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Author Topic:   Yet more ways to fuck the public
jar
Member
Posts: 29143
From: Texas!!
Joined: 04-20-2004
Member Rating: 2.7


Message 1 of 6 (815044)
07-14-2017 7:35 PM


I noticed that there have been several interesting tidbits of financial news lately. It seems that the Federal Online Gambling prohibitions have been lifted, that the quick money places no longer need to list the interest and finance charges even in the near impossible to read fine print and that the average annual interest rate is now over 500%.

To the 99%, you are welcome.


My Sister's Website: Rose Hill Studios     My Website: My Website

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xongsmith
Member
Posts: 1783
From: massachusetts US
Joined: 01-01-2009
Member Rating: 4.1


(1)
Message 2 of 6 (815045)
07-14-2017 9:03 PM
Reply to: Message 1 by jar
07-14-2017 7:35 PM


Why does anyone want to gamble? We have Phat right here, working so hard to get clear of it. Inspirational.

- xongsmith, 5.7d

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Phat
Member
Posts: 9500
From: Denver,Colorado USA
Joined: 12-30-2003
Member Rating: 2.3


Message 3 of 6 (815049)
07-14-2017 11:55 PM
Reply to: Message 2 by xongsmith
07-14-2017 9:03 PM


Usury
xongsmith writes:

Why does anyone want to gamble? We have Phat right here, working so hard to get clear of it.

This brings up a memory. I used to be so addicted and broke that I used to go to the cash express place and take out $400.00 loans just so I could gamble! If I recall, I paid roughly $100.00 interest for that "privilege"!
jar writes:

...the quick money places no longer need to list the interest and finance charges even in the near impossible to read fine print and that the average annual interest rate is now over 500%.

Really? I thought they had changed the laws several years ago to prevent usury...not increase it!

Chance as a real force is a myth. It has no basis in reality and no place in scientific inquiry. For science and philosophy to continue to advance in knowledge, chance must be demythologized once and for all. –RC Sproul
"A lie can travel half way around the world while the truth is putting on its shoes." –Mark Twain "
~"If that's not sufficient for you go soak your head."~Faith
"as long as chance rules, God is an anachronism."~Arthur Koestler

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jar
Member
Posts: 29143
From: Texas!!
Joined: 04-20-2004
Member Rating: 2.7


Message 4 of 6 (815055)
07-15-2017 6:39 AM
Reply to: Message 3 by Phat
07-14-2017 11:55 PM


Re: Usury
Phat writes:

Really? I thought they had changed the laws several years ago to prevent usury...not increase it!

Obama tried to get Federal Laws put in place to limit fees and interest rates but under the current Administration those rules have been rescinded and it is up to each State.

quote:
The average loan term is about two weeks. Loans typically cost 400% annual interest (APR) or more. The finance charge ranges from $15 to $30 to borrow $100. For two-week loans, these finance charges result in interest rates from 390 to 780% APR. Shorter term loans have even higher APRs. Rates are higher in states that do not cap the maximum cost.

quote:
High cost payday lending is authorized by state laws or regulations in thirty-two states. Fifteen states and the District of Columbia protect their borrowers from high-cost payday lending with reasonable small loan rate caps or other prohibitions. Three states set lower rate caps or longer terms for somewhat less expensive loans. Online payday lenders are generally subject to the state licensing laws and rate caps of the state where the borrower receives the loan.

source


My Sister's Website: Rose Hill Studios     My Website: My Website

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NoNukes
Member
Posts: 9734
From: Central NC USA
Joined: 08-13-2010
Member Rating: 3.1


Message 5 of 6 (815057)
07-15-2017 8:01 AM
Reply to: Message 4 by jar
07-15-2017 6:39 AM


Re: Usury
but under the current Administration those rules have been rescinded and it is up to each State

I did a quick search but was unable to find any information regarding the rules being rescinded. Did the Obama administration actually manage to put any rules in place?


Under a government which imprisons any unjustly, the true place for a just man is also in prison. Thoreau: Civil Disobedience (1846)

History will have to record that the greatest tragedy of this period of social transition was not the strident clamor of the bad people, but the appalling silence of the good people. Martin Luther King

I never considered a difference of opinion in politics, in religion, in philosophy, as cause for withdrawing from a friend. Thomas Jefferson

Worrying about the "browning of America" is not racism. -- Faith

Some of us are worried about just how much damage he will do in his last couple of weeks as president, to make it easier for the NY Times and Washington post to try to destroy Trump's presidency. -- marc9000


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jar
Member
Posts: 29143
From: Texas!!
Joined: 04-20-2004
Member Rating: 2.7


Message 6 of 6 (815060)
07-15-2017 8:27 AM
Reply to: Message 5 by NoNukes
07-15-2017 8:01 AM


Re: Usury
The rules that were rescinded involved the Advertising. In the past the TV ads had to show terms and interest, even though it was fine print and near impossible to read. Now the TV ads don't have to include interest rates and fine print beyond saying such things are determined based on the state laws. There is nothing beyond more come-ons like "First scheduled payment fee dropped."

I'll see if I can find the source for that again but just watch a few of the payday loan ads on TV.

Edited by jar, : appalin spallin swon ----> show


My Sister's Website: Rose Hill Studios     My Website: My Website

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