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- Go to Usury no longer exists. Wanna give me a personal loan??
Usury will never die. Just like taxes. Never die.
posted by
saul_relative
on January 31, 2007 at 1:05 PM
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Payday loans are a big expansion area for big organizations.
They hide behind the little guys.
In California they outlawed "dribbling", as with a basketball, where an overdraft is processed about four times in less than an hour to accrue overdue charges! Bank of America used to be big on that.
posted by
majroj
on January 10, 2007 at 11:34 AM
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AND they've made it more difficult to declare bankruptcy, too, except in
Texas, where the fat cats can declare bankruptcy but keep their big ranch, house and car when they get caught doing illegal stuff....
posted by
WindTapper
on January 8, 2007 at 9:01 PM
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Cynthia, I refuse all credit card offers. I like to live as debt free and
footloose as possible and fight the desire to buy into the banks' little card shuffling games. My daughter plays them as you do, but keeps all cards at really low levels and has little real debt. But, as she says, with her credit worthiness and limits very high, she "can get into real trouble overnight" if she wants to.
You may know how to shuffle cards with the banks and win, but most people fall heavily, weighted down and with only bankruptcy as relief. Even the rich do that better than the poor.
Good luck to you in your banking Texas Hold'em. Thanks for reading and writing.
posted by
benzinha
on January 8, 2007 at 10:33 AM
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Benzinha, I have a significant amount of credit card debt.
But, with a lot of juggling, I also have good credit - in part due to owning a house with a mortgage in good standing in a very nice neighborhood. I probably have at least 20-25 credit cards. I try to get these bastards at their own game. I keep getting offers from banks for new credit cards. To lure you they offer "0" interest for at least 6 months, sometimes up to a year. They always allow you - they encourage you - to transfer balances. So, I keep moving all my debt around, from credit card to credit card, trying to get the best deal. There is usually an initial fee to transfer the money, but never more than 3% of the total - so it pays off in the end.
posted by
Cynthia
on January 8, 2007 at 4:27 AM
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Talion, thanks for reading and writing, personal input into the story.
posted by
benzinha
on January 5, 2007 at 1:55 PM
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benzinha
I despise the concept of the payday loan. They're everywhere in my old neighborhood, more plentiful now than even the liquor stores and the corner markets run by Asians or Arabs.
Of course such 10% laws were enacted to curtail the predatory loan practices of the organizations, you could even call them "families," whose members had names typically ending in vowels. Never mind credit card companies charge more than double that percentage whether you're late or not. Often the only things that often seperates the mobster from the legitimate financial wheeler-dealers are the degrees from the Ivy League colleges and how much cash they pour into their favorite political party's war chest.
posted by
Talion
on January 4, 2007 at 8:12 PM
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