Re: Sad news

[Jon Paris <jon.paris@xxxxxxxxxxxxxx>]

On Feb 15, 2010, at 11:19 AM, midrange-l-request@xxxxxxxxxxxx wrote:

> Judging by the large number of Pay Day Loan stores, which in my  
> opinion is just a half step above organized crime, ...


Based on the Frontline report I watched the other day I would give the  
"organized crime" label to the banks. The amount of interest charged  
by Pay Day Loan companies is indeed excessive (which is why they have  
legislated limits here in Canada) but at least you know _exactly_ what  
you are paying in fees up-front.  You may not think to do the math but  
that is better than:

Banks who promote free checking accounts but you find out too late  
that you can't turn off overdraft protection - and they deliberately  
charge the big amounts in the month against the account (regardless of  
date of charge) so that they can empty it and then charge $25 plus  
fees for each and every subsequent check. You can accidentally  
overdraw by $100 or so and easily end up $300 in the hole. Credit  
cards companies are even worse. Do any of us read the really tiny  
print that says that if you carry a balance and miss your minimum they  
can retroactively up the interest rate?

And I'll take this off-line now before the wrath of David descends  
from Hawaii.


Jon Paris

www.Partner400.com
www.SystemiDeveloper.com