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Edited by Mrph1 on Nov 30th 2023 at 11:03:59 AM
Eh... it might be going a bit too far. I definitely don't think that payday loans places are "good" and do think they should be regulated, but setting a cap at 36% APR (Or about $3 a month of interest on $100 of loan) drives them out of business entirely. I'm sure that will bring some unintended consequences.
Yu hav nat sein bod speeling unntil know. (cacke four undersandig tis)the cake is a lie!Good. Payday lenders are a scourge and must be destroyed. They lead almost invariably to cycles of indebtedness and default.
Regarding online sales tax: it's inevitable as commerce shifts towards the online space from physical stores. Now, sales taxes themselves are inherently regressive, but that doesn't have anything to do with the question of whether it's fair to charge them at physical retailers but not online.
edited 24th Apr '13 8:55:25 AM by Fighteer
"It's Occam's Shuriken! If the answer is elusive, never rule out ninjas!"It would be handled in the same way as a physical purchase. Save your receipts and get a refund according to whatever laws apply.
Either that or, if sales tax is assessed based on the purchaser's address, then if you enter an overseas shipping address, it wouldn't charge tax, and you'd be expected to pay whatever applies in your country according to its laws.
edited 24th Apr '13 9:14:15 AM by Fighteer
"It's Occam's Shuriken! If the answer is elusive, never rule out ninjas!"![]()
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Can't agree with you there.
Payday loans aren't as deceptive as they're made out to be, and people don't go to them in ignorant bliss for kicks. They go to payday lenders because, for example, their gas is about to be shut off in mid-December because they can't make the payments. Or as Cracked put it, they only go there when they're going to be fucked over whatever happens, and they're trying to pick the fucking that provides the most lube.
They do provide an important service for the people they're servicing, so the solution to ridiculously excessive fees and rates is regulation, not intentional destruction.
Nooo! Government regulation of business is baaaaad! This is a a legal contract between consenting and informed adults!
Darkness cannot drive out darkness; only light can do that. Hate cannot drive out hate; only love can do that.If you get rid of payday loan companies, then loan sharks will take over their client-base. I'd take 'unaffordable debt' over 'unaffordable debt and broken legs' any day of the year.
I'm not saying they shouldn't be regulated, but they do serve a legitimate function.
Violence is the last refuge of the incompetent.If payday lenders are required to charge a reasonable interest rate, like 36% per annum, then I can see it being acceptable — it's essentially a really high interest credit card at that point. The problem is that payday loans are almost never a good deal for the person taking them out, no matter how desperate.
"It's Occam's Shuriken! If the answer is elusive, never rule out ninjas!"@Fighteer: They aren't a "good" deal, but only in the sense that people who get them have no good deals available.
Again, for example, Montana in the dead of winter and your gas is about to be cut. The choice is between a loan you can't afford to pay, or a house with no heat. (Obviously, you could fix the root problem by socializing the gas company, but we're living in the real world here.)
I know for a fact that many, if not all states/energy providers have some form of emergency assistance for exactly those cases.
"It's Occam's Shuriken! If the answer is elusive, never rule out ninjas!"
Yeah, but they're usually really hard to qualify for, and you can't count on getting the money in time.
My family utilized payday loans a couple of times to buy food for us, even though we should have been qualified for food stamps, we never could get through the system.
edited 24th Apr '13 10:05:41 AM by DrunkGirlfriend
"I don't know how I do it. I'm like the Mr. Bean of sex." -DrunkscriblerianThat is a really elegant solution for a lot of cases.
edited 24th Apr '13 10:18:34 AM by imadinosaur
Violence is the last refuge of the incompetent.Eric Cantor: House GOP 'forging ahead' with ObamaCare bill
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edited 24th Apr '13 10:35:47 AM by DeviantBraeburn
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Texas House of Representatives kills Lottery Commission, but revives it after realizing there would be a budget gap for schools and charities who depend on the cash from it.
Texas Senate approves a bill regulating payday loans.
edited 24th Apr '13 7:08:44 AM by tclittle
"We're all paper, we're all scissors, we're all fightin' with our mirrors, scared we'll never find somebody to love."