loan?
So he has just denied poor people with no assets from getting a short term loan?
and this is "protection"??
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Jim Doyle is an idiot. I learned that when I lived in MN.
While I don't agree with these Title loan places and the way the rape their "customers", free enterprise is free enterprise. As Sparky said, cap the loans rates at 30%.
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While I don't agree with these Title loan places and the way the rape their "customers", free enterprise is free enterprise. As Sparky said, cap the loans rates at 30%.
Why?
If customers agree to those rates then I fail to see the problem.
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It's their money. However, I dislike the fact that a lot of these companies like to screw the little guy.
Still, it'd be nice if those taking the loans governed themselves.
It would. However, a decent portion of the people taking the loans have limited choices due to emergency, or economy. Especially in these days. I'm not arguing in favor of deadbeats, people with bad credit, etc. I'm arguing for all those regular folks who have just fallen on hard times.
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It's their money. However, I dislike the fact that a lot of these companies like to screw the little guy.
So it'd be better if they didn't have that option?
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Why?
If customers agree to those rates then I fail to see the problem.
When the customers have no other alternative, it's kind of like having a captive audience. The Government capped credit card rates, many of which exceeded 30% (with late fees and interest increases, many approached 50%, some even more. Why not cap ALL lending agencies??
Then there's one of my friends on Facebook that had a CC company seize his checking account, apparently without due process:
Capitol One has unjustly had lawyers from Ohio clear out my checking acct due to a clerical error they created, to the tune of $1766.68, plus all penalties for bounced checks for house payment, bike payment, bills, etc. "What's in YOUR wallet?"
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This is not about CC. This is about very short term loans, a week or two. These "annual rates" are meaningless in this context. Once you limit what they can possibly recoup, and many people skip out, they will shut down as it no longer makes any sense. WIll they also be shutting down pawn shops? Know what kind of annual rates they charge to get your own item back?
Then again, I guess the working poor should have zero financial services available to them at all. I guess that'll encourage them to get rich.
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I'm not arguing that these shouldn't exist. Perhaps you shouldn't be so dense?? I don't agree with the rates that Pawn Shops charge, either. However, as someone said earlier:
Considering the Bible's stance on usury I can see Christians and Jews being opposed to this on moral grounds.
Still, it'd be nice if those taking the loans governed themselves.
It'd be nice if common sense ruled the day but I suppose the lack of common sense necessitated the Bible.
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So it'd be better if they didn't have that option?
Not at all. Having to pay a llittle extra so that you can deal with an emergency is a far better sight than what owners have now thanks to Doyle.
Then again, I guess the working poor should have zero financial services available to them at all. I guess that'll encourage them to get rich.
In short, I agree with this. Sarcasm and all.
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Nobody is forced at gun point to take out a payday loan.
If you don't want to pay the high interest, then don't sign the damn contract.
THIS.
Regulating the interest rate technically violates the contract claws in SCOTUS.
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THIS.
Regulating the interest rate technically violates the contract claws in SCOTUS.
did someone say.... CLAWS??
(http://deniselefay.files.wordpress.com/2009/04/claws.jpg)
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Jim Doyle is an idiot. I learned that when I lived in MN.
While I don't agree with these Title loan places and the way the rape their "customers", free enterprise is free enterprise. As Sparky said, cap the loans rates at 30%.
How is it rape if the customer willingly agrees to the contractural obligation? Sure the customer may be in a bit of a bind and need funds quickly, but they assume the obligation of the contract once they sign it. If the loan is repaid IAW the contract then I suspect that the interest rate is no where near the so called 600% range.
I have never used the services of such an establishment and have never seen the type of contract, so I might be wrong, but I'm willing to bet I am not.
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Why?
If customers agree to those rates then I fail to see the problem.
We need the H5 button back.
I agree with you.
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When the customers have no other alternative, it's kind of like having a captive audience. The Government capped credit card rates, many of which exceeded 30% (with late fees and interest increases, many approached 50%, some even more. Why not cap ALL lending agencies??
Then there's one of my friends on Facebook that had a CC company seize his checking account, apparently without due process:
Here's a tip....
Pay your bills on time and there will be no late fees nor increased interest rates caused by breach of contract.
As far as your FB friend, I strongly suspect that there is more to the story than they disclosed on FB.
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As far as your FB friend, I strongly suspect that there is more to the story than they disclosed on FB.
I can only impart what I have read. I'm sure that there's more to the story that what's been told. There usually is.
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I can only impart what I have read. I'm sure that there's more to the story that what's been told. There usually is.
Understood.
But it seems to me that you attempted to use what your FB buddy told you in support of your own argument/opinion, as if it were an unmitigated fact.
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The mafia should be allowed to make loans also...... wait, they do.
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THIS.
Regulating the interest rate technically violates the contract claws in SCOTUS.
??
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did someone say.... CLAWS??
(http://deniselefay.files.wordpress.com/2009/04/claws.jpg)
hahaha... ya got me... was a long day.