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!
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.
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.
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.
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.
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