How do Democrats spin this?

[Vermouth]

Right, shut them down.

That's a great idea ... then people would have no choice but to live within their means. (sarcastic)

[they call me MR. GRUMPY god damn it!]

is there any responsibility on the part of the borrower??

[BigLebowski]

is there any responsibility on the part of the borrower??

Yes, but there are reasons they are described as "predatory" lenders.   Wonder why you never see a "PayDay" loan in the nice part of town??   

These lenders need to explain to the borrowers the terms and the fee structures before lending the money, not when the first payment is due.   Does that sound like responsible lending?   

They feed off the poor and the down-trodden.   

[they call me MR. GRUMPY god damn it!]

is there any responsibility on the part of the borrower??

Yes, but there are reasons they are described as "predatory" lenders.   Wonder why you never see a "PayDay" loan in the nice part of town??   

These lenders need to explain to the borrowers the terms and the fee structures before lending the money, not when the first payment is due.   Does that sound like responsible lending?   

They feed off the poor and the down-trodden.   

if people choose to be victims so be it.

[BigLebowski]

is there any responsibility on the part of the borrower??

Yes, but there are reasons they are described as "predatory" lenders.   Wonder why you never see a "PayDay" loan in the nice part of town??   

These lenders need to explain to the borrowers the terms and the fee structures before lending the money, not when the first payment is due.   Does that sound like responsible lending?   

They feed off the poor and the down-trodden.   

if people choose to be victims so be it.

If the loan office wasn't right outside their house, they would not choose to be victims.   

[pittypat65]

I can't believe what I am reading. So there is no responsibilty on the part of the borrower? Leave the loan companies alone, we have worse problems. Gee, the liberals want to control everything. Shut down these companies would only open to door to the old illegal "loan shark" lending. At least these companies are regulated. I am old enough to remember. Its like abortion. I am against it personally but find it a far better thing than the old back ally ones.

[spunkloaf]

"Gee, the liberals want to control everything"

[Mr. Dirlewanger]

Some companies prey on kids and consciously try to trap them in debt. They do this because they know that, more often than not, the kids' parents will bail them out. Look, the people who fall for this crap are morons but these practices are disgusting. I don't know anything about payday loans and have only seen them in my spam email folder but I get offers from credit institutions all the time. Some are great but some are clearly designed to sink me in debt and hopefully keep me there.

[spunkloaf]

Some companies prey on kids and consciously try to trap them in debt. They do this because they know that, more often than not, the kids' parents will bail them out. Look, the people who fall for this crap are morons but these practices are disgusting. I don't know anything about payday loans and have only seen them in my spam email folder but I get offers from credit institutions all the time. Some are great but some are clearly designed to sink me in debt and hopefully keep me there.

That's right as well.

People should be responsible for their debts, but these companies should be equally or more responsible for who they give their money too.

People forget.  It's not just the BANKS' monies.  It's the entire nation's, in a large respect.

[pittypat65]

Although I have never been involved in  payday loans I know a lady who used to use them. You have to have a checking account and a bank statement as well as last two paystubs. I don't know much about them either though. I do believe that most states regulate these companies but not sure of that. I know absolutly nothing about the online loans as i never read my junk mail. I remember back in the days while a police officer they had no such loan companies and there was alot of crime involved with the old time loan sharks.

[spunkloaf]

Although I have never been involved in  payday loans I know a lady who used to use them. You have to have a checking account and a bank statement as well as last two paystubs. I don't know much about them either though. I do believe that most states regulate these companies but not sure of that. I know absolutly nothing about the online loans as i never read my junk mail. I remember back in the days while a police officer they had no such loan companies and there was alot of crime involved with the old time loan sharks.

Loans are bullshit, unless you can be certain you will be able to pay them off.

I fell for student loans after high school.  Now I'm nearing default because I can't keep up with a $450/month payment.  I'll have to pay $450/month for the next 22 years.   5 of those years will be paying for interest alone.

[BigLebowski]

It is not about the liberals or neocons controlling anything.   It is about protecting americans from harm.  Plain and simple.   You expect your government to protect you from physical or emotional harm, why not financial?   

The folks who take these loans definitely share the blame, but any regulator, state or otherwise, should never let anybody loan money at 192% for a friggin' 2 week loan.   Obama wants to put a cap on the interest rate which started this recent conversation.  I feel predatory lending should be illegal or at least better regulated.   

If you remember Bush did not try to abolish the PayDay lenders, he just said they could no longer be outside of military bases.   So I guess if they are good enough for the military, there are okay for the civilians.   

[Vermouth]

It is not about the liberals or neocons controlling anything.   It is about protecting americans from harm.  Plain and simple.   You expect your government to protect you from physical or emotional harm, why not financial?   

Borrowing money is proactive. It is not something done to you, without your knowledge.

Government involvment should consist of requiring transparency of repayment terms, in plain English, up front.

[bored]

Although I have never been involved in  payday loans I know a lady who used to use them. You have to have a checking account and a bank statement as well as last two paystubs. I don't know much about them either though. I do believe that most states regulate these companies but not sure of that. I know absolutly nothing about the online loans as i never read my junk mail. I remember back in the days while a police officer they had no such loan companies and there was alot of crime involved with the old time loan sharks.

Loans are bullshit, unless you can be certain you will be able to pay them off.

I fell for student loans after high school.  Now I'm nearing default because I can't keep up with a $450/month payment.  I'll have to pay $450/month for the next 22 years.   5 of those years will be paying for interest alone.

Spunk, I am in the exact same position. Honestly, I'm not so sure I am better off. I've used virtually all of my deferment options and that is only temporary assistance. The loaners love this option.

I've had a huge grudge for years from those bullshit credit cards you get at some stores like Best Buy or Macy's. These are literally the worst things ever. On top of paying my 20+% interest, a missed payment tacked on an additional $30-35 to the principle. I had hit a hardship which caused me to miss quite a few payments on these ridiculous cards. In no time flat I was paying double the price of the merchandise that I bought. My $30 minimum amount due at one point was taking only .40 cents off of the principle.  This is my fault for not able to pay, but they penalize the crap out of you with this. I had hopes of improving my credit, since day 1. I have never had the chance to have a real credit card, no credit was the only thing I've had for years. Then since these cards, I have just about ruined my credit entirely.

[pittypat65]

It is not about the liberals or neocons controlling anything.   It is about protecting americans from harm.  Plain and simple.   You expect your government to protect you from physical or emotional harm, why not financial?   

Borrowing money is proactive. It is not something done to you, without your knowledge.

Government involvment should consist of requiring transparency of repayment terms, in plain English, up front.

I agree Vermouth. We have to take responsibilty for our own actions. If a loan company is deceiving people they should be shut down as well. I am not familiar with these companies.