Posted by 64Bowtie on November 8, 2004, at 8:21:58
In reply to payday advances please help, posted by starrc68 on November 7, 2004, at 13:39:09
star,
[Problem]
I am sad for you that this causes you such pain and frustration. It seems so easy, almost natural, to go get a small short term loan to help yourself out of a bind. However, my 83 yearold friend, a WWII pilot with no family locally, but a life-long gambling problem and a recent debilitating stroke, continues to pick at me to help him out of his pickle with the money advance folks. I can't pay/enable him! It would never end then. It's been six months now since he borrowed $150 from the advance people. He has paid back over $500 in interest and late fees because he screws-up here and there, which is compunding every two weeks, and he still owes the principle.[History]
I'm being truthful even though it might seem so outrageous. 400% interest per-anum! I read the contract and did the math! I am sad for you and wish I could help directly. It becomes such a merri-go-round! I am also sad for your terror and termoil, which sounds many times more than being late on the bills you tried to act responsibly for in the first place. My friend only tried to cover a bad check because the bank is charging him $50 charges and fees now for each extra bad check. It seemed so simple to him at the time .I wanted others to look at your situation more closely. Many don't use or even czek out these services. The history of cash-advance businesses is they were approved to take the teeth out of crime bosses and money laundering entities that have plagued inner cities for a century. The Government doesn't tax them enough to keep them in line, though. Also, Usery laws went away 25 years ago when we had an oil crisis that Pres Carter fixed by encouraging 23% prime rate, to move petro dollars back accross the Atlantic. That worked. But now we have these "money-lenders-in-the-temple" preying on the unsuspecting....
[Remedy]
Pay one lender down to zero this month. Next month, pay down another. Etc. Etc. Then, delay Christmas till Easter. Your family will understand. Just promise me to not complain, coerce, or heaven forbid... use violence. Be at peace, and do what has to be done. All will adapt and accept and stand by your decision!Rod
PS: And remember, you are not alone, especially here. We won't abandon you. Dr-Bob might PBC us if we did that.....lol!
poster:64Bowtie
thread:412940
URL: http://www.dr-bob.org/babble/social/20041105/msgs/413206.html