Surprise! Payday Loans are a Scam and Payday Loan Seekers are Suckers

She'd be just as happy with singles

And as icing on that cake – not only are laws that were recently enacted making things worse they actually cost South Carolina 245 tax paying businesses.

From Fox Carolina:

COLUMBIA, S.C. — A South Carolina law barring people from taking out more than one payday loan at a time has led borrowers to seek other loans that advocates for the poor also call predatory.

Those alternatives include unsecured 6- and 12-month loans that come with high interest rates, or loans that require a car title as collateral. The loans often are made by companies that used to offer payday loans but have changed their business in the wake of the new law.

The Center for Responsible Lending said that those types of loans and the payday variety trap poor borrowers in a downward financial spiral of expensive credit. Lenders defend themselves and say they offer a service borrowers need.

Outstanding payday loans declined about 10 percent during 2009 as 245 locations closed.

The Center for Responsible Lending is just as predatory as these places by the way, since they make a living decrying payday loan shops, banks and mortgage lenders’ supposed predation on the poor but never tell poor people to live within their means and not get into debt. Instead they advocate the poor taking out loans they can’t afford (claiming that you “deserve” money being loaned to you) and then blaming the lenders for being predatory.

Surprise! They’re a Soros funded Communist front group.

But the real point is you have to be retarded to put your car up for a loan. Or a drug addict.Either way the lenders are keeping you from going to real loan sharks that’ll charge you 1000% interest and will accept payment in the form of cash, your daughter or your hide.

This is not so much an issue of the lenders as education. We need to bring back home economic courses where kids are taught young how money and debt actually works. Right now too many people think that because you want something (like a hot Latina mistress who likes to be filmed rolling around in piles of money) you deserve to have it. Both the payday loan industry and The Center for Responsible Lending take advantage on that immaturity to stay in business.

Time to grow up. Wealth is literally finite and you can’t borrow and spend your way into prosperity. Sorry you’ll never be able to “make it rain” like you want but grow up and spend that energy on bettering yourself and you’ll end up happier in the long run.

In other words, stop being a sucker. Then maybe you can open a business to take the place of the payday loan places that are closing down.

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