Turn about is Fair…

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.