Donate Bitcoin

Donate Paypal


PeakOil is You

PeakOil is You

Fed Makes "Payday Loans" Acceptable Collateral

What's on your mind?
General interest discussions, not necessarily related to depletion.

Fed Makes "Payday Loans" Acceptable Collateral

Unread postby mattduke » Tue 25 Mar 2008, 23:24:35

Well, why not?

$this->bbcode_second_pass_quote('', 'A')s hundreds of thousands of American home owners fall behind on their mortgage payments, more people are turning to short-term loans with sky-high interest rates just to get by.


link
User avatar
mattduke
Intermediate Crude
Intermediate Crude
 
Posts: 3591
Joined: Fri 28 Oct 2005, 03:00:00

Re: Fed Makes "Payday Loans" Acceptable Collateral

Unread postby IanC » Wed 26 Mar 2008, 02:32:10

That was painful to read. Probably most of these people are just trying to keep the lights on and some food in the 'fridge. Maybe they are just thinking that they are ruined anyway, so why not pile on a little more?

We've got dozens of these Usery Dealerships in Portland...

-IanC
IanC
Lignite
Lignite
 
Posts: 383
Joined: Sun 05 Jun 2005, 03:00:00
Location: Portland Oregon, USA

Re: Fed Makes "Payday Loans" Acceptable Collateral

Unread postby MarkJ » Wed 26 Mar 2008, 13:52:21

Besides payday type loans, some people are selling off assets for pennies on the dollar to pay rent, mortgages, property taxes, water/sewer bills, heat and electric bills. One of our customers traded me a boat worth well over 3 grand for around 250 gallons of heating oil. We've had many customers that wanted to trade assets towards heating oil, propane, kerosene, heating service, repairs and installations.

Homeowners that are losing their homes often try to sell newer appliances, furnaces, boilers and water heaters for pennies on the dollar or they sell steel, iron and copper for scrap at the salvage yards.
User avatar
MarkJ
Tar Sands
Tar Sands
 
Posts: 649
Joined: Tue 25 Mar 2008, 03:00:00


Return to Open Topic Discussion

Who is online

Users browsing this forum: No registered users and 2 guests

cron