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(CBC)   Being poor is expensive   (cbc.ca) divider line
    More: Sad, Loan, Debt, Payday loan, Predatory lending, Credit card, Usury, Credit, Personal finance  
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5697 clicks; posted to Main » and Politics » on 05 Mar 2021 at 4:05 PM (5 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2021-03-05 1:54:39 PM  
It does not appear to be an accident, the number of poor guy penalties in the American system.
 
2021-03-05 2:08:09 PM  
"Take boots, for example. He earned thirty-eight dollars a month plus allowances. A really good pair of leather boots cost fifty dollars. But an affordable pair of boots, which were sort of OK for a season or two and then leaked like hell when the cardboard gave out, cost about ten dollars. Those were the kind of boots Vimes always bought, and wore until the soles were so thin that he could tell where he was in Ankh-Morpork on a foggy night by the feel of the cobbles.

But the thing was that good boots lasted for years and years. A man who could afford fifty dollars had a pair of boots that'd still be keeping his feet dry in ten years' time, while the poor man who could only afford cheap boots would have spent a hundred dollars on boots in the same time and would still have wet feet."
 
2021-03-05 2:14:56 PM  
49% interest?!  and 59% is where it tops out for legal limits?!

Fark user imageView Full Size
 
2021-03-05 2:16:32 PM  
There are some complicated waters here too. If no regular lending institution will lend you a single nickel but you really need money now for critical things like food or ,medicine, then a payday lender can be a savior. Make them illegal and that same poor fellow gets no food or medicine. Limit the interest rate too much and they can't afford to specialize in high risk loans that may not get paid back.

I don't like it. But I can sorta see both sides.

and yeah, being poor is expensive, stressful, demoralizing, and frequently unhealthy. If only the USA was a first world country that cook care of the most needful people. If only.....
 
2021-03-05 2:22:32 PM  

SpectroBoy: There are some complicated waters here too. If no regular lending institution will lend you a single nickel but you really need money now for critical things like food or ,medicine, then a payday lender can be a savior. Make them illegal and that same poor fellow gets no food or medicine. Limit the interest rate too much and they can't afford to specialize in high risk loans that may not get paid back.

I don't like it. But I can sorta see both sides.

and yeah, being poor is expensive, stressful, demoralizing, and frequently unhealthy. If only the USA was a first world country that cook care of the most needful people. If only.....


I think its the part where a $1500 loan can explode into a $5000 debt so quickly that's the issue.  This is blatantly exploiting people who for one reason or another have a really hard time with their financial abilities.

As for the cook care for poor people - that's the kind of novel thinking this world needs more of, you'll fix homelessness and famine at the same time!
 
2021-03-05 4:07:58 PM  
Poor people pay more for everything.
 
2021-03-05 4:08:07 PM  
*installment
 
2021-03-05 4:08:40 PM  

SpectroBoy: and yeah, being poor is expensive, stressful, demoralizing, and frequently unhealthy. If only the USA was a first world country that cook care of the most needful people. If only.....


You wanna cook the needy?  Jesus, dude.
 
2021-03-05 4:08:48 PM  
media4.s-nbcnews.comView Full Size
 
2021-03-05 4:08:59 PM  

SpectroBoy: There are some complicated waters here too. If no regular lending institution will lend you a single nickel but you really need money now for critical things like food or ,medicine, then a payday lender can be a savior. Make them illegal and that same poor fellow gets no food or medicine. Limit the interest rate too much and they can't afford to specialize in high risk loans that may not get paid back.

I don't like it. But I can sorta see both sides.

and yeah, being poor is expensive, stressful, demoralizing, and frequently unhealthy. If only Canada was a first world country that cook care of the most needful people. If only.....


Ftfy
 
2021-03-05 4:09:02 PM  
Nevada allows 199.99%.
 
2021-03-05 4:09:16 PM  
How else are you going to disincentivize being poor?
 
2021-03-05 4:09:18 PM  
Damn it.
 
2021-03-05 4:09:37 PM  
Edwards, 53, was able to borrow $1,500 early in 2019 from Cash Money. But then she lost her job, and in 2020 came the pandemic. She's had to refinance the loan twice, and went to another lender, Money Mart, for an instalment loan that could be repaid over two years.
Now she's close to $5,000 in debt, all in, paying nearly 47 per cent interest on both loans.


This person is not a free person. Debt peonage.
 
2021-03-05 4:14:20 PM  

Heamer: *installment



No. Instalment is the UK and Canuckistan spelling; TFA is from CBC.CA.
 
2021-03-05 4:14:37 PM  
Money Mart Commercial
Youtube FdjDlnPnhAs
Dude! Money Mart is just three bucks on a hun!
 
2021-03-05 4:15:37 PM  
Barrow money when you don't needed it, negotiate payments when you do, don't barrow.
 
2021-03-05 4:15:54 PM  
pbs.twimg.comView Full Size
 
2021-03-05 4:16:42 PM  

SpectroBoy: If no regular lending institution will lend you a single nickel but you really need money now...

I


...you become a U.S. President.
 
