Freedom’s Trumpet

Payday Loan cash advance loansharks are being scrutinized by people who think evil is ok as long as it’s not blatant. 300% annual percent is blatant evil and people are responding to the evils they see in Payday loan places.
Why? Because these places screw poor people. That’s why. It’s not enough that they’re poor, but these places sit there like snakes in the grass waiting for the poor man to need a quick $800 loan. They tell Mr. Broke that he can pay them x-hunred dollars in appreciation fees for being allowed to spend a paycheck or 17 on a new television. Mr. Broke agrees. He also agrees to pay the loan off in 2 weeks, but what he doesn’t know is that the rest of his life keeps gnawing away at the little bit he does earn. Loanshark agrees to let Mr Broke continue owing Mr Loanshark money if Mr Broke pays $150 in fees. 2 weeks later Mr. Broke is faced with owing Mr. Loanshark $800 that he doesn’t have. Mr Loanshark is sympathetic and offers Mr. Broke another opportunity to get off with a mere $150 in fees to postpone the due date. Mr Broke thanks Mr Loanshark for being so understanding and coughs up $150. Two weeks later, Mr Broke still doesn’t have $800, because he gave Mr Loanshark $300 already. Mr. Loanshark is again sympathetic. This scenario lasts for 2 years until Mr. Broke breaks into Mr Loansharks establishment, shoots Mr Loanshark, and defaults on the loan. He will have paid about $7000 in fees by this time, but will not have paid off his loan.

President Bush called this ‘fuzzy math’, but I think that was just because math is fuzzy to him.

http://abcnews.go.com/Business/Economy/story?id=5245699&page=1

note. I am not suggesting that you shoot the payday cash advance guy. He’s probably just an underpaid clerk who takes abuse just like you.

If you find yourself in this trap you may be helped by your local church. If they won’t help keep trying churches. Eventually you’ll get somewhere.