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On Feb 15, 2010, at 11:19 AM, midrange-l-request@xxxxxxxxxxxx wrote:

Judging by the large number of Pay Day Loan stores, which in my opinion is just a half step above organized crime, ...


Based on the Frontline report I watched the other day I would give the "organized crime" label to the banks. The amount of interest charged by Pay Day Loan companies is indeed excessive (which is why they have legislated limits here in Canada) but at least you know _exactly_ what you are paying in fees up-front. You may not think to do the math but that is better than:

Banks who promote free checking accounts but you find out too late that you can't turn off overdraft protection - and they deliberately charge the big amounts in the month against the account (regardless of date of charge) so that they can empty it and then charge $25 plus fees for each and every subsequent check. You can accidentally overdraw by $100 or so and easily end up $300 in the hole. Credit cards companies are even worse. Do any of us read the really tiny print that says that if you carry a balance and miss your minimum they can retroactively up the interest rate?

And I'll take this off-line now before the wrath of David descends from Hawaii.


Jon Paris

www.Partner400.com
www.SystemiDeveloper.com




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