On Mar 23, 9:12*pm, F. George McDuffee gmcduf...@mcduffee-
associates.us wrote:
On Fri, 21 Mar 2008 21:25:48 -0700 (PDT), Too_Many_Tools

wrote:
There is a lesson to be learned here....

TMT

March 20, 2008
The Affluent, Too, Couldn't Resist Adjustable Rates
By JANE BIRNBAUM

snip
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They told him, "cheer up, things could be worse."

He cheered up and sure enough....

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"Pay day" loans exacerbate housing crisis
Sun Mar 23, 2008 8:15pm EDT

By Nick Carey

CLEVELAND (Reuters) - As hundreds of thousands of American home
owners fall behind on their mortgage payments, more people are
turning to short-term loans with sky-high interest rates just to
get by.
snip
"We're hearing from around the country that many folks are buried
deep in pay day loan debts as well as struggling with their
mortgage payments," said Uriah King, a policy associate at the
Center for Responsible Lending (CRL).

A pay day loan is typically for a few hundred dollars, with a
term of two weeks, and an interest rate as high as 800 percent.
The average borrower ends up paying back $793 for a $325 loan,
according to the Center.

The Center also estimates pay day lenders issued more than $28
billion in loans in 2005, the latest available figures.
snip
The loans on offer have an Annual Percentage Rate (APR) of up to
391 percent -- excluding fees and penalties. All you need for a
loan like this is proof of regular income, even government
benefits will do.
snip
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for complete article click onhttp://www.reuters.com/article/businessNews/idUSN1045663120080324?fee...

Unka' George [George McDuffee]
-------------------------------------------
He that will not apply new remedies,
must expect new evils:
for Time is the greatest innovator: and
if Time, of course, alter things to the worse,
and wisdom and counsel shall not alter them to the better,
what shall be the end?

Francis Bacon (1561-1626), English philosopher, essayist, statesman.
Essays, "Of Innovations" (1597-1625).

By the same people who up to their chins in credit card debt....just
waiting to default.

TMT