Midniteoyl
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?? Um.. where were you 2000 to 2008?
Payday loan-check advance business questions.
- Thread starter Rollcenter
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?? Um.. where were you 2000 to 2008?
fordmantpw
Veteran Member
You can't compare payday loans with selling necessary supplies after a hurricane. You just can't...they aren't even close. Apples and oranges.
CobyRupert
Super Member
I can. One type of gouging is illegal in east coast states. The other type of gouging is illegal in 13 states.
Apples to apples.
Apples to apples.
fordmantpw
Veteran Member
Speeding and murder are both illegal. That means they are about the same I guess.
murphy1244
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Ummm right here in the great state of Ohio. Houses were selling at top dollar and the banks were forced to give loans to people that did not qualify but took them out anyway.
EE_Bota
Veteran Member
Price signals are critical information to both consumers and producers. People who don't understand that are not smart enough to be trusted to manipulate the economy, and people who do understand it will not interject lies into the economy's nervous system to begin with.
300UGUY
Super Member
They weren't forced to give loans to people. The industry kept relaxing loan standards, the folks who originated mortgages didn't hold onto them, they were immediately sold. Wall street collateralized the loans into bonds, which were rated AAA. The ratings agencies gave them false ratings, just to get the $$$$. Contrast that to the auto finance loans - the finance companies required proof of employment, residency, and a down payment. No liar loans for the car guys. It was all about the benjies, and wall street finding a way to loot main street.
EE_Bota
Veteran Member
Actually, what you are saying is correct in my opinion except for the part where you say they were not forced to give loans. They were forced in the beginning. But later, they didn't seem to mind because they were going door to door in some cities to try to round up loans to make new bond offerings.
If they are forced to make a loan, they shouldn't advertise that, and they shouldn't go door to door.
But if theywant to do it, are they forced? Perhaps, since I can't stop, even if I wanted to. But for the period they seemed quite willing too make bad loans, it is difficult to impossible to be sympathetic to the "forced" aspect.
Gale Hawkins
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Payday loans, over draft protection (unsecured loan type - not where funds is in savings acct etc) just enables these who already have bad money management skills to continue bad practices.
One case I was involved in was due to death and other factors their household income dropped well below their monthly living cost that was in part to keeping up the farm and the old house. Today the sell of the farm and the purchase of a new home in a subdivision are to close. just utilities should drop by $300 per month per past two years history. Just trying to keep the old Corvette where it would start and run from time to time was not cheap. It has been an eye opener how we guys should prepare our families for our death.
There is a temptation to try to keep us alive by carrying on with our toys when shortly after our death they should have a sell and turn them into cash vs. spending limited cash to build that barn we always talked about or finishing restoring that old truck or tractor. The financial advice that will come from others can be SO wrong.
We can leave a million dollars in life insurance but if they are not skilled in money management others can get that in a few short years. Trusts can be abused or create hardships if not set up flexible enough but can be a good thing especially where there are handicapped, minor children or adults with NO money management skills.
Often an old house can have $25K in deferred repairs (new roof, AC systems, septic system) driving living expenses well beyond the new lower income that the household will have after our death. The people that use Payday loan places can be very good people and often are. Retirement is not something that most of us are fully prepared to face and when retirement income is tied to us being alive that is NOT good if we have family depending on it to eat.
Payday loans are a stop gap measure perhaps until some of our toys can be sold at auction, etc but they are not a financial solution just as most any time of loan is NOT a financial solution. We need to work hard to prevent the need for our remaining family to have to look for a payday loan business. If you know someone using this kind of loan that you care about see if they are open to getting solid financial advice.
If monthly expenses can not be less than monthly income then there is no hope to escape losing everything and moving into the poor house of today.
One case I was involved in was due to death and other factors their household income dropped well below their monthly living cost that was in part to keeping up the farm and the old house. Today the sell of the farm and the purchase of a new home in a subdivision are to close. just utilities should drop by $300 per month per past two years history. Just trying to keep the old Corvette where it would start and run from time to time was not cheap. It has been an eye opener how we guys should prepare our families for our death.
There is a temptation to try to keep us alive by carrying on with our toys when shortly after our death they should have a sell and turn them into cash vs. spending limited cash to build that barn we always talked about or finishing restoring that old truck or tractor. The financial advice that will come from others can be SO wrong.
We can leave a million dollars in life insurance but if they are not skilled in money management others can get that in a few short years. Trusts can be abused or create hardships if not set up flexible enough but can be a good thing especially where there are handicapped, minor children or adults with NO money management skills.
Often an old house can have $25K in deferred repairs (new roof, AC systems, septic system) driving living expenses well beyond the new lower income that the household will have after our death. The people that use Payday loan places can be very good people and often are. Retirement is not something that most of us are fully prepared to face and when retirement income is tied to us being alive that is NOT good if we have family depending on it to eat.
Payday loans are a stop gap measure perhaps until some of our toys can be sold at auction, etc but they are not a financial solution just as most any time of loan is NOT a financial solution. We need to work hard to prevent the need for our remaining family to have to look for a payday loan business. If you know someone using this kind of loan that you care about see if they are open to getting solid financial advice.
If monthly expenses can not be less than monthly income then there is no hope to escape losing everything and moving into the poor house of today.
fordmantpw
Veteran Member
Excellent post Gale!