Re: OT its expensive to be poor!

Posted by MarkB_MI on January 28, 2012 at 03:56:57 from (166.203.28.41):

In Reply to: OT its expensive to be poor! posted by Animal on January 27, 2012 at 20:35:14:

My beef is not that things are hard for the poor. There will always be those who for whatever reason aren't as well off as everyone else. My problem is the way that the working poor are systematically ripped off.

If I'm short on money, I can get a bank loan, draw on my credit card or take out a second mortgage. My interest rate will be between 4 and 12 percent. Someone who is "working poor" has few options other than a payday loan place. He ends up paying a usurious interest rate of 300 percent or more.

There has been a lot of trouble here in Michigan with crooked mortgage companies convincing poor people to refinance their homes, with the borrower ending up paying HIGHER interest rates than what they started out with.

Replies:

• Re: OT its expensive to be poor! LAA 05:17:30 01/28/12 (0)
• Re: OT its expensive to be poor! gun guru 05:16:59 01/28/12 (0)

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