Who Thinks Payday Loan Companies Should Be Banned In Every State?
Posted by Credit Info on July 5th, 2009 at 11:43pm
I fell into the payday loan trap, which I struggled my way out of. Now when I see someone going into one of those places, I just want to run grab them and pull them in the opposite direction! I hate predatory lenders.
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6 Comments for Who Thinks Payday Loan Companies Should Be Banned In Every State?
1. Tom H | July 6th, 2009 at 5:08 am
I think it makes more sense to teach Personal Finances rather than Geometry/Calc/higher level math, as most people would benefit much more from learning about interest rates, savings accounts, Roth IRAs, credit cards, mortgages, etc.
Payday advance companies will always exist as long as the market proves there is a need for it. There is a need primarily because children aren’t educated in how to manage their income versus their expenses.
2. bdancer2 | July 6th, 2009 at 10:53 am
I don’t understand how they can operate legally now. They definitely exceed the legal threshold for usury laws.
But I most definitely think we should have required classes starting in elementary school on financial management, including record keeping, banking, budgets, credit, etc.
3. foxymoro | July 6th, 2009 at 1:50 pm
they dont trick you in to getting a loan from them… its your responsiblty to be responsible with your money… i have on occassion since my divorce needed one…. and it came it handy…. try using a budget
4. Free WP Robot demo wprobot.net | July 6th, 2009 at 5:44 pm
I don’t think they should be banned but,i think they should regulated more as to the interest they are charging on those loans.Consumers need to be more responsible when taking these loans because these people charge more interest than the mob.
5. autopost articles to Wordpress wprobot.net | July 6th, 2009 at 9:14 pm
they should be banned. they take advantage of that scared and helpless feeling you get when you got to have money now and are afraid of a bank or loan financial company turning you down.
6. pickles | July 6th, 2009 at 9:17 pm
yes yes yes, they take advantage of the usually poor and are loan sharks that are illegal…..if they can do it then why cant the mafia
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