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Old 07-04-2014, 01:10 AM
 
18,123 posts, read 25,266,042 times
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Payday loans and gambling are the exact same thing... making money from poor people's desperation
Why is it that one is legal in Texas (predatory loans) and the other one is not (entertainment)?
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Old 07-04-2014, 09:03 AM
 
Location: Westbury
3,283 posts, read 6,048,839 times
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We have a state lawmaker who is the president of a largechain of payday loans who also oversees their regulation as a lawmaker (committee appointment) and had the deciding vote when a bill came to shutter them/put more regulations in place. Hes not part of my party
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Old 07-04-2014, 09:11 AM
 
2,047 posts, read 2,982,728 times
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Quote:
Originally Posted by colcat View Post
These companies make money off the stupid, not necessarily the poor.
Unfortunately they go hand in hand. It is usually the stupid that are also poor.

Payday loan is usually due to poor management of money.

I know things happen, your car break down and you can't pay your rent. But in reality, the case is usually you decide to spend 700 bucks for your kids birthday party and now you are short on mortgage.
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Old 07-04-2014, 11:52 PM
 
Location: ITL (Houston)
9,221 posts, read 15,947,260 times
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Quote:
Originally Posted by ipuck View Post
Unfortunately they go hand in hand. It is usually the stupid that are also poor.

Payday loan is usually due to poor management of money.

I know things happen, your car break down and you can't pay your rent. But in reality, the case is usually you decide to spend 700 bucks for your kids birthday party and now you are short on mortgage.
I don't think that is usually the case. Things do happen. When it rains, it pours.
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Old 07-05-2014, 02:32 AM
 
18,123 posts, read 25,266,042 times
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Quote:
Originally Posted by ipuck View Post
Unfortunately they go hand in hand. It is usually the stupid that are also poor.
Getting out of poverty is a lot harder than you think
I was somewhat poor and I always remember what it was like to have a car being poor

"Should I buy another $2000 car that hopefully will last a long time or should I spend $1000 fixing this piece of junk that I recently bought for $2000 and then hope that nothing else breaks"
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Old 07-05-2014, 02:43 AM
 
Location: New Orleans, LA
1,579 posts, read 2,340,086 times
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Wow. Sharpstown and Alief must have a lot of destitute working class people, struggling to live paycheck to paycheck.
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Old 07-05-2014, 09:00 AM
 
2,945 posts, read 4,989,217 times
Reputation: 3390
I love the random, lone one in Humble. I guess that explains why HumbleISD as a whole has such crappy numbers

The line down 45 South is a trip.

Payday loans, car title loans same thing. If you really need one there should be a rule where only a certain income threshold can get one. Usually it's the $<600-800 every 2 weeks types who get payday loans.

People making at least $40k aren't getting payday loans.
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Old 07-05-2014, 09:33 AM
 
Location: Breckenridge
2,367 posts, read 4,693,701 times
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Quote:
Originally Posted by cheryjohns View Post
Back in the past, Mafia members would go to prison for this type of usury. How is this legal now?
Lobbying... there is just so much money in politics. The Supreme Court seems to keep letting more in too. I think it will keep getting worse too.
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Old 07-09-2014, 11:12 AM
 
Location: Texas
1,922 posts, read 2,777,385 times
Reputation: 954
Quote:
Originally Posted by Dopo View Post
Getting out of poverty is a lot harder than you think
I was somewhat poor and I always remember what it was like to have a car being poor

"Should I buy another $2000 car that hopefully will last a long time or should I spend $1000 fixing this piece of junk that I recently bought for $2000 and then hope that nothing else breaks"

The poor in other countries would consider the american poor wealthy.

Only in America can the "poor" have a roof over their head, a car to drive, a cell phone, 50" flat screen HDTV with Netflix, food suplements from the government, access to heath care, etc.

I'm not saying being poor is fun, I was poor once, and I decided to not be poor because it sucked.
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Old 07-09-2014, 11:33 AM
 
11 posts, read 17,928 times
Reputation: 10
^^^^
This comment
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