The old saying “Turn About is Fair Play” should not surprise you but from time to time you just have to “Bite the Old Bullet”
Recently the President made a speech and he had a really good point.
There are thousands of Title Loan Companies all over the US.
These companies prey on those in our society that are often at the very bottom of their financial lives.
Those people who do not have resources nor do they have credit cards, so they end up taking out a pay day or a title loan.
These people often end up paying many times more than other people pay for a loan from a bank.
The reason they pay such high interest is that they do not have good credit.
For an example lets say that Billy has to pay for a new set of tires on his wife car, well billy does not have the money and he can’t get credit, so he goes to a title loan company and borrows $500.00 he then has to pay back $596.00 plus perhaps some kind of insurance that the (sorry company has added into the equation) It can vary from $31 loan fee to $60 for an administration fee.
The thing is, if it takes Billy six months to pay back the entire amount of the loan, in the end billy ends up paying $1,172.13 cents which is typical in these horrible situations.
The president made a point of mentioning this during a speech the other day and you know what he was right, these companies are horrible.
All the while, the Governor of the state in which this speech was made, (Alabama I think) has been in office one full term and just won election for a second term.
This man claims to be a Christian.
But yet he has done nothing to stop this abuse of the poor people in this state.
Nothing at all.
What I am really interested to learn is why the Governor of the State of Alabama allows this to happen and another thing is Pawn Shops.
Pawn shops charge more than 300 percent interest and you could end up paying twice as much as you borrowed if you do not make much money.
Why, do pawn shops thrive?
I’ll tell you why its because our corrupt state governments do nothing to reduce the abuse and that is just wrong, don’t care if your a republican or a democrat.
The people that run these places are often the dregs of society, (allegedly)
Yet, again nothing is done to protect the people from these sorry individuals.
There should be a fair way, people should have a way to be equal with others for what they pay for a loan, even if it is a small loan.