Online installment loans have taken the subprime market by storm
1–10 of 329 posts
Re: Online installment loans have taken the subprime market by storm
#2I feel like the government should be offering some type of non predatory debt relief comparable to this. This service is only a detriment to the borrower due to the crazy high interest rates, but I think the government could break even with much more reasonable interest rates, consumers would be better off financially, and the predatory industries would disappear since they can't compete.
Re: Online installment loans have taken the subprime market by storm
#3I feel like the government should be offering some type of non predatory debt relief comparable to this. This service is only a detriment to the borrower due to the crazy high interest rates, but I think the government could break even with much more reasonable interest rates, consumers would be better off financially, and the predatory industries would disappear since they can't compete.
I am leery of government-backed loans. Look what FHA did to the housing market and what student loans have done to the cost of college.
Re: Online installment loans have taken the subprime market by storm
#4Why should society be bailing out the banks who loan money to folks who cannot afford it then turn around and bail out people who borrow money and cannot afford it ?
If you are broke file bankruptcy and reset your life. Quit trying to steal tax dollars
Re: Online installment loans have taken the subprime market by storm
#5I feel like the government should be offering some type of non predatory debt relief comparable to this. This service is only a detriment to the borrower due to the crazy high interest rates, but I think the government could break even with much more reasonable interest rates, consumers would be better off financially, and the predatory industries would disappear since they can't compete.
I am leery of government-backed loans. Look what FHA did to the housing market and what student loans have done to the cost of college.
I'm not entirely sure what FHA did to the housing market, but as for student loans, yes it wasn't a great outcome, but it is a substantially better outcome than everyone being in debt with high interest rates with predatory lenders.
Re: Online installment loans have taken the subprime market by storm
#6I feel like the government should be offering some type of non predatory debt relief comparable to this. This service is only a detriment to the borrower due to the crazy high interest rates, but I think the government could break even with much more reasonable interest rates, consumers would be better off financially, and the predatory industries would disappear since they can't compete.
I think that would be a terrible idea. The gov't would want to make the debt non-dischargeable like they do with student loans. It would be devastating.
Maybe we could try to actually tackle things like medical costs so people aren't getting so deeply into debt to begin with.
Re: Online installment loans have taken the subprime market by storm
#7Why should society be bailing out the banks who loan money to folks who cannot afford it then turn around and bail out people who borrow money and cannot afford it ? If you are broke file bankruptcy and reset your life. Quit trying to steal tax dollars
If filing for bankruptcy had no negative consequences I would agree, but that isn't the case. I agree that we shouldn't be bailing out banks, but we should have a safety net to bail out individuals. People go broke for various reasons, but the hallmark of an accomplished society is being able to ensure a decent quality of life for most people. Telling people to accept personal responsibility for everything that happens to them is a huge cop-out. You're basically saying you refuse to consider what scenarios might warrant this because it doesn't fit into your world view.
Re: Online installment loans have taken the subprime market by storm
#8I feel like the government should be offering some type of non predatory debt relief comparable to this. This service is only a detriment to the borrower due to the crazy high interest rates, but I think the government could break even with much more reasonable interest rates, consumers would be better off financially, and the predatory industries would disappear since they can't compete.
I think that would be a terrible idea. The gov't would want to make the debt non-dischargeable like they do with student loans. It would be devastating. Maybe we could try to actually tackle things like medical costs so people aren't getting so deeply into debt to begin with.
> I think that would be a terrible idea. The gov't would want to make the debt non-dischargeable like they do with student loans. It would be devastating.
I fail to see how this is worse than current predatory loan scenarios.
Re: Online installment loans have taken the subprime market by storm
#9Why should society be bailing out the banks who loan money to folks who cannot afford it then turn around and bail out people who borrow money and cannot afford it ? If you are broke file bankruptcy and reset your life. Quit trying to steal tax dollars
If filing for bankruptcy had no negative consequences I would agree, but that isn't the case. I agree that we shouldn't be bailing out banks, but we should have a safety net to bail out individuals. People go broke for various reasons, but the hallmark of an accomplished society is being able to ensure a decent quality of life for most people. Telling people to accept personal responsibility for everything that happe…
Disagree, You make the choices for life. Accept personal responsibility.
Re: Online installment loans have taken the subprime market by storm
#10I feel like the government should be offering some type of non predatory debt relief comparable to this. This service is only a detriment to the borrower due to the crazy high interest rates, but I think the government could break even with much more reasonable interest rates, consumers would be better off financially, and the predatory industries would disappear since they can't compete.
I think that would be a terrible idea. The gov't would want to make the debt non-dischargeable like they do with student loans. It would be devastating. Maybe we could try to actually tackle things like medical costs so people aren't getting so deeply into debt to begin with.
> The gov't would want to make the debt non-dischargeable like they do with student loans
That's a strange assertion, considering there are dischargeable government loans, and private student loans cannot be discharged.