Comments on: How Do You Keep Grandpa and Grandma Out of the Payday Stores? http://allfinancialmatters.com/2008/02/12/how-do-you-keep-grandpa-and-grandma-out-of-the-payday-stores/ A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance. Sat, 21 Nov 2009 13:00:57 -0800 http://wordpress.org/?v=abc hourly 1 By: walkerny http://allfinancialmatters.com/2008/02/12/how-do-you-keep-grandpa-and-grandma-out-of-the-payday-stores/comment-page-1/#comment-320862 walkerny Thu, 12 Jun 2008 13:58:15 +0000 http://allfinancialmatters.com/2008/02/12/how-do-you-keep-grandpa-and-grandma-out-of-the-payday-stores/#comment-320862 Sorry to paint loan sharks in such a bad light by comparison... Loan sharks are at least honest about who they are. Sorry to paint loan sharks in such a bad light by comparison… Loan sharks are at least honest about who they are.

]]> By: walkerny http://allfinancialmatters.com/2008/02/12/how-do-you-keep-grandpa-and-grandma-out-of-the-payday-stores/comment-page-1/#comment-320861 walkerny Thu, 12 Jun 2008 13:56:48 +0000 http://allfinancialmatters.com/2008/02/12/how-do-you-keep-grandpa-and-grandma-out-of-the-payday-stores/#comment-320861 These parasites have been around forever, targeting the poor, young military members, etc. Many states are passing laws running them out of the state. They fight tooth and nail, with political contributions, but if enough citizens demand it, no politician wants to be seen siding with these cretins. These loan companies are basically loan sharks. They may wear ties and clean shirts, but they are scum. If any of them go to church I wonder how they square their actions with that. These parasites have been around forever, targeting the poor, young military members, etc. Many states are passing laws running them out of the state. They fight tooth and nail, with political contributions, but if enough citizens demand it, no politician wants to be seen siding with these cretins.

These loan companies are basically loan sharks. They may wear ties and clean shirts, but they are scum. If any of them go to church I wonder how they square their actions with that.

]]> By: grantalupous http://allfinancialmatters.com/2008/02/12/how-do-you-keep-grandpa-and-grandma-out-of-the-payday-stores/comment-page-1/#comment-245848 grantalupous Tue, 04 Mar 2008 19:44:01 +0000 http://allfinancialmatters.com/2008/02/12/how-do-you-keep-grandpa-and-grandma-out-of-the-payday-stores/#comment-245848 This is a great example! Every time I go into a payday loan store I find 5 to 10 elderly people who can't read wandering around, bumping into walls, and getting trapped by the tellers and forced to get payday loans. I am sure that the elderly community is happy to have Buckwheat as their spokesperson! Finally someone who immolates the elderly community. I mean come on, can any of them read, or make educated decisions on their own, I think this article can answer that. This is a great example! Every time I go into a payday loan store I find 5 to 10 elderly people who can’t read wandering around, bumping into walls, and getting trapped by the tellers and forced to get payday loans. I am sure that the elderly community is happy to have Buckwheat as their spokesperson! Finally someone who immolates the elderly community. I mean come on, can any of them read, or make educated decisions on their own, I think this article can answer that.

]]> By: Grant http://allfinancialmatters.com/2008/02/12/how-do-you-keep-grandpa-and-grandma-out-of-the-payday-stores/comment-page-1/#comment-235306 Grant Fri, 15 Feb 2008 23:37:05 +0000 http://allfinancialmatters.com/2008/02/12/how-do-you-keep-grandpa-and-grandma-out-of-the-payday-stores/#comment-235306 I have read three articles now with the same story plastered over all three. Which tells me that there is one example of an elderly person who is not smart enough to handle his own finances. All three articles say that these payday lenders are taking advantage of the elderly. So this guy called Buckwheat is the representative of the elderly! I know a few elderly and I don't think they would appreciate the insinuation that Buckwheat is their poster boy! This guy has probably been taken advantage of his entire life because he looks like a Buckwheat, and he can't read. Maybe he should get a clue and maybe you journalists should find more than one example before you make a blanket statement. These payday loan stores provide a service that is obviously used because the stores keep popping up. Educate the people, and stop trying to blame other people for your bad choices. I have read three articles now with the same story plastered over all three. Which tells me that there is one example of an elderly person who is not smart enough to handle his own finances. All three articles say that these payday lenders are taking advantage of the elderly. So this guy called Buckwheat is the representative of the elderly! I know a few elderly and I don’t think they would appreciate the insinuation that Buckwheat is their poster boy! This guy has probably been taken advantage of his entire life because he looks like a Buckwheat, and he can’t read. Maybe he should get a clue and maybe you journalists should find more than one example before you make a blanket statement. These payday loan stores provide a service that is obviously used because the stores keep popping up. Educate the people, and stop trying to blame other people for your bad choices.

