12-22-2009, 11:27 AM | #11 |
Alleged Puppy Pimper
Join Date: Nov 2008
Location: PA
Moto: Shadow 750 Ace
Posts: 2,135
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yes, yes they are. if loan sharking is going to be legal now then why cant all of the illegal shit that i like to do be legal. i'm going to go out and send letters to immigrant women asking them to sign a contract to be shipped here, stripped of their possesions and forced to work as prostitutes (in states that legally allow it) i mean shit, they should have known better before signing the contract right?
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Opinions are nothing like assholes, opinions are like vaginas, less then half of everyone has one, everyone else uses one that isn't their own, and there is no better way to fit in or be cast out than to share yours |
12-22-2009, 11:33 AM | #12 |
Serious Business
Join Date: Nov 2008
Location: New York
Moto: 1993 ZX-11 2008 CBR1000rr
Posts: 9,723
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High risk = High Interest rate
If the government wants to step in and screw with a companies abilty to deal with risk then I would recomend they do what they do in commercial segments. Nail the high risk consumer with fees. If a consumer is serious about trying to rebuild there credit and earn the trust of lenders then they should be willing to pay. If the government is serious about pushing financial institutions to lend more in order to get the economy going then perhaps they should shut the fuck up. the other option for high risk people is to not issue them a CC or loan at all. |
12-22-2009, 11:39 AM | #13 |
Alleged Puppy Pimper
Join Date: Nov 2008
Location: PA
Moto: Shadow 750 Ace
Posts: 2,135
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i kind of dont want to do this. you guys have heard every point in the damn book from the verizon bill thread. this is the same thing except people who are irresponsible are being targeted instead of coincidentally pulled in. read over the facts, let your conscience be your guide and all that bullshit. i have better things to do... /attention span
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Opinions are nothing like assholes, opinions are like vaginas, less then half of everyone has one, everyone else uses one that isn't their own, and there is no better way to fit in or be cast out than to share yours |
12-22-2009, 12:05 PM | #14 |
AMA Supersport
Join Date: Nov 2008
Location: Odessa, TX
Moto: 2000 Honda CBR1100XX Blackbird
Posts: 4,931
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I agree with Dragon. If you're going to make loan sharking legal then just make it legal all the way around. You shouldn't have to own a building with a vault and tellers to be a loan shark.
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1982 Honda XR80 - blown motor, 1993 Kawasaki ZX6D - sold, 2001 Suzuki Bandit 1200S - sold, 1984 Honda Magna - sold, 2001 Kawasaki ZRX1200R - blown motor, 2007 Suzuki DL1000 V-Strom - totalled, 2003 Yamaha FZ1 - sold, 1994 Honda Magna - sold, 2001 Honda CBR600F4i - sold, 1998 Suzuki DR350 - stolen, 1989 Honda Super Magna - sold, 2007 Yamaha Stratoliner, 2000 Honda CBR 1100XX Blackbird |
12-22-2009, 05:45 PM | #15 |
Issukangitok
Join Date: Nov 2008
Location: Biloxi, MS
Moto: '06 Suzuki Boulevard C50T
Posts: 2,225
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So what will they do when people who already default on much lower interest rate cards default on this? Subprime lending is all about lending to people who've already proven they can;t pay. They should just give people the money, then immediately break their pinkie, and send them on their way. It saves everyone time and hassle.
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What goes around comes around. Sometimes you get what's coming around, and sometimes you are what's coming around. You see what I mean? |
12-22-2009, 07:02 PM | #16 |
Elitist
Join Date: Nov 2008
Location: SF Bay Area
Moto: Gix 750
Posts: 11,351
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Good luck with collections, that's all I'm going to say.
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12-22-2009, 07:46 PM | #17 |
SFL Expatriate #2
Join Date: Nov 2008
Location: Raleigh, NC
Moto: CBR1000
Posts: 2,043
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Comparing a high interest rate with forcing someone to be a prostitute? I love internet analogies.
The APR is clear for the person signing up for the card, there is 0 ambiguity about it. In fact, a 79.9% APR is much more clear and potentially cheaper than "initiation fees, admin fees, account maintenance fees, etc." If someone is really trying to rebuild their credit, this card gives them a chance to do so FREE if they pay their bill in full and on time (recommended for rebuilding credit, unless you're an idiot). If I were in their shoes, I'd take that over paying $256 in fees for a $300 credit limit. Exactly. They know that's a write-off already, so they have to make their money back in other ways. |
12-23-2009, 07:35 AM | #18 | |
sergeant hatred
Join Date: Jul 2009
Location: Ottawa
Moto: The bus
Posts: 2,723
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Quote:
What if it gets sent to someone who is mentally incabable of understanding, but does it anyways? In canada, they passed laws against interest rates like this. http://www.paliareroland.com/pdfs/MB...ed%20Claim.pdf And it is a criminal charge, not a civil charge.
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12-23-2009, 08:49 AM | #19 | |
WERA White Plate
Join Date: Nov 2008
Location: Austin, TX
Moto: '01 Aprilia Falco
Posts: 1,041
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From Wikipedia:
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12-23-2009, 10:08 AM | #20 | |
SFL Expatriate #2
Join Date: Nov 2008
Location: Raleigh, NC
Moto: CBR1000
Posts: 2,043
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Quote:
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