I have not had the misfortune to ever deal with these legalized loan sharks, but my sister has...I think to make predatory lending 'illegal', etc. would be pointless as I think there will always be people who seek 'sure' money, no matter how usurious and you would simply create conditions a la Prohibition...we'll see what the Biden regime can/will do...but, if I were a betting man...and any attempt at 'reform' or additional regulation, no matter how minor, will generate deep-pocket pushback and pushback often works it seems to me...
That unfortunately may be correct, but I still hope the industry is considerably reigned in by regulation. My dream woulod be a national usury law capping all APR at 20%. Not sure why that would be so terrible... But the greed out there seems to outweigh any common sense or concern for the common good.
Yes, and long-term substantive change, not some smoke-and-mirrors shell games for the lenders and some soul-searching and hard choices for the borrowers...
I have not had the misfortune to ever deal with these legalized loan sharks, but my sister has...I think to make predatory lending 'illegal', etc. would be pointless as I think there will always be people who seek 'sure' money, no matter how usurious and you would simply create conditions a la Prohibition...we'll see what the Biden regime can/will do...but, if I were a betting man...and any attempt at 'reform' or additional regulation, no matter how minor, will generate deep-pocket pushback and pushback often works it seems to me...
That unfortunately may be correct, but I still hope the industry is considerably reigned in by regulation. My dream woulod be a national usury law capping all APR at 20%. Not sure why that would be so terrible... But the greed out there seems to outweigh any common sense or concern for the common good.
In general, I have no 'issue' with your position, but I think your last sentence highlights and captures the 'reality'.
I am still hopeful that if a lot of people "rise up" and unite against this extraordinary greed, we could see change.
Well, ok...I think you'd have to 'see' a lot of change...from the borrowers and lenders...
Yes, and long-term substantive change, not some smoke-and-mirrors shell games for the lenders and some soul-searching and hard choices for the borrowers...