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Online installment loans have taken the subprime market by storm

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

#301

Post by dang »

mikestew wrote: post #25
geggam wrote: post #22

Earlier quoted context omitted.

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.

Please don't cross into personal attack in HN comments. You did that upthread and then did it more here. That's the wrong way to go. Please review https://news.ycombinator.com/newsguidelines.html and eliminate that kind of swipe out of your posts here—regardless of how wrong or annoying you feel another commenter is being. Maybe you don't owe them better, but you owe this community better if you're participating in it.

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

#302

Post by dang »

manthedudeguy wrote: post #206
geggam wrote: post #79

Earlier quoted context omitted.

I have very few friends. I have a discriminating taste aka standards. Something society has lost.

I would predict the reason you have few friends has less to do with your standards and more to do with other people's standards.

We've banned this account for breaking the site guidelines. If you don't want to be banned on HN, you're welcome to email hn@ycombinator.com and give us reason to believe that you'll follow the rules in the future.

https://news.ycombinator.com/newsguidelines.html

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

#303

Post by dang »

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.

You started and perpetuated a flamewar in this thread. Those are extremely lame discussions that we try to avoid here. Would you please stop and not do it again on Hacker News?

You also broke the site guidelines in other ways. If you'd please review https://news.ycombinator.com/newsguidelines.html and stick to the rules when posting here, we'd be grateful.

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

#304

Post by dang »

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

Please don't start flamewars on HN, and please don't perpetuate them. We've had to ask you this before, and even warned you that we'd ban you if you kept doing it.

https://news.ycombinator.com/newsguidelines.html

See also https://news.ycombinator.com/item?id=21394294

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

#305

Post by apta »

arkw wrote: post #49

I interviewed recently at Fig Loans - they are working to dismantle the predatory payday loan industry. Only in a few states at the moment, but doing great things IMO

> they are working to dismantle the predatory payday loan industry.

Any interest on a loan is, by definition, predatory. How are they working on addressing this issue?

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

#306

Post by blackflame »

imtringued wrote: post #286
blackflame wrote: post #254

Earlier quoted context omitted.

Like Frank Capra's 1938 film, "You can't take it with you"

Unfortunately I don't have a death star to destroy every planet in the solar system. If I can't take them with me why can't I at least watch the biggest fireworks ever? So much wasted potential...

I think your metaphor falls flat because you can only take with you the things you own, as in literally throw it into the casket.

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

#307

Post by TeMPOraL »

MadWombat wrote: post #274
christophilus wrote: post #143

Earlier quoted context omitted.

This brings up a tangential question I've had lately. When I played video games (especially RPGs), I always ended the game with a mountain of unused resources at my disposal. I rarely used items, cash, etc, unless the ROI was plainly evident. Many of my friends would just burn through cash / items as soon as they had them, and were often in a bind during tough battles / situations. I wonder if this followed us into l…

I am not the OP, but I do play games. And I tend to hoard the hell out of everything I find in the game (especially in RPGs). And I do tend to have a lot of unused inventory by the end of the game. At the same time, I don't do well with money, I eat out too much, drink too much, make impulsive purchases (mostly gifts and hobby related things, but still) and generally do not watch my budget very carefully. I don't thi…

Seconding. I too always ended RPG games with inventory full of stuff I opted to save for actual emergency and not just some final boss. But it didn't translate to real life - I'm not exactly an impulsive buyer, but not all that savvy with money either (my current personal finance strategy is ensuring I spend less than I earn, and trying to increase how much I earn). In the past, I've experienced running out of money while being so burned out I could barely hold a job, and I vowed to never live through it again.

I think games are too different than life. Having saves changes a lot; e.g. I can refrain from using a powerful healing item in a fight and try to micro or luck my way out instead, because if I fail, I can reload and try again. I've noticed that in roguelikes, I'm more likely to use items - those games are harder and have permadeath. Also, in modern games I'm also more eager to use collected items, because the experience these days is so streamlined that I can rely on the game to provide me another powerful item just in time.

Life, unfortunately, doesn't have saves, and is not balanced.

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

#308

Post by starfallg »

Cd00d wrote: post #126
blhack wrote: post #35

Okay these loans certainly sound like a bad deal, but what are people supposed to do? Say your car breaks and you can’t get to work. For all of us here billing out >$100hr or whatever your local consulting rate is, the answer is some calculus around the cost of losing your job vs the cost of fixing it. But for MOST people, the cost of fixing it is functionally infinite. They literally do not have even a few hundred d…

In the datasets I use at work, I'm seeing these or similar credit not for emergency solutions, but rather for luxury consumption (the very poor aren't likely to be in our panels). People are buying Peloton bikes, exotic vacations, and luxury purses, and hoping to pay that debt off in installment plans. I worry about when enough people hit the tipping point where their monthly minimums on deeply depreciated goods are…

There is a whole industry catering to people buying 'luxuries' on credit they can't really afford.

Over here in the UK, the main culprit is a company called Bright House. They sell new household electronics and other goods on credit at around 70% to 100% APR.

They exploit the rush you get when you buy something shiny and new. For a lot of their customers, it is the only way to kit out the house with new appliances and furniture. The ability to do that gives their customers a false sense of achievement and secuirity which is exactly what these lenders exploit.

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

#309

Post by geggam »

dang wrote: post #304
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

Please don't start flamewars on HN, and please don't perpetuate them. We've had to ask you this before, and even warned you that we'd ban you if you kept doing it. https://news.ycombinator.com/newsguidelines.html See also https://news.ycombinator.com/item?id=21394294

There was actual discussion here IMO, I am sorry you feel everyone should have groupthink.

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

#310

Post by sharkmerry »

lcall wrote: post #294
bcrosby95 wrote: post #239

Earlier quoted context omitted.

If you make little enough and live in a major metro area its pretty easy to burn through any savings you have. I have several friends now in their 40s now that used to continually cycle the steps of: lost job -> spent savings -> debt -> got job -> payoff debt -> generate savings -> lost job -> ... At some point they just lost hope. I can't blame them for racking up debt if the system lets them continue. It sounds bet…

I am not selling anything (maybe some software someday, but that's a different topic). But I think about things like this a lot and have posted many thoughts, over time. I hope you don't mind but this is my best work in this area, so far, over some years. (Truly, we do not need to be alone, or give up. I have been thru many things that ... leave me grateful now. So I hope this can be useful to someone....) There are…

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