You can’t fix stupid.
“Unwary” you say? What, they didn’t read the contract?
People need to be educated how these loans, payday loans, credit cards etc can snare you in debt which is hard to get out of. I don’t know if more regulation is needed, but, an educated consumer, no matter how much financial difficulty they are facing, will know to avoid these places. How do we educate the unaware low information types to not get a Car title loan ; to not get a payday loan???
What is the definition of “predatory lending”, anyway?
125% interest? 101%? 92.5%?, etc.
If Democrats are against it then it must be hurting the Mob’s loan-sharking business.
And what hurts the Mob hurts the Democrats.
I see an ad on TV which goes something like, “I got my title back with Titlemax”. It always makes me think it should be, “I lost my car to Titlemax”.
Didn’t the neon sign on the front reading “Abandon all money, ye who enter here” give the “unwary borrowers” a clue? Seriously, does anyone actually think this is a good idea when there is any alternative? Maybe the people who borrowed had no other sources, such that, as bad as this deal is, it’s better than what they had available without these places.
I really can’t see how these loans are any worse than government student loans. In both cases you have ignorant borrowers who gleefully take the loans, blow the cash on a new 60” flat screen plasma TV or a 5-6 yr. BA in Queer Gender studies, and then want someone to save them from themselves.
They came to our neck of the woods because of the frikkin’ illegals.
These loans are unfair and racist. Peoples gots a right to 60” flat screens and Grey Goose Vodka without getting the BMW repossessed.
You can drive through the west side of Phoenix and see one of these title loan places about every 300 feet. Hard to imagine there is that much money in used car titles, but I used to know a guy who owns one of the companies - he lives in a 2 million dollar house in North Scottsdale. :)
Idiots should not be protected from their idiocy. If someone does not realize what the deal is with payday loans or title loans it should hurt them. But nope. Democrats need an ever expanding base of victims.
I'm reading this as the rest in default aren't worth hauling to the auction.
It’s not their fault - the contracts were written in cursive.
If you're a "cash-strapped consumer" the answer is easy CONSUME LESS!!
I’m not one for big government, but the majority of humans simply have a weakness, going back to biblical times, that will take the money first, and worry about paying it back later.
Sorry, but these predators need to be regulated and maybe shut down. Maybe some good comes to 5% of the people that take these loans to get through a bad time...but I doubt it’s even that high. We saw the damage they did to people during the housing bubble, when they issued exploding loans.
stupid......there’s NO CURE