2021-03-05 4:16:52 PM  

Louisiana_Sitar_Club: SpectroBoy: and yeah, being poor is expensive, stressful, demoralizing, and frequently unhealthy. If only the USA was a first world country that cook care of the most needful people. If only.....

You wanna cook the needy?  Jesus, dude.


You eat them raw?!?!?   Ewwwwww.
 
2021-03-05 4:17:04 PM  
Tell me about it. And I'm in the middle of a move to get out of Florida to Alaska. It is farking expensive  especially when you're broke as a joke.
 
2021-03-05 4:17:19 PM  
This is why pawn shops are the best way for poor people to get loans.
 
2021-03-05 4:17:21 PM  

SpectroBoy: If only the USA was a first world country that cook care of the most needful people. If only.....


i.pinimg.comView Full Size



If only....
 
2021-03-05 4:18:19 PM  
Yes, but how many of these 'poors' buy the propaganda and vote for corporate-ass-kissing Conservatives?
 
2021-03-05 4:18:27 PM  

X-Geek: How else are you going to disincentivize being poor?


I try not to be the jealous type but.... I heard lots of poors have BOTH a refrigerator AND a microwave.
 
2021-03-05 4:18:30 PM  

SpectroBoy: There are some complicated waters here too. If no regular lending institution will lend you a single nickel but you really need money now for critical things like food or ,medicine, then a payday lender can be a savior. Make them illegal and that same poor fellow gets no food or medicine. Limit the interest rate too much and they can't afford to specialize in high risk loans that may not get paid back.

I don't like it. But I can sorta see both sides.

and yeah, being poor is expensive, stressful, demoralizing, and frequently unhealthy. If only the USA was a first world country that cook care of the most needful people. If only.....


I find you only see one side, not "both."

Your entire statement here has no possibility at all that a poor human that is a citizen of a civilization would have any means of obtaining the help in this case, expcet if someone else who is also one of their own fellow citizens is allowed to earn a profit off of their desperate need.

Yeah can't imagine any other way that can  go down cause if no profits, why would we even acknowledge that they exist?
 
2021-03-05 4:20:45 PM  

70Ford: SpectroBoy: If no regular lending institution will lend you a single nickel but you really need money now...

I

...you become a U.S. President.


That requires the saving throw of "Have a rich dad who doesn't care if you're an asshole"
 
2021-03-05 4:21:04 PM  

Louisiana_Sitar_Club: SpectroBoy: and yeah, being poor is expensive, stressful, demoralizing, and frequently unhealthy. If only the USA was a first world country that cook care of the most needful people. If only.....

You wanna cook the needy?  Jesus, dude.


encrypted-tbn0.gstatic.comView Full Size
 
2021-03-05 4:22:15 PM  

PvtStash: SpectroBoy: There are some complicated waters here too. If no regular lending institution will lend you a single nickel but you really need money now for critical things like food or ,medicine, then a payday lender can be a savior. Make them illegal and that same poor fellow gets no food or medicine. Limit the interest rate too much and they can't afford to specialize in high risk loans that may not get paid back.

I don't like it. But I can sorta see both sides.

and yeah, being poor is expensive, stressful, demoralizing, and frequently unhealthy. If only the USA was a first world country that cook care of the most needful people. If only.....

I find you only see one side, not "both."

Your entire statement here has no possibility at all that a poor human that is a citizen of a civilization would have any means of obtaining the help in this case, expcet if someone else who is also one of their own fellow citizens is allowed to earn a profit off of their desperate need.

Yeah can't imagine any other way that can  go down cause if no profits, why would we even acknowledge that they exist?


Straw man defeated! Now back to my actual point!

Outlawing or ending payday loans or other high risk loans could have unintended consequences since larger societal fixes are not yet in place.
 
2021-03-05 4:23:57 PM  
For the unbanked, its usually a matter of choice (1% of crazies) or 99% a matter of "I wrote bad checks all over town and can't get an account, or i'm trying to hide money from somone" when it comes to check cashing places.

I mean Bank of America, the place everyone loves to shiat on has a basic checking account that has a 5 farking dollar fee even if you don't meet the most basic requirements, like, sign up in their rewards program.

https://promo.bankofamerica.com/choos​e​yourchecking1/offer/?cm_mmc=DEP-Checki​ng-_-Google-PS-_-Brand_High_Volume__Ex​act-Brand_Checking-_-Brand_Checking&gc​lid=Cj0KCQiAyoeCBhCTARIsAOfpKxhgES9uyO​lW__xObTXy0nqr8BZ9M8-Hu25azr9Yf3hGeLP8​BFMKq5caAmu-EALw_wcB&gclsrc=aw.ds

Payday is another story. It can be a valuable tool to some people if used responsibly in an emergency and save you from far greater costs. The problem is when people don't use it responsibly.

So like what do you do, remove a product that may help some people, because others are dumbasses with it? Give people a financial quiz before they take one out?
 
2021-03-05 4:25:13 PM  
Payday lending Loan sharking is something that should be is illegal in any moral civilization.
 
