Title Loan/Cash for Gold places on every corner (Phoenix: balloon payment, fit in)

[BuckeyeBoyDJ]

I'm just curious to know everyone's opinion on these businesses. Is it really necessary for these places to be literally on every flippin corner. If I see one more "Title Max" (which is fairly recent might I add), Payday loan, or "Cash for gold" place one more time I'm gonna jump in the Salt River(hehe)!

[Goober13]

God I think the same thing every time I drive around town. What a scam. What was the point of making payday loans in AZ illegal, and allowing title loan companies to still operate charging exorbitant interest rates.

Couldn't the politicians have put a cap on interest rates charged on all of these loans and forced these companies to still keep the same lending criteria they always had in the past?

As they say, follow the money. Some big time lobbying has gone on here.

How many accounts does each of those old gas station/Jack in the Box locations have I wonder?

[LocoAZnative]

What about all these new Urgent Care scams going up on every corner. Seems they are taking over all the old blockbuster locations. Go in them and there isnt a Dr in sight it all nurse practitioners.

[BuckeyeBoyDJ]

Originally Posted by Goober13

God I think the same thing every time I drive around town. What a scam. What was the point of making payday loans in AZ illegal, and allowing title loan companies to still operate charging exorbitant interest rates.

Couldn't the politicians have put a cap on interest rates charged on all of these loans and forced these companies to still keep the same lending criteria they always had in the past?

As they say, follow the money. Some big time lobbying has gone on here.

How many accounts does each of those old gas station/Jack in the Box locations have I wonder?

Right! Exactly I just don't understand that.....

[BuckeyeBoyDJ]

Originally Posted by LocoAZnative

What about all these new Urgent Care scams going up on every corner. Seems they are taking over all the old blockbuster locations. Go in them and there isnt a Dr in sight it all nurse practitioners.

I haven't really payed any attention to these new urgent cares but you make a valid point nonetheless. And wow really....an urgent care with no doctor(s) present hmmmmmm interesting.....

[El_Waiboi]

Unfortunately it's our own fault, if poor people didn't patronize these types of businesses, they wouldn't keep on setting up shop. If you notice, these type of businesses are most often seen in poverty stricken / hood type areas.

We as minorities need to start at home by teaching the youngsters that easy money and fast cash is never a good idea; and in these situations, a vice for the wealthy to further exploit the ignorance and lack of self discipline of the poor.

These businesses are just like the corner drug dealer; they appear to have the best interest of the common man in mind with the promise of instant gratification, however in reality they only have their own profit in mind by means of destroying the neighborhood.

Again, this is a problem we must address at home first. Our children will be the only ones who can break this ugly cycle.

[Goober13]

The middle class is getting poorer and the poor are getting poorer. Wages are stagnant, credit is getting harder to get, penalties for being 1 day late on a credit card can result in higher interest charges by banks and retailers, too high of a debt ratio blocks one from getting credit, I could go on and on.

This country is going downhill fast, and big business has almost created a plutocracy in America. Most Americans don't even know what is going on, and who is responsible.

People are desperate for money. I don't know why Title Max and their competitors would "blanket" the town with locations though. Poverty is a growing market and I guess the cost to rent and rehab all those abandoned commercial locations they move into is a drop in the bucket compared to people paying back $8000 or so on a $3000 loan. And if the borrower keeps recontracting the loan, they could be paying over $10,000 back.

[urbex]

Originally Posted by Goober13

The middle class is getting poorer and the poor are getting poorer. Wages are stagnant, credit is getting harder to get, penalties for being 1 day late on a credit card can result in higher interest charges by banks and retailers, too high of a debt ratio blocks one from getting credit, I could go on and on.

Why the HECK are these people taking on more debt than they can handle in the first place? The middle class is getting poorer because of the horrible choices they're making for themselves! How many times have we seen people complaining about "only" making 30K/year, yet they're driving a brand new 30K car that they took on a zero down loan with a high interest rate, and then complaining about the payments? Or a much bigger house that they knew full well they couldn't afford, and just assumed that someone would bail them out eventually...Or my particular favorite - the people that signed for an interest only loan for a house that was 3 or 4 times what they could realistically afford, without reading the fine print, then acting SHOCKED!!! when the balloon payment came due.

None of this crap would be happening if people would stop and think for a minute before signing, and didn't feel the big need for instant gratification and keeping up with their neighbors that are also in way over their head.

[BuckeyeBoyDJ]

Originally Posted by El_Waiboi

Unfortunately it's our own fault, if poor people didn't patronize these types of businesses, they wouldn't keep on setting up shop. If you notice, these type of businesses are most often seen in poverty stricken / hood type areas.

We as minorities need to start at home by teaching the youngsters that easy money and fast cash is never a good idea; and in these situations, a vice for the wealthy to further exploit the ignorance and lack of self discipline of the poor.

These businesses are just like the corner drug dealer; they appear to have the best interest of the common man in mind with the promise of instant gratification, however in reality they only have their own profit in mind by means of destroying the neighborhood.

Again, this is a problem we must address at home first. Our children will be the only ones who can break this ugly cycle.

You are absolutely right. These businesses definitely know what demographic they cater to. I think I only seen 1 or 2 of these places in Chandler and of course none really in Scottsdale. They're plagued like a bad disease all over Phoenix city limits though and a lot of Glendale. And I can't believe people pay those effin interest rates on those loans.....bizarre!

[BuckeyeBoyDJ]

Originally Posted by urbex

Why the HECK are these people taking on more debt than they can handle in the first place? The middle class is getting poorer because of the horrible choices they're making for themselves! How many times have we seen people complaining about "only" making 30K/year, yet they're driving a brand new 30K car that they took on a zero down loan with a high interest rate, and then complaining about the payments? Or a much bigger house that they knew full well they couldn't afford, and just assumed that someone would bail them out eventually...Or my particular favorite - the people that signed for an interest only loan for a house that was 3 or 4 times what they could realistically afford, without reading the fine print, then acting SHOCKED!!! when the balloon payment came due.

None of this crap would be happening if people would stop and think for a minute before signing, and didn't feel the big need for instant gratification and keeping up with their neighbors that are also in way over their head.

What really gets me is all of these $10-$12/hour mofos with iPhones that's what really cracks me up.....know they can't afford it but that vicious mentality of keeping up with the Jones's has plagued American society. We seriously put ourselves in debt then look for solutions (i.e. title loans) which inevitably puts us deeper into debt.