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Taking care of our troops

Discussion in 'Political Discussion' started by Patters, Aug 12, 2006.

  1. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    I don't know if it's a typo, but setting an interest rate cap of 36% on loans to soldiers sounds like we're doing less than nothing.

    http://www.navytimes.com/story.php?f=1-292925-2017635.php

    A new Pentagon report endorses the idea of setting a 36-percent maximum interest rate on loans for military members because predatory lenders are targeting young service members and their families.

    The Aug. 9 report to Congress, released by Sen. Jim Talent, R-Mo., said the military population has been targeted for high interest rate and high fee loans because its members have steady jobs and bank accounts but are young and inexperienced.

    “These borrowers are less likely to weigh the predatory loan against other opportunities and are less likely to be concerned about the consequences of taking the loan,†the report says.

    “Predatory products feature high fees/interest rates, with some requiring balloon payments, while others pack excessive charges into the product,†the report says. “The result of their efforts is to obfuscate the comparative cost of their product with other options available to the borrower.â€
  2. mikey

    mikey Rookie

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  3. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    Holy crap, even worse is some will pay this... isn't it supposed to be the liberal mantra that we don't like the war but support the troops, perhaps it is the conservative mantra we love the troops, but love our predatory lending institutions better.
  4. QuiGon

    QuiGon Banned

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    People, they're not talking about car loans or mortgages here. They're talking about stuff like "Payday Loans" where it is not unusual to charge 500% - 1000% (yes, five hundred to one thousand percent) in annual percentage rate - only it's disguised as "fees".

    You liberals need to get out of your ivory towers every once in a while and figure out how the real world operates.
  5. sdaniels7114

    sdaniels7114 Rookie

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    Actually, just the fact that you know about that kind of stuff tells me that you ain't so very good at budgeting your money or that you're not so very good at paying your bills on time. Having a credit rating over 700 isn't living in an ivory tower, its just how an adult tends to act.
  6. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    Well, I guess predatory lenders will always have their champions on the right.
  7. QuiGon

    QuiGon Banned

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    Maybe, but that's because I think it's none of the government's business to interfere with adult parties entering an adult financial agreement. See, liberals love to condescendingly tell other people what is and isn't good for them. People like me don't think it is the government's right to interfere in the financial transactions of one adult to another.

    Post Script: Thank you for not censoring my post. It seems you've been doing an awful lot of that lately to people based on their political viewpoints so I should consider myself grateful that you let me state an opinion on predatory lending without it being censored.
  8. QuiGon

    QuiGon Banned

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    Wait a second... I thought I was in high school according to you... So which is it...? Am I anxiously awaiting 10th grade, or do I have problems budgeting my money and paying bills..? (The correct answer, of course, is "none of the above". But I can't help but laugh at your continued insistence of making a fool of yourself).

    By the way, I love how you totally chickened out from my little challenge to you that if you promised you would apologize to me, I would gladly answer your little "Hanscom ground control frequency" question. You ran away from that thing so fast, I almost feel bad for you. Almost, but not quite.
  9. FreeTedWilliams

    FreeTedWilliams pfadmins PatsFans.com Supporter

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    #75 Jersey

    I was amazed at these places when I moved down South. They pray on mostly the uneducated minority communities. The Patriot Act actually has a very good clause in it to shut down the unlicensed ones of these. But mostly it is places like "Titlemax" they are basically pawn shops for cars, where you pawn your title for money, you keep the car, but pay a ridiculous interest rate and fees for this service. If you default, they come for your car.

    So say you own your 1996 Astrowagon outright, you go to TitleMax and pawn the title for $500 cash, they charge you $75 in processing fees, and then charge you something like $50 a week interest, I would go to a Shy before I went to one of these guys.

    Many much more legititamate fianancial institutions such as Citibank, will defer mortgage payments (without charging extra interest) for Servicemembers on active duty in a war zone.


    This all goes back to the fact that our government schools leave everyone completed unprepared for life. How kids are allowed to graduate from school without a basic knowledge of how to file your taxes, how mortgages, and credit cards work, is beyond me.
    Last edited by a moderator: Nov 21, 2005
  10. Pujo

    Pujo Rookie

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    Just curious, FTW, what's a Shy?
  11. FreeTedWilliams

    FreeTedWilliams pfadmins PatsFans.com Supporter

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    #75 Jersey

    slang for a loan shark, it is actually short for Shylock, from the Merchant of Venice.
  12. All_Around_Brown

    All_Around_Brown Rookie

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    I agree, and so would Boss Tweed. http://en.wikipedia.org/wiki/Boss_Tweed
  13. wistahpatsfan

    wistahpatsfan Rookie

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    #75 Jersey

    I totally agree with you on this - very good point. Of all the things to be omitted from education, these are the last. They should be pushed as soon as kids can divide and multiply. I always wondered why this was - even when I was in school. We had and elective called "Consumer Math", but few took it. An elective! But "Religion" was mandatory daily. Go figure.
    Last edited: Aug 14, 2006

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