2021-03-05 4:25:20 PM  
I mean keep in mind too that the people using check cashing places are frequently doing things like dodging child support payments, judgements against them, etc.
 
2021-03-05 4:25:20 PM  
LineNoise:

How about outlawing usury?
 
2021-03-05 4:25:27 PM  

Day_Old_Dutchie: Yes, but how many of these 'poors' buy the propaganda and vote for corporate-ass-kissing Conservatives?


They would rather be poor, because screw those libs.

They are not a clever people.
 
2021-03-05 4:26:50 PM  
Poor folks have poor ways
 
2021-03-05 4:27:28 PM  

leeksfromchichis: LineNoise:

How about outlawing usury?


Ok, define usury? Because in that case you might as well put payday loan places out of business, because of the amount they take a bath on, and charge those rates to stay in business.

It isn't like that place in the crappy part of town is raking in the dough. They are scratching by too.

I agree, its a shiatty thing, and we would probably be better off getting rid of it, but there are people who it may be a godsend for.
 
2021-03-05 4:29:07 PM  
Fark user imageView Full Size


A sure sign you're in a low-income neighbourhood is when you spot one of these.  There's often a McDonald's or other superchain on the same block.
 
2021-03-05 4:29:15 PM  

Badafuco: Tell me about it. And I'm in the middle of a move to get out of Florida to Alaska. It is farking expensive  especially when you're broke as a joke.


The good news is everything will be several times more expensive in Alaska
 
2021-03-05 4:29:23 PM  

LineNoise: in that case you might as well put payday loan places out of business


media.tenor.comView Full Size
 
2021-03-05 4:29:47 PM  
Being poor means knowing how much everything costs.
https://whatever.scalzi.com/2005/09/0​3​/being-poor/
 
2021-03-05 4:30:28 PM  
Ban pay day lenders, and then be Shocked Shocked I Tell You when the mob moves in on that market.
 
2021-03-05 4:30:39 PM  

leeksfromchichis: LineNoise:

How about outlawing usury?


or should we just say, "No matter how bad you are with your finances, no matter how high the risk, no matter if you never pay us back, you can just borrow whatever you want at APR"
 
2021-03-05 4:31:50 PM  

Geotpf: Ban pay day lenders, and then be Shocked Shocked I Tell You when the mob moves in on that market.


Yet another problem that could be solved for pennies on the dollar with a UBI.
 
2021-03-05 4:32:26 PM  

Geotpf: Ban pay day lenders, and then be Shocked Shocked I Tell You when the mob moves in on that market.


I mean to be fair, you would probably get a better rate from the mob. I don't know what vig runs these days, but i'm betting its not 20% compounding weekly or whatever.

I mean of course, your incentive to pay up is a lot higher, so i don't think they deal with the same amount of defaults and what have you.....
 
2021-03-05 4:34:50 PM  

chewd: Geotpf: Ban pay day lenders, and then be Shocked Shocked I Tell You when the mob moves in on that market.

Yet another problem that could be solved for pennies on the dollar with a UBI.


The best way to boost the economy is to give poor people money.

/plus, you know, helping the poor is nice too
 
2021-03-05 4:35:47 PM  

LineNoise: I mean Bank of America, the place everyone loves to shiat on has a basic checking account that has a 5 farking dollar fee even if you don't meet the most basic requirements, like, sign up in their rewards program.


I'm seeing a $12 fee unless you maintain a minimum $1500 daily balance. Which is kinda tough when minimum wage pays $1200 per month. Nevermind that their check cashing fees are somehow even higher than Uncle Vinny's Check Cashing & Head Shop.
 
2021-03-05 4:36:49 PM  

BumpInTheNight: 49% interest?!  and 59% is where it tops out for legal limits?!

[Fark user image 577x768]


Fark user imageView Full Size


/no matter where in the world it's happening, she's overjoyed
 
2021-03-05 4:37:13 PM  

Geotpf: Ban pay day lenders, and then be Shocked Shocked I Tell You when the mob moves in on that market.


Broken thumbs are preferable to wage garnishment.
 
2021-03-05 4:38:52 PM  

UltimaCS: LineNoise: I mean Bank of America, the place everyone loves to shiat on has a basic checking account that has a 5 farking dollar fee even if you don't meet the most basic requirements, like, sign up in their rewards program.

I'm seeing a $12 fee unless you maintain a minimum $1500 daily balance. Which is kinda tough when minimum wage pays $1200 per month. Nevermind that their check cashing fees are somehow even higher than Uncle Vinny's Check Cashing & Head Shop.


Look at the one all the way to the left, which is the "Safe Balance" one, which also avoids you from overdraft fees.

25 bucks to open. No fee if you sign up for whatever their dumb rewards program is, or get a direct deposit once a month. 5 bucks otherwise.

Even at 12 bucks a month, that is still going to be cheaper than visiting a check cashing place with a few hundred dollar check even once a month.
 
2021-03-05 4:40:25 PM  
encrypted-tbn0.gstatic.comView Full Size


Even the Bible figured this one out.
 
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