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Author Topic: DUmmie math on how to get out from under payday loans  (Read 1070 times)

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Offline BattleHymn

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DUmmie math on how to get out from under payday loans
« on: April 06, 2016, 06:21:00 PM »
http://www.democraticunderground.com/1121844



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Thu Mar 3, 2016, 03:14 PM
Star Member Spitfire of ATJ (29,976 posts)

How to get out of the $500 TRAP at those payday loan centers

People tend to borrow the limit of $500 and have to re-borrow every month because they cant afford a $500 hit on their salary.

Here's how I tell people to get out of the $500 a month borrowing cycle. Ask yourself what you CAN afford (I'll use $100 less a month as an example). The next time you go in only borrow $400 instead of $500. The time after that borrow $300, then $200 and then $100. Then don't go back. You are free and clear.


Quote
Sun Mar 6, 2016, 03:45 PM
Star Member A HERETIC I AM (15,617 posts)
1. They should be outlawed.

They are the WORST kind of predatory lending with interest rates a loan shark would envy.

Best advice? Don't use one, no matter what. Borrow from friends or family before you even consider walking into one of those places.

Or beg from other DUmmies!!

Quote
Tue Mar 15, 2016, 04:43 PM
MemphisMoocows (13 posts)
2. Yup

No matter what your income, live below your means and don't buy crap you can't afford. And avoid borrowing money. If you have to borrow to buy something, you can't afford it.

Quote
Tue Mar 15, 2016, 05:14 PM
Star Member Spitfire of ATJ (29,976 posts)
3. Few people can buy a house with cash.

Few DUmmies can buy ANYTHING with cash. 
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Offline Chris_

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Re: DUmmie math on how to get out from under payday loans
« Reply #1 on: April 06, 2016, 06:32:32 PM »
That was, like, deep... man. :stoner:
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Offline BattleHymn

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Re: DUmmie math on how to get out from under payday loans
« Reply #2 on: April 06, 2016, 06:39:02 PM »
Can't afford to pay back $500?  Borrow $1500!!

-DUmmie logic 
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Offline FlaGator

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Re: DUmmie math on how to get out from under payday loans
« Reply #3 on: April 06, 2016, 06:47:34 PM »
In Florida the  payday loans work like this. When you take out a loan (up to $500) you have until your next payday to pay it back. Once given a loan you can't take out another one (even from a different company) for 90 days. You have to have a valid bank account and ATM card. You give them the card number and sign a note that allows them to draw cash from the account if you don't pay up.
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Offline I_B_Perky

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Re: DUmmie math on how to get out from under payday loans
« Reply #4 on: April 06, 2016, 06:57:42 PM »
Quote from: BattleHymn on April 06, 2016, 06:39:02 PM
Can't afford to pay back $500?  Borrow $1500!!

-DUmmie logic

Federal government logic as well.
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Re: DUmmie math on how to get out from under payday loans
« Reply #5 on: April 07, 2016, 05:22:25 AM »
Quote from: Chris_ on April 06, 2016, 06:32:32 PM
That was, like, deep... man. :stoner:

 :werd:   :II:
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Offline jukin

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Re: DUmmie math on how to get out from under payday loans
« Reply #6 on: April 07, 2016, 03:40:04 PM »
Quote
Tue Mar 15, 2016, 04:43 PM
MemphisMoocows (13 posts)
2. Yup

No matter what your income, live below your means and don't buy crap you can't afford. And avoid borrowing money. If you have to borrow to buy something, you can't afford it.

OH MY!!!!!!

Blind Squirrel ALERT!!
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Offline Patriot Guard Rider

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Re: DUmmie math on how to get out from under payday loans
« Reply #7 on: April 07, 2016, 05:24:28 PM »
Quote from: jukin on April 07, 2016, 03:40:04 PM
OH MY!!!!!!

Blind Squirrel ALERT!!

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Offline freedumb2003b

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Re: DUmmie math on how to get out from under payday loans
« Reply #8 on: April 07, 2016, 05:45:40 PM »
Quote
Sun Mar 6, 2016, 03:45 PM
Star Member A HERETIC I AM (15,617 posts)
1. They should be outlawed.

They are the WORST kind of predatory lending with interest rates a loan shark would envy.

Best advice? Don't use one, no matter what. Borrow from friends or family before you even consider walking into one of those places.

This has been attempted.  The argument by the lenders is "if we don't exist, these people have no options.  They will lose their homes, cars, health, etc. if we are not here."  Then they go on to say (usually with statistics to back them up) that most people use these lenders only rarely and the borrow/repay/borrow cycle is a tiny percentage.  They usually wrap up with offering credit counseling and the like.

Frankly, it has been and is a winning argument.

The DUmmie is right in that borrowing for anything short of a mortgage and maybe a car is dumb dumb dumb (did I mention it is dumb?),
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Offline Texacon

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Re: DUmmie math on how to get out from under payday loans
« Reply #9 on: April 08, 2016, 07:33:19 AM »
I don't understand this at all. These places only loan money to wealthy people?  I mean if you have to have a bank account and a valid ATM card that would mean you have an ID of some kind. We all know this is discriminatory against minorities and poor people.

These places should either be forced to serve minorities and the poor or go out of business. IMHO.

KC


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Offline Skul

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Re: DUmmie math on how to get out from under payday loans
« Reply #10 on: April 08, 2016, 09:46:58 AM »
Quote from: Texacon on April 08, 2016, 07:33:19 AM
I don't understand this at all. These places only loan money to wealthy people?  I mean if you have to have a bank account and a valid ATM card that would mean you have an ID of some kind. We all know this is discriminatory against minorities and poor people.

These places should either be forced to serve minorities and the poor or go out of business. IMHO.

KC
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Offline FlaGator

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Re: DUmmie math on how to get out from under payday loans
« Reply #11 on: April 08, 2016, 09:52:15 AM »
Quote
Sun Mar 6, 2016, 03:45 PM
Star Member A HERETIC I AM (15,617 posts)
1. They should be outlawed.

They are the WORST kind of predatory lending with interest rates a loan shark would envy.

Best advice? Don't use one, no matter what. Borrow from friends or family before you even consider walking into one of those places.

I speak moonbat. Allow me to translate. "Get the money from people who have no way of getting the money back."
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