Comments on: Worse Installment Credit Ever http://www.stopbuyingcrap.com/credit-related/worse-installment-credit-ever/ Over Five Years of Personal Finance, Consumer Spending, Crazy Products and Boring Blog Posts. Good grief. Sat, 11 Feb 2012 21:36:21 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: SkyeBlue http://www.stopbuyingcrap.com/credit-related/worse-installment-credit-ever/comment-page-1/#comment-3580 SkyeBlue Sat, 27 May 2006 14:08:31 +0000 http://www.stopbuyingcrap.com/2006/05/26/worse-installment-credit-ever/#comment-3580 In regards to the "payday advance" services, I don't think it is that people who use them maybe unaware or even don't care that they are throwing away their money. I think those places actually prey on people, low income people. I have a friend who gets about $700.00 a month Social Security disability (plus some food stamps) who is the sole support of her family of 4. She has begun writing checks at those places to be able to pay all of her bills. So, she writes a check that includes enormous interest, a few weeks later picks it up and pays to get the check back, which makes her short of money for the next month, so then she has to write another check to make up for it.................a vicious and sad cycle. I think to be able to get about $100.00 in cash she has to wrtie a check for close to $120.00 or more. In regards to the “payday advance” services, I don’t think it is that people who use them maybe unaware or even don’t care that they are throwing away their money. I think those places actually prey on people, low income people.

I have a friend who gets about $700.00 a month Social Security disability (plus some food stamps) who is the sole support of her family of 4. She has begun writing checks at those places to be able to pay all of her bills. So, she writes a check that includes enormous interest, a few weeks later picks it up and pays to get the check back, which makes her short of money for the next month, so then she has to write another check to make up for it……………..a vicious and sad cycle.

I think to be able to get about $100.00 in cash she has to wrtie a check for close to $120.00 or more.

]]> By: Cap http://www.stopbuyingcrap.com/credit-related/worse-installment-credit-ever/comment-page-1/#comment-3556 Cap Sat, 27 May 2006 01:49:54 +0000 http://www.stopbuyingcrap.com/2006/05/26/worse-installment-credit-ever/#comment-3556 I think the problem with many of these is just that people don't know any better. The ads and the procedure these companies have, are heavily reliant on the fact that the consumer will be ill informed, and they also avoid disclosing their entire terms or payment plan fully. This particular one seem borderline scam/fraud. The company site also seem to be pretty zealous about protecting their brand, so I didn't bother using any of their image or linking to the commercial. But yeah, pay day advance, cash advance, check cashing etc. services are just out right out crazy. It's too bad people are either unaware that they're throwing away money, or just don't care enough... I think the problem with many of these is just that people don’t know any better. The ads and the procedure these companies have, are heavily reliant on the fact that the consumer will be ill informed, and they also avoid disclosing their entire terms or payment plan fully.

This particular one seem borderline scam/fraud. The company site also seem to be pretty zealous about protecting their brand, so I didn’t bother using any of their image or linking to the commercial.

But yeah, pay day advance, cash advance, check cashing etc. services are just out right out crazy. It’s too bad people are either unaware that they’re throwing away money, or just don’t care enough…

]]> By: SkyeBlue http://www.stopbuyingcrap.com/credit-related/worse-installment-credit-ever/comment-page-1/#comment-3555 SkyeBlue Sat, 27 May 2006 01:19:51 +0000 http://www.stopbuyingcrap.com/2006/05/26/worse-installment-credit-ever/#comment-3555 If people who are tempted to fall for all these cheezy offers you have been writing about really just want to throw all their money away they can send it to ME! My vote for the sleaziest people of all though has to go to the people who own those "Check Cashing " services. I saw posted on the wall of one here in our town that says the APR on holding your checks comes to like 459%! If people who are tempted to fall for all these cheezy offers you have been writing about really just want to throw all their money away they can send it to ME!

My vote for the sleaziest people of all though has to go to the people who own those “Check Cashing ” services. I saw posted on the wall of one here in our town that says the APR on holding your checks comes to like 459%!

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