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Screw Credit Card Companys and PayDay Loans

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democracy1st Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-24-09 12:49 AM
Original message
Screw Credit Card Companys and PayDay Loans
Edited on Sat Jan-24-09 12:53 AM by democracy1st
A quarter of all delinquent mortgages are from individuals over the age of 50, 90% of all payday loan customers are repeat customers. 1 in 4 bankruptcies are of people aged 55 yrs and older,compared to 1991 only 1 in 12 filed at that age.

source Now on PBS
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Double T Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-24-09 12:56 AM
Response to Original message
1. Screw our entire financial system and all the corrupt financial institutions.
I'll bet the loan sharks are pissed off at their competition.
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Tangerine LaBamba Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-24-09 12:58 AM
Response to Reply #1
3. You'll get a better interest rate
on the street or from the mob than you will from credit card companies.
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Tangerine LaBamba Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-24-09 12:57 AM
Response to Original message
2. Those bankrupticies
are mostly because of medical bills that the people cannot pay.

Who on earth thinks we don't need national, single payer health insurance?

These are disastrous figures.

Virginia just passed a law capping interest rates on payday loans. They were usurious. But, the new limits are still stiff.
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Orrex Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-24-09 01:06 AM
Response to Original message
4. I'm happy to report...
that a PayDay Loans branch closed here in western Pennsylvania a few months back. I just figured that they'd gone under, but I recently learned from the neighboring store that they were shut down. My source said that one day "the government" showed up with a cease-and-desist order, and that was that.

Glad to see it go. I don't live in an economic boomtown, and predators like PayDay Loans don't help things one bit.
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Trajan Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-24-09 02:34 AM
Response to Reply #4
5. Oregon passed a law to restrict the enormous interest rates ....
The whining from the industry because they were now unable to rip people off fell on deaf ears ....

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