Online installment loans have taken the subprime market by storm • Hacker News Board

Re: Online installment loans have taken the subprime market by storm

#21

Post by kaikai » Tue, Oct 29, 2019, 3:47 PM UTC

notus wrote: post #8

rootusrootus wrote: post #6

Earlier quoted context omitted.

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.

Because current predatory loans can be discharged through bankruptcy.

Re: Online installment loans have taken the subprime market by storm

#22

Post by geggam » Tue, Oct 29, 2019, 3:47 PM UTC

mikestew wrote: post #13

geggam wrote: post #9

Earlier quoted context omitted.

Disagree, You make the choices for life. Accept personal responsibility.

I’m going to assume that you’re young with limited life experience, which allows you to think that life is that clear-cut. I’d argue, but experience tells me I’ll have to wait until life decides its your turn to stand in front of the steam roller. A much less charitable interpretation has you making convenient answers so that you can conveniently wash your hands of social responsibility. But, man, I hate think that a…

Wrong. 5 decades in, started in the trailer park and worked my way up.

Had enough life challenges to understand how this stuff works.

Re: Online installment loans have taken the subprime market by storm

#23

Post by ceejayoz » Tue, Oct 29, 2019, 3:47 PM UTC

geggam wrote: post #19

geggam wrote: post #9

Earlier quoted context omitted.

Disagree, You make the choices for life. Accept personal responsibility.

I understand the downvoters here want someone else to take care of them. Sorry. If you want a functioning society you have to contribute. Not mooch. In the words of JFK And so, my fellow Americans: ask not what your country can do for you — ask what you can do for your country.

How does your "functioning society" handle the disabled? Into the Soylent Green factory with them?

Re: Online installment loans have taken the subprime market by storm

#24

Post by chooseaname » Tue, Oct 29, 2019, 3:48 PM UTC

geggam wrote: post #9

notus wrote: post #7

Earlier quoted context omitted.

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.

> Disagree, You make the choices for life. Accept personal responsibility.

Most people do accept responsibility.

This is the problem:

>In the decade through 2018, average household incomes for those with a high school diploma have risen about 15%, to roughly $46,000, according to the latest U.S. Census Bureau data available.

>Not only is that less than the 20% increase registered on a broad basket of goods over the span, but key costs that play an outsize role in middle-class budgets have increased much more: home prices are up 26%, medical care 33%, and college costs a whopping 45%.

>To keep up, Americans borrowed. A lot. Unsecured personal loans, as well as mortgage, auto, credit-card and student debt have all steadily climbed over the span.

Companies don't give (adequate) raises. They return money to investors. So, every year, the middle class is losing ground.

These people are desperate. You can mock them all you want, but they're out there building your home, making sure your utilities stay on, deliver your produce to your favorite store. They're trying, but the economy is taking advantage of them.

Re: Online installment loans have taken the subprime market by storm

#25

Post by mikestew » Tue, Oct 29, 2019, 3:49 PM UTC

geggam wrote: post #22

mikestew wrote: post #13

Earlier quoted context omitted.

I’m going to assume that you’re young with limited life experience, which allows you to think that life is that clear-cut. I’d argue, but experience tells me I’ll have to wait until life decides its your turn to stand in front of the steam roller. A much less charitable interpretation has you making convenient answers so that you can conveniently wash your hands of social responsibility. But, man, I hate think that a…

Wrong. 5 decades in, started in the trailer park and worked my way up. Had enough life challenges to understand how this stuff works.

Then I guess option B is all I’m left with.

Re: Online installment loans have taken the subprime market by storm

#26

Post by mindslight » Tue, Oct 29, 2019, 3:49 PM UTC

MuffinFlavored wrote: post #12

What's HN's opinion on 0% balance transfers? Yes, there's usually a 3% fee but... I've been able to borrow about $5k-$12k for a one time 3% fee over 18 months multiple times in a row now. I make sure to always pay the balance back before it is due. Why don't more people who need a cash infusion do this?

If your intent is to pay off that balance, and more surprises don't keep you from doing so, then you'll have won out. But if you get complacent and think of it as the new normal that you can keep rolling, it will eventually catch up with you.

Of course the way the feedback cycle of the economy is set up, if you don't get into trouble with debt, someone else will.

Re: Online installment loans have taken the subprime market by storm

#27

Post by specialp » Tue, Oct 29, 2019, 3:50 PM UTC

notus wrote: post #7

geggam wrote: post #4

Why 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…

Conversely if overextending yourself for whatever reason had no consequences, it would be to your disadvantage not to overextend yourself. How do we determine who should be "bailed out"? Seems the issues that are unavoidable that could cause ruin (illness/disability) should be addressed at a higher level than borrowing money with no recourse.

Re: Online installment loans have taken the subprime market by storm

#28

Post by __blockcipher__ » Tue, Oct 29, 2019, 3:51 PM UTC

mikestew wrote: post #13

geggam wrote: post #9

Earlier quoted context omitted.

Disagree, You make the choices for life. Accept personal responsibility.

I’m going to assume that you’re young with limited life experience, which allows you to think that life is that clear-cut. I’d argue, but experience tells me I’ll have to wait until life decides its your turn to stand in front of the steam roller. A much less charitable interpretation has you making convenient answers so that you can conveniently wash your hands of social responsibility. But, man, I hate think that a…

What a horrifically uncharitable assumption to make.

Why not just actually argue the point you want to make rather than resorting to not-so-subtle personal attacks?

Re: Online installment loans have taken the subprime market by storm

#29

Post by kirykl » Tue, Oct 29, 2019, 3:52 PM UTC

notus wrote: post #7

geggam wrote: post #4

Why 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…

What are the negative consequences of filing for bankruptcy for the individual? If you're at the point where bankruptcy is recommended, it's only up from there.

They are either discharged of their debt or able to protect a house thru a payment plan.

Re: Online installment loans have taken the subprime market by storm

#30

Post by geggam » Tue, Oct 29, 2019, 3:52 PM UTC

ceejayoz wrote: post #23

geggam wrote: post #19

Earlier quoted context omitted.

I understand the downvoters here want someone else to take care of them. Sorry. If you want a functioning society you have to contribute. Not mooch. In the words of JFK And so, my fellow Americans: ask not what your country can do for you — ask what you can do for your country.

How does your "functioning society" handle the disabled? Into the Soylent Green factory with them?

Their family has that responsibility.

I dont mind society creating allowances but the US has went too far and created barriers to small businesses with all of the disability requirements. I have many friends with small businesses that would like to start their own shop but the toilet requirement alone is almost 100k in up front cost.

Ridiculous.