]]> By: AlB http://allfinancialmatters.com/2008/02/12/how-do-you-keep-grandpa-and-grandma-out-of-the-payday-stores/comment-page-1/#comment-233636 AlB Wed, 13 Feb 2008 21:08:17 +0000 http://allfinancialmatters.com/2008/02/12/how-do-you-keep-grandpa-and-grandma-out-of-the-payday-stores/#comment-233636 Single, Ma - Would that it did happen. Unfortunately, they are the ones with $100 million bonuses and severance packages. Unfortunately, there is no one out there who is skilled and willing to help seniors get honest answers. Single, Ma – Would that it did happen. Unfortunately, they are the ones with $100 million bonuses and severance packages. Unfortunately, there is no one out there who is skilled and willing to help seniors get honest answers.

]]> By: Single Ma http://allfinancialmatters.com/2008/02/12/how-do-you-keep-grandpa-and-grandma-out-of-the-payday-stores/comment-page-1/#comment-232853 Single Ma Tue, 12 Feb 2008 23:14:47 +0000 http://allfinancialmatters.com/2008/02/12/how-do-you-keep-grandpa-and-grandma-out-of-the-payday-stores/#comment-232853 This is just disgusting!! If a business has to take advantage of senior citizens to profit, that's just bottom of the barrel scum. I hope every last one of them go bankrupt. This is just disgusting!! If a business has to take advantage of senior citizens to profit, that’s just bottom of the barrel scum. I hope every last one of them go bankrupt.

]]> By: Minimum Wage http://allfinancialmatters.com/2008/02/12/how-do-you-keep-grandpa-and-grandma-out-of-the-payday-stores/comment-page-1/#comment-232658 Minimum Wage Tue, 12 Feb 2008 17:42:08 +0000 http://allfinancialmatters.com/2008/02/12/how-do-you-keep-grandpa-and-grandma-out-of-the-payday-stores/#comment-232658 There are usually limits to how much they will or can lend. For example, in my state, lenders cannot make a loan more than one-quarter of a person's monthly net income. (My state also restricts loans to one at a time with a networked database so you cannot take loans at the same time from multiple lenders. Plus there is a seven-day waiting period between loans.) Sometimes there are legal loan limits (as in my state), or elde they are imposed voluntarily by the lender. The lender doesn't want to lend too much at one time leading to a(n early) borrower default, but they do want to lend a modest amount of money sufficient to string out the borrower for a long time. There are usually limits to how much they will or can lend. For example, in my state, lenders cannot make a loan more than one-quarter of a person’s monthly net income. (My state also restricts loans to one at a time with a networked database so you cannot take loans at the same time from multiple lenders. Plus there is a seven-day waiting period between loans.)

Sometimes there are legal loan limits (as in my state), or elde they are imposed voluntarily by the lender. The lender doesn’t want to lend too much at one time leading to a(n early) borrower default, but they do want to lend a modest amount of money sufficient to string out the borrower for a long time.

]]> By: AlB http://allfinancialmatters.com/2008/02/12/how-do-you-keep-grandpa-and-grandma-out-of-the-payday-stores/comment-page-1/#comment-232624 AlB Tue, 12 Feb 2008 16:49:49 +0000 http://allfinancialmatters.com/2008/02/12/how-do-you-keep-grandpa-and-grandma-out-of-the-payday-stores/#comment-232624 This is just one example, egregious as it is, of organizations preying on seniors. Some are intentional; some inadvertant. However, the result is frequently the same. Screwed seniors. Some other examples: 1. Citizens Bank paid a $3 million penalty for targeting seniors for annuities. 2. Try to choose and deal with insurers over Medicare Advantage plans - I've managed employee benefits programs for 30+ years and I have problems doing comparisons. 3. AARP - They are one of the worst. They take in huge fees and then tell members how the United Healthcare and Hartford Insurance Group insurance plans are the absolute best. These are just a few quick examples. Worst is that there is little out there to protect older people who are trying to make it in an ever-changing world. I am a recent senior and can deal with these problems; many can't This is just one example, egregious as it is, of organizations preying on seniors. Some are intentional; some inadvertant. However, the result is frequently the same. Screwed seniors. Some other examples:
1. Citizens Bank paid a $3 million penalty for targeting seniors for annuities.

2. Try to choose and deal with insurers over Medicare Advantage plans – I’ve managed employee benefits programs for 30+ years and I have problems doing comparisons.

3. AARP – They are one of the worst. They take in huge fees and then tell members how the United Healthcare and Hartford Insurance Group insurance plans are the absolute best.

These are just a few quick examples. Worst is that there is little out there to protect older people who are trying to make it in an ever-changing world.

I am a recent senior and can deal with these problems; many can’t

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