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I look forward to here morn from you soon nest

Thanks,
Mrs Blessing…

Biggest point: If someone can’t afford to pay their heat, they’re not being “helped” by a company which charges that much in interest. They’re just getting deeper in the hole.

The only people who might truly be “helped” by payday loan companies are middle class people who take out loans to cover unexpected needs because they don’t want to touch their retirement accounts or whatever but who can actually afford to have the money taken out of their next paycheck.

The thing is, being strapped for cash isn’t a new phenomenon, but relatively speaking, payday loans are. Payday loans have really only been around on a large scale for 10-15 years. While they did exist to a very small extent in the early 80s, it is nothing like it is now.

All you have to do is ask your parents or your grandparents what they did when they were short on cash. They didn’t take out a payday loan, so what did they do? As hard to believe as it may be for some, they sucked it up and changed their spending habits to be able to afford things.

I know, that is a strange concept for many people today, to actually suffer a hardship and have to sacrifice something like a cell phone, cable TV, a nice car or multiple cars, but you really can get by in life by making some adjustments if life deals you a bad hand.

Yes, payday loans can help someone in a tight situation, but chances are, that person can’t afford to be paying 300% or more just to stay current on a few bills. This means they end up being late on the payday loan payment, or need to keep relying on the payday loans in order to keep up. There is no incentive to try and improve your situation when you can go down to the corner loan shark and pretend to make things better by getting an advance on money. It just reinforces the behavior that got an individual into the position instead of forcing an unpleasant situation that requires someone to rectify the problem so that it doesn’t happen again.

So, I don’t disagree with Toby, and these businesses saw an opportunity and are profiting from it. The only problem is that the only people getting help are those who run the loan store, and those who borrow the money are destined to failure while they are being taken advantage of.

20 years ago people found a way to get by without these loans, and I bet people today could get by without them too.

So where are poor, desperate people supposed to go to get money for food or to pay for heat? Like it or not, payday loans provide a service and take on an incredible amount of risk to do it. Most payday loan customers don’t have 720+ credit scores *cough* deadbeats *cough* and could not get money any other way. Are their fees usurious? Yes and it’s easy to vilify payday loan places, but if you take them away you have to solve the problems their customers face when they can’t make ends meet.

If you can solve their customers problems (i.e. they need cash now) without charging them outrageous fees to do it and make a profit, go for it. The free market will reward you. But if you’ve ever played around on prosper.com for instance, you find out real fast why the guy with the “D” credit score has a “D” credit score….because he’s a deadbeat and no matter whether you charge him 18% interest or 200% interest will you get your money back.

Christmas is all well and good, but wait until her happy kids start asking why there’s no food or heat. I think payday loans should simply be banned—there’s times when they’re actually handy for people with good salaries who’d rather pay the price than get the money from their investments. But….they overwhelmingly prey on people. It’s like legalized cocaine, they entrap you.

People with no or negative net worth are more likely to think in terms of their checking account balance (i.e. if I have $20 and the thing costs $20, I can buy it).

People with a little net worth (some home equity perhaps, some 401k savings) usually think from paycheck-to-paycheck or perhaps month-to-month.

As net worth grows, many people start to think in quarters, years, decades.

It’s only natural. If I have enough net worth to support my family for the next year, my financial planning can focus on a year from now, or even five years from now.

The ad is just playing on the no/negative net worth mentality.

On a related note:
Have you ever noticed how frustrating it is trying to explain to a no/negative net-worth person how budgeting and planning ahead works. They just don’t “get” it. If they have $100 in their checking account and the toy they want is $20, they don’t understand why they can’t buy it now. Even more frustrating is listening to this type of person complain on Wednesday that they don’t have money for gas and then later hearing about how they went out Friday night (payday) and dropped $40. Uhh, $40 is a tank of gas! But the connection is never made. They get to go out because they have money in the bank. Period.

Disclaimers: Yeah, I know, some people are poor and struggling through no fault of their own. I would argue that many are poor and struggling by choice (conscious or not). Also, notice that I said “correlation” up there. There is no causation implied, the two things just seem to go hand-in-hand.