OT-Banks
 

They're marketed under a different name, but a handful of major banks
already let customers borrow against their paychecks for a fee. And there
are signs the option may soon become more widely available.

Specifically: Fees that amount to triple-digit interest rates, short
repayment periods and the potential to ensnare customers in a cycle of debt.

With a traditional payday loan, for example, a customer might pay $16 to
borrow $100. If the loan is due in two weeks, that translates into an annual
interest rate of 417 percent.

http://www.google.com/hostednews/ap/...d0ab3933500769

I thought loan sharking was illegal.

Best Regards

Tom.

OT-Banks
 

On Sun, 11 Sep 2011 20:23:31 -0700, "azotic"
wrote:

They're marketed under a different name, but a handful of major banks
already let customers borrow against their paychecks for a fee. And there
are signs the option may soon become more widely available.

Specifically: Fees that amount to triple-digit interest rates, short
repayment periods and the potential to ensnare customers in a cycle of debt.

With a traditional payday loan, for example, a customer might pay $16 to
borrow $100. If the loan is due in two weeks, that translates into an annual
interest rate of 417 percent.

http://www.google.com/hostednews/ap/...d0ab3933500769

I thought loan sharking was illegal.

Best Regards

Tom.


That is almost as disturbing as letting gambling spread out. What's
next? Free syringes at all gas stations... I've personally have seen
people blow both pay checks on gambling and then frequent pawn and
loan places. Bet someday soon they'll drop the indigenous requirement
for casinos.

I'm getting to the point of being more on edge when entering a bank,
than the employees and security people are. Like when I moved Butt of
Ass assured me that they have banks up here, even after I asked them
to double check for me, nothing, closest after an lengthy search was
Chicago. Took awhile to straighten everything out and on top of it the
other bank made things almost as bad. Even today I've spent over an
hour trying to straighten out my accounts on each trip. One time I
almost asked the banker to get out of their chair and let me take over
the computer cause they don't know jack. One time they put $3,000 in
my kid's savings account.

Guess the banks have out lobbied (booze, hookers, & $) the (not our)
lawmakers, now the daily loan center in the same strip malls can go
under to let the real crooks take over. Remember when people where
dressed up to go to banks and airports? Speaking of such things, I
miss when almost all of the stewardesses hot.

What's happen'n in this world? The other day I had a friend follow me
around my messy shop while I changed LP's then I gave him a look like
'what ARE you doing?' and he said the kids are so lazy now days that
they'd not listen to music at all if it took that much work to hear
it.


SW

OT-Banks
 

azotic wrote:

They're marketed under a different name, but a handful of major banks
already let customers borrow against their paychecks for a fee. And there
are signs the option may soon become more widely available.

Specifically: Fees that amount to triple-digit interest rates, short
repayment periods and the potential to ensnare customers in a cycle of
debt.

With a traditional payday loan, for example, a customer might pay $16 to
borrow $100. If the loan is due in two weeks, that translates into an
annual interest rate of 417 percent.

http://www.google.com/hostednews/ap/...d0ab3933500769

I thought loan sharking was illegal.

They get around the law by calling it a "flat fee."

Hope This Helps!
Rich

OT-Banks
 

Sunworshipper wrote:

I've personally have seen
people blow both pay checks on gambling and then frequent pawn and
loan places.

And this is any skin off your nose exactly how?

Thanks,
Rich

OT-Banks
 

On Tue, 13 Sep 2011 13:47:26 -0700, Rich Grise
wrote:

Sunworshipper wrote:

I've personally have seen
people blow both pay checks on gambling and then frequent pawn and
loan places.

And this is any skin off your nose exactly how?

Thanks,
Rich
=============

In the shortest-term and most limited Libertarian sense Rich
is correct.

Unfortunately, we live an a longer term aggregate/holistic
world. Even if this is only an occasional occurrence, the
probabilities are this will quickly involve petty crime,
prostitution, etc. and if any children are involved,
social services are likely to become involved, all at
significant taxpayer expense. The costs to society are not
limited to taxes as bankruptcy and other financial problems
are likely to result, most of which cost will be passed on
to others through higher interest rates/fees to cover the
resulting bad debts, if only because the people directly
involved have no money left.

IMNSHO - the “quality of life” in any community is very
adversely effected when significant gambling is promoted,
especially by the government, e.g. the lottery and OTB,
resulting in gambling addicts. Even manufacturing and other
operations in the community will be affected because of the
increased probability of "on the job" theft, petty crime,
and embezzlement, as well as work disruptions resulting from
placing bets, loan sharking, and "enhanced" debt collection
activities.


--
Unka' George

"Gold is the money of kings,
silver is the money of gentlemen,
barter is the money of peasants,
but debt is the money of slaves"

-Norm Franz, "Money and Wealth in the New Millenium"

OT-Banks
 

Casinos are allowed up here in Seattle, but I notice the parking lots
are much less full Sat. night then they were 2 years ago.
I guess the addicted gamblers are still regulars, but most people
don't have the play money they used to, to blow on such a losing
pasttime.
JR
Dweller in the cellar

On Tue, 13 Sep 2011 18:09:02 -0500, F. George McDuffee
wrote:

On Tue, 13 Sep 2011 13:47:26 -0700, Rich Grise
wrote:

Sunworshipper wrote:

I've personally have seen
people blow both pay checks on gambling and then frequent pawn and
loan places.

And this is any skin off your nose exactly how?

Thanks,
Rich
=============

In the shortest-term and most limited Libertarian sense Rich
is correct.

Unfortunately, we live an a longer term aggregate/holistic
world. Even if this is only an occasional occurrence, the
probabilities are this will quickly involve petty crime,
prostitution, etc. and if any children are involved,
social services are likely to become involved, all at
significant taxpayer expense. The costs to society are not
limited to taxes as bankruptcy and other financial problems
are likely to result, most of which cost will be passed on
to others through higher interest rates/fees to cover the
resulting bad debts, if only because the people directly
involved have no money left.

IMNSHO - the “quality of life” in any community is very
adversely effected when significant gambling is promoted,
especially by the government, e.g. the lottery and OTB,
resulting in gambling addicts. Even manufacturing and other
operations in the community will be affected because of the
increased probability of "on the job" theft, petty crime,
and embezzlement, as well as work disruptions resulting from
placing bets, loan sharking, and "enhanced" debt collection
activities.