Total Money Makeover Question 8

dwallyfam · 10-08-2006, 04:33 PM

Hi All

Next myth to discuss

Myth: Cash advance, payday loans, rent to owns and other like businesses are need to help lower income people get ahead

True: Rip off (paraphrased)

I totally agree with this one. Having to pay 25-100% interest to borrow money is like going to a loan shark. Except for some reason these are legal. Rent to own places. I would rather do xx days same as cash or Zero interest loans.

What do you think

kabin63 · 10-08-2006, 04:46 PM

I agree 100%.

Amanda W · 10-08-2006, 05:11 PM

They're absolutely rip-offs. Those places prey on people who don't have any other choices, and no way should it be legal.

autumnlynn · 10-08-2006, 05:14 PM

I agree that these places should be illegal. They don't help poor (or anyone else), they do such damage it is almost impossible to recover your finances. I think they have absolutely no conscious to do this to people.

inneedofhope · 10-09-2006, 03:28 PM

I don't agree with making them illegal. They are businesses who are out to make a profit. It's the people who need to be educated about their choices and know what they are getting into. I know people who will use these places, even though they know the costs. They choose to pay a huge $$ to have it now. The customers aren't being lied to, they know the cost up front. They are willing to pay it.
Personally, I do not use these places. I am just fine to wait for the $ and buy what I can afford.

Buckeye5 · 10-09-2006, 10:56 PM

They are popping up all over the place in our area. I have never used one and hope I never have to.

chisgran · 10-10-2006, 07:01 AM

I know people that use those places, too. I put these places in the same line that I put credit cards. I'm all for everyone making a profit & getting ahead. But do you have to gouge people's eyes out to make your profit? I'm thankful I've never had to do it. The credit card thing, been there, done that. Is there a reason they have to charge so much for late fee, over the limit fees? I mean they get you every way they can.

yankeegal · 10-13-2006, 08:22 AM

I believe these "businesses" prey on the financially ignorant or those who are desperate. Unfortunately they are becoming more popular.