Re:Life expectancy declines seen in U.S. and other high-inco...
by kurthr on Thursday August 23, 2018 @10:42AM
(#17827648)
Pay day loan vendors... if you can pay them off, they've lost.
Re:Life expectancy declines seen in U.S. and other high-inco...
by tim333 on Thursday August 23, 2018 @12:38PM
(#17828642)
I chatted to a guy who worked for one of those. Apparently either wealthy or very hard up customers were not profitable - the wealthy pay to quickly, the hard up not at all. What they wanted were people on the borderline that could pay back eventually having run up some interest.
Re:Life expectancy declines seen in U.S. and other high-inco...
by kurthr on Friday August 24, 2018 @01:42PM
(#17836452)
You can always pay them off with another loan... until you can't. At a typical $30 of "finance charges" for a $100 loan for 2 weeks (over 400% apr) you only need a few cycles to pay off the principal with fees... then it's all profit!
Re:Life expectancy declines seen in U.S. and other high-inco...
by tim333 on Friday August 24, 2018 @02:43PM
(#17836937)
You'd think so though the leading one in the UK, Wonga seems to be going bust from customer compensation claims. https://www.theguardian.com/business/2018/aug/07/wonga-loans...
I'm not sure it is in the interests of the kinds of players that keep people poor to do so. They mostly just seem to be taking advantage of whoever they can without motivations in that direction. For example the medical industry grabs peoples money, which causes quite a lot of poverty, because they like money, not because they want their customers poor. Is there an example of an industry that does want people poor? I can't think of many examples - maybe in apartheid South Africa it was in some of the whites interest to keep the blacks poor as cheap labour but I don't think that kind of thing really applies in the US?