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waltky
10-27-2012, 03:22 AM
Women havin' to use payday loans to keep the wolf away from the door...
:shocked:
Women More Likely to Take Desperation Payday Loans
10/26/12 --- Payday loans are the financial bastion of last resort for consumers barely living paycheck-to-paycheck -- the last stop between buying the groceries or going hungry for way too many U.S families.


And women use the loans more than men, a study suggests. According to a study from the Pew Foundation, American adults spend about $7.4 billion on payday loans, using approximately 20,000 storefronts and hundreds of websites and now even banks. The return-on-investment from payday loans is a gut punch to consumers. Pew says the 12 million Americans who use payday loans take out an average eight each year of about $375 each, paying an average $520 in annual interest.

Or put it this way: According to the state of Colorado, even with tough laws passed in August 2010 extending minimum payday loan terms to six months and capping amounts, Centennial State payday borrowers take, on average, $330 on each loan and pay about $236 in interest, fees and charges.

Pew researchers are not huge fans of payday loans. They say: The loans are a highly controversial form of credit, as borrowers find fast relief but often struggle for months to repay obligations marketed as lasting only weeks. While proponents argue that payday lending is a vital way to help underserved people solve temporary cash-flow problems, opponents claim that the practice preys on overburdened people with expensive debt that is usually impossible to retire on the borrower's next payday.

Now, data are out showing women are more likely to use payday loans than men. The numbers come from a Colorado state government report on payday loans (where the new laws sent such loans down 60% in 2011 on a per-dollar basis).

MORE (http://www.thestreet.com/story/11749493/1/women-more-likely-to-take-desperation-payday-loans.html?puc=unitedonli&cm_ven=UNITEDONLI)

Captain Obvious
10-27-2012, 08:32 AM
I wonder what the demographics of these people are - not just the women. One can argue that when people are desperate, they will do anything for money. I would argue that most of them are probably cement-headed dirtbags looking for cigarette money.

Peter1469
10-27-2012, 08:54 AM
I wonder what the demographics of these people are - not just the women. One can argue that when people are desperate, they will do anything for money. I would argue that most of them are probably cement-headed dirtbags looking for cigarette money.
Probably so. I imagine most have smart phones with data plans and high speed internet at home.

Captain Obvious
10-27-2012, 09:09 AM
Probably so. I imagine most have smart phones with data plans and high speed internet at home.

Right - lots of assets, not much cash.

I'm in Pittsburgh now, not in the big cities much anymore and saw a guy walking up and down a sidewalk near a red light during traffic congestion. Young kid, had a cardboard sign that said "hungry".

Smoking a cigarette.

I'll keep the change, thanks.

Mister D
10-27-2012, 10:16 AM
Right - lots of assets, not much cash.

I'm in Pittsburgh now, not in the big cities much anymore and saw a guy walking up and down a sidewalk near a red light during traffic congestion. Young kid, had a cardboard sign that said "hungry".

Smoking a cigarette.

I'll keep the change, thanks.


It's amazing isn't it? When I worked in Manhattan and when I went to school in New Brunswick (part college town, part ghetto) I'd often see burly men begging for change. Guys with 60-80 pounds on me easily. Yeah, you must be awfully hungry.
:rollseyes:

Captain Obvious
10-27-2012, 10:42 AM
It's amazing isn't it? When I worked in Manhattan and when I went to school in New Brunswick (part college town, part ghetto) I'd often see burly men begging for change. Guys with 60-80 pounds on me easily. Yeah, you must be awfully hungry.
:rollseyes:

This guy was young and visibly able, and had money to buy cigarettes (or had the means to steal them).

I have zero sympathy for people who are unable but capable of helping themselves. More accurately, I am intolerant toward them considering they're already a drain on my wallet - and I'm supposed to give them more?

Peter1469
10-27-2012, 01:58 PM
I pass lots of beggars in DC. I usually tell them too late, I gave to the last guy back there.

roadmaster
10-27-2012, 03:51 PM
I don't mind giving like a family that their trailer burnt down and no insurance right before Christmas. I made sure Santa gave all the three children new bikes and clothes without them knowing who. But many on the corners here that have signs leave at night to a nice car and home. They know people will feel sorry for them and make a good bit. My son and I watched two around here and found out they are nothing but crooks. It makes the ones who really need help look bad.

roadmaster
10-27-2012, 03:57 PM
On the subject, I would never go to a payday loan. Might as well go to the mafia.

Captain Obvious
10-27-2012, 07:39 PM
I pass lots of beggars in DC. I usually tell them too late, I gave to the last guy back there.

When I was 20-something working in Downtown Pittsburgh, we used to get those job applications from McDonalds - the kind that are like a notepad where you tear off each page and pass them out to the panhandlers down at the point during lunchtime.