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RS
RS
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August 1st, 2019 at 3:03:35 PM permalink
What kind of business do you think hurts the poor the most?

Im not a business person, but Id think something like Rent-A-Center would be a pretty good deal. Have someone rent a $300 couch for $50/month. Another idea I had is getting into the loan business, where you give someone immediate cash and they get stuck with a 20% monthly interest rate or some such thing.
darkoz
darkoz
Joined: Dec 22, 2009
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August 1st, 2019 at 3:13:43 PM permalink
Quote: RS

What kind of business do you think hurts the poor the most?

Im not a business person, but Id think something like Rent-A-Center would be a pretty good deal. Have someone rent a $300 couch for $50/month. Another idea I had is getting into the loan business, where you give someone immediate cash and they get stuck with a 20% monthly interest rate or some such thing.



If you are saying rent-a-center hurts the poor we are in Agreement

From your comment I am not sure if you are pro or against rent-a-center.

On average a $300 item will cost $1500 when all is said and done. Its little monthly stabs that turn into a quintupling of the price.

Poor who cant afford it but want the item wind up with 5x less buying power and without realizing it are digging their poverty deeper.
For Whom the bus tolls; The bus tolls for thee
Boz
Boz
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August 1st, 2019 at 3:16:21 PM permalink
Quote: RS

What kind of business do you think hurts the poor the most?

Im not a business person, but Id think something like Rent-A-Center would be a pretty good deal. Have someone rent a $300 couch for $50/month. Another idea I had is getting into the loan business, where you give someone immediate cash and they get stuck with a 20% monthly interest rate or some such thing.



All good choices but they are capitalism at its finest. They serve a need and wouldnt be in business if the customers were not there. They live off people who made bad choices in life, yet still want material things they cant afford.

Looking at it from the business owner side, he has to cover the cost of those who still wont pay. They can tell stories of all the people who rent from Aarons and such right before moving out of state. They never had any intention of paying, only taking advantage of the only company who would give them credit.

While there are some who are good people with bad credit due to unfortunate situations, the majority of the customers using these businesses are bad risks. And have a history of stiffing creditors and understand the game clearly.
billryan
billryan
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August 1st, 2019 at 3:47:46 PM permalink
I rented furniture in the 1980s and it wasn't all that bad. When I was moving here , I stopped by Aaron's and was shocked at the outrageous prices. The manager seemed like a nice enough guy, so I suggested he go into a less sleazy business like selling time shares.
The difference between fiction and reality is that fiction is supposed to make sense.
MaxPen
MaxPen
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August 1st, 2019 at 4:49:16 PM permalink
Quote: billryan

I rented furniture in the 1980s and it wasn't all that bad. When I was moving here , I stopped by Aaron's and was shocked at the outrageous prices. The manager seemed like a nice enough guy, so I suggested he go into a less sleazy business like selling time shares.



You obviously missed the special SALE. 4 free hubcaps and week supply of ribeyes with 6 mo. couch rental.
Boz
Boz
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August 1st, 2019 at 4:59:04 PM permalink
Quote: MaxPen

You obviously missed the special SALE. 4 free hubcaps and week supply of ribeyes with 6 mo. couch rental.



Billy missed mentioning that the customers are forced to pay 6x the price for 65 inch TV they need.

Perhaps the guy driving people around to sign up for free benefits should teach a class showing these deadbeats why they shouldnt buy things they cant afford and the value of paying your bills on time.

The liberal will always point out the guy who had his credit ruined by no fault of his own instead of the thousand who just decided paying their debt wasnt worth the hassle.
Steverinos
Steverinos
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August 1st, 2019 at 5:11:09 PM permalink
Quote: Boz

instead of the thousand who just decided paying their debt wasnt worth the hassle.


You're not describing the self proclaimed King of Debt are you?
rxwine
rxwine
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August 1st, 2019 at 6:28:48 PM permalink
I was reading about the PayDay loan industry with it's 800percent interest rates, The only high risk thing to me sounds like someone might shut down their gold mine, as it is a 90 billion dollar industry according to what I read. Doesn't look like they have that much of a problem making their money.

But then any one who has looked at a typical credit card account knows the justification for moving a low interest rate into double digits is just one late payment. Really? That's the justification for high risk customer? Looks pretty shameless to me.
The Hall of Unverified Claims is a vast place with many shelves.
SOOPOO
SOOPOO
Joined: Aug 8, 2010
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Thanks for this post from:
AxelWolf
August 3rd, 2019 at 3:45:32 AM permalink
Quote: rxwine

I was reading about the PayDay loan industry with it's 800percent interest rates, The only high risk thing to me sounds like someone might shut down their gold mine, as it is a 90 billion dollar industry according to what I read. Doesn't look like they have that much of a problem making their money.

But then any one who has looked at a typical credit card account knows the justification for moving a low interest rate into double digits is just one late payment. Really? That's the justification for high risk customer? Looks pretty shameless to me.



Then do not give that company your business! I'm sure it is in the terms of getting the card. No one is forcing anyone to have a credit card!

I am all for the PayDay loan people being allowed to continue to operate, as long as they are not willfully deceiving their customers. Let the adults who want their money sooner decide for themselves if paying back double what they get is worth it to them. We allow the government to sell them tickets which are worth 50% of what they cost, why not allow private businesses the same ?
rxwine
rxwine
Joined: Feb 28, 2010
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August 3rd, 2019 at 4:26:52 AM permalink
Quote: SOOPOO

Then do not give that company your business! I'm sure it is in the terms of getting the card. No one is forcing anyone to have a credit card!

I am all for the PayDay loan people being allowed to continue to operate, as long as they are not willfully deceiving their customers. Let the adults who want their money sooner decide for themselves if paying back double what they get is worth it to them. We allow the government to sell them tickets which are worth 50% of what they cost, why not allow private businesses the same ?



You're for 18 y/os obtaining a mountain of college student debt regardless of ability to pay it back then. (As of early 2019, total student loan debt is approximately 1.52 trillion and growing. )

Or you'd be for the major cause of the recession, people getting over their heads in housing payments again, because we know enough people will go for it?

I realize punishment is a good teacher, but seems like an awful ideas to me to just encourage it.
The Hall of Unverified Claims is a vast place with many shelves.

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