Regulate - Yes
Regulate - No
Its nice of you to assume that by having a police force the population is to stupid to protect themselves, by having any regulation ever and having government at all means you basically think that the population is stupid and idiotic. Fantastic logic...no wait there is no logic there at all.
But, I will say I do agree with some of the points that you and Tres lay out, they are valid...Such as no one forcing these people to take out the loans...That is a good point and I am hesitant to get into the business of 'saving people from themselves', however, I just don't like these places...
Consider this from Pew....The system works, the people involved in these transactions aren't being harmed...
"People who use payday loans are struggling financially, and they usually have trouble covering ordinary livingexpenses from month to month. Most are paying bank overdraft fees, most carry credit card or other debt, andalmost all have credit scores that are at the lowest end of the scale.
Policy discussion in recent years has focusedon whether payday loan customers need more access to credit, and what rate of interest is appropriate for such loans. These are valid questions, but there is insufficient evidence to know whether consumers are better off with or without access to high-interest loans (even if the loans have affordable payments).
There is, however, sufficient evidence to conclude that conventional lump-sum payday loans harm consumers compared with loans that have affordable payments. It is clear that the lump-sum payday loan has inherent structural flaws that make it unaffordable and dangerous for consumers, and that new policies to eliminate this failed product are warranted."
that's debatable...Many, in fact I would say most don't fully understand how to budget, and spend day to day, therefore, understanding the long term effect on their bills is not too much of a thought at the time of taking out these products.they are doing it willingly, understanding the consequences.
that is true, and I am conflicted about my own position on this, but in the end I stand on ethical practices, and this industry is void of ethics. I know first hand.It's only the people on the outside who are trying to save these people from themselves.
All I can say is that if I were ever in that position (again) I would hope that someone would help me ward against people, con men really, out to drop the anvil on my head...The system ain't broke. Stop trying to fix it unless you have a better solution.
Are you in the business Cephus? I just wonder. Because, although my arguments in here are often on the political right because I am a believer in personal responsibility, but, and this is about the only but, when I see clear advantage being cast on one group of people with little resource to correct the problem, I think it is a horribly unethical thing to do....But, I do want to say that I don't have good answers on how to fix it, I just know that it is destructive.
Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.
Alexis de Tocqueville
And you haven't made any compelling argument to regulate them any more than they already are regulated except to say "they're predators!".
Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields
If my post offends you, I deeply Apple-O-Jize.
And quite often it is to prey upon the desperate who are not making logical choices or are not educated enough and it ends up spiralling them into a circle of huge debt, where one small debt turns into a big unaffordable one. That is predatory.
Its a question of are you happy to have a section of society be preyed upon by companies set up and designed to do just that, its their raison d'etre, and if that is legal then why not just allow loan sharks? And if they kill a few well hell they are to stupid to exist anyway right?
You should already know this: Predatory lending - Wikipedia, the free encyclopedia
Lady Gaga/Nikki Minaj 2016
Because you know we're all about our base, 'bout our base, no rebels...