Payday Loans ?
Payday Loans? Here, I'll explain it. Predatory business practices that discriminate
against minorities (exploit) by charging higher interest rates by car loan
companies are now illegal in California. I am saying that this should be
the case for predatory business practices that discriminate against the
poor
(exploit) by charging higher interest rates.
But that is legal. poor people tend to have lower credit ratings, this
means they carry more risk. To compensate for the extra risk, financial
companies have to charge more interest. It's no different from charging
drivers with accidents, DWI's, etc. higher premiums. If they can't do this,
they'll lose money, and go out of business. Then no one but rich people
would be able to borrow money....I'm fairly certain you aren't in favor of
limiting things to only rich whiteys.
If low-rate loans are unprofitable, then they'll stop making them and the
poor will have to stop buying the junk they don't need. If the poor stop
buying the unneeded junk, perhaps the corporations will have to cut back
their advertizing, etc.
But Baxter, poor people should be allowed to buy junk too! You're
discriminating! You're saying only upper income people should be able to
purchase things they don't need. Besides, OSOTE has already indicated that
most of the people exploited by these companies are lowly poor single
("minority") mothers trying to buy formula.