"Ken Fortenberry" wrote in message
...
Tom Littleton wrote:
"Ken Fortenberry" wrote:
It's low-down, sneaky usury is what it is and if
the sleazeballs go belly up because of it, that's fine by me.

If you think providing a contracted service at a publicly stated price is
usury, you haven't seen real usury. By the way, in the real deal, the
lender doesn't often go belly up, but they do find a small percentage of
borrowers in that state.

A 30% interest rate is real usury in my book. Not as bad the 500%
predatory loans of some of these payday operations but still usury
in my book.

--
Ken Fortenberry

Then there are the cc users. In class at the local JC a month ago, one of
the young men, probably about 22 said that the CC companies forgave $2500 on
his debt. No 1099 for forgiven amount (what the discussion was originally
about). I asked how a 21 year old junior college student could run up that
kind of debt. His answer actually blew me away. He had gone to Vegas and
said he had to look good, so bought a $1500 suit, and some other stuff. Why
should some deadbeat get to write off 40% of what he owed for unnecessary
spending? And he still has a card, and thought there was nothing wrong with
what he did. People like that should have to pay back the full amount at
very high interest rates. Different if due to medical or other life
circumstances he was in debt over his head. But, most of the stories I hear
of people with $60k-$150k in CC debt on a load of different credit cards,
are for living the good live on credit. Sort of the same problem that
people who used their houses as ATM's to buy boats, luxury cars, expensive
electronics and now are losing the house and want the rest of us who lived
within their means to bail them out. Maybe I am hard hearted, but I grew up
the son of Depression Era parents. And was taught to live within my income
with some savings at the same time.