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Sat Jan 7, 2012, 11:26 AM

The 5 businesses that rip off the poor

Banks rate right there with the Check/Loan Sharks

1. Payday lenders

2. 'Buy here, pay here' car lots

3. Used-car leasing

4. Rent to own

5. Banks

http://money.msn.com/shopping-deals/5-businesses-that-rip-off-the-poor-weston.aspx

17 replies, 3670 views

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Arrow 17 replies Author Time Post
Reply The 5 businesses that rip off the poor (Original post)
liberal N proud Jan 2012 OP
FreakinDJ Jan 2012 #1
Reader Rabbit Jan 2012 #2
MH1 Jan 2012 #3
MedicalAdmin Jan 2012 #4
Romulox Jan 2012 #6
Scuba Jan 2012 #11
zbdent Jan 2012 #7
liberal N proud Jan 2012 #9
Fumesucker Jan 2012 #12
Romulox Jan 2012 #5
Fumesucker Jan 2012 #13
NightTemplar Jan 2012 #8
Art_from_Ark Jan 2012 #14
ProgressiveEconomist Jan 2012 #10
high density Jan 2012 #15
liberal N proud Jan 2012 #16
OriginalGeek Jan 2012 #17

Response to liberal N proud (Original post)


Response to liberal N proud (Original post)

Sat Jan 7, 2012, 11:46 AM

2. State lotteries should be on that list.

It's basically a tax on the poor. Yeah, it's optional, but you don't see the rich buying lottery tickets.

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Response to Reader Rabbit (Reply #2)

Sat Jan 7, 2012, 11:55 AM

3. A lot of non-poor buy lottery tickets.

Often when the pot gets big enough, groups of coworkers will all buy tickets as a pool. If any one wins, they split the pot. That improves the odds of winning for everyone in the group.

Which is why you often hear about a group of coworkers winning the lottery.

Usually these folks aren't what is generally meant by "poor" although they aren't rich either. (Some make enough they would be derided as "rich" by some posters on DU though.)

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Response to Reader Rabbit (Reply #2)

Sat Jan 7, 2012, 12:19 PM

4. More accurately it is a tax on the mathematically challenged.

Having said that I see more poor and middle class buying tickets than the poor and I say that by noticing where the ticket machines are. They ubiquitous in poor and middle class neighborhoods. I have as of yet to see one at any country club or high end restaurant area.

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Response to MedicalAdmin (Reply #4)

Sat Jan 7, 2012, 12:23 PM

6. In economic parlance, many people derive "utility" from the *chance* to win. So the money isn't

"wasted", strictly speaking. That said, I'm not much of a gambler.

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Response to MedicalAdmin (Reply #4)

Sun Jan 8, 2012, 06:56 AM

11. Bingo.

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Response to Reader Rabbit (Reply #2)

Sat Jan 7, 2012, 03:24 PM

7. Donald Trump bought a number of Powerball tickets a while back ...

and he wasn't "poor" ...

And I also wonder why a lot of my Republican/Conservative "friends" play the Powerball and Mega Millions ...

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Response to zbdent (Reply #7)

Sat Jan 7, 2012, 03:39 PM

9. Winning for him would be pocket change

He only does something if it draws attention to himself.

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Response to zbdent (Reply #7)

Sun Jan 8, 2012, 07:00 AM

12. Innumeracy is even more rampant than illiteracy..

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Response to liberal N proud (Original post)

Sat Jan 7, 2012, 12:22 PM

5. Nike. nt

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Response to Romulox (Reply #5)

Sun Jan 8, 2012, 07:01 AM

13. +1

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Response to liberal N proud (Original post)

Sat Jan 7, 2012, 03:36 PM

8. Banks are the worst...

 

Your checking account has 1000 dollars in it... and you have a $1000 check come thru, a starbucks debit card transaction for $3, a double cheeseburger and coke for $3 and a $5 loaf of bread and gallon of milk...

For your crime of spending more than you have in your account (that the bank promotes and ALLOWS) you will PAY $105 in fees because they pay items from large>small to maximize overdraft fees.

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Response to NightTemplar (Reply #8)

Sun Jan 8, 2012, 07:27 AM

14. That's one reason why I never pay for anything with a debit card

It's too easy to start racking up fees.

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Response to liberal N proud (Original post)

Sat Jan 7, 2012, 04:00 PM

10. Books by Gregory Squires

( http://www.amazon.com/Why-Poor-Pay-More-Predatory/dp/sitb-next/027598186X ) and David Caplovitz ( http://lccn.loc.gov/90219758 ) would add many other businesses to the list of exploiters, including mortgage lenders, grocers, liquor stores, gun stores, cigarette vendors, etc.

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Response to liberal N proud (Original post)

Sun Jan 8, 2012, 07:29 AM

15. Why do people lease used cars?

First off, what the car dealership is doing is terrible by preying off of people in this manner and they need to be punished if they're breaking the law. But secondly, what the heck was this person thinking?

Did the person in this article really need this specific 2008 Jeep Patriot to get to work? I mean $124/wk ($537/mo) over three years will buy you a brand new vehicle. So, why do that to yourself? I would hope that even with bad credit, this buyer would be able to finance the purchase of a cheap $5k car and pay it off over a year or so. (12 month loan for $5650 at the ridiculous state max of 25% APR is $537/mo.) That would be lot better than putting $6500 a year into a lease. If that's the amount you're paying for a lease, you should be in a brand new BMW.

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Response to high density (Reply #15)

Sun Jan 8, 2012, 10:37 AM

16. I think they prey on people who can't manage to come up with a few hundred dollars for down payment

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Response to liberal N proud (Reply #16)

Sun Jan 8, 2012, 10:47 AM

17. That and credit rating

A brand new car almost always requires, at the very least, decent credit. Nocredit , slow credit or poor credit doesn't stand a chance and lenders don't care why you were late on a couple payments or that you had a big hospital bill. (not saying there aren't also people who really do just plain fuck up their own selves but they aren't the only bad credit people)

But these "no credit check" places will soak 10 people on the same car and make tons simply because they can go repossess it over and over and keep selling it...

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