Because you're the one proposing that we change the system, you just have no idea how to actually change it.
Morning Cephus....Really? I don't recall seeing my name in the OP...All I am doing is debating on a message board about a business that I feel is highly unethical. I don't see where that means that I personally have to have the entire solution worked out...
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...
The system works, the people involved in these transactions aren't being harmed...
Consider this from Pew....
"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."
http://www.pewtrusts.org/~/media/le...13/PewPaydayOverviewandRecommendationspdf.pdf
they are doing it willingly, understanding the consequences.
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.
It's only the people on the outside who are trying to save these people from themselves.
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.
The system ain't broke. Stop trying to fix it unless you have a better solution.
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...
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.