Economic Nightmares, Rape, Murder, and More – ‘Round The World

Credit cards in Mexico charge 70% interest?? 70%? Here I thought 30% Americans pay was usury.

We wonder where the pirates come from. Well, here’s the answer.

All of these news reports are so sad. It is all so over whelming.

I’ve paid 100% APR in Thailand. Guess what the alternative was? Not getting immediate cash at all, and not getting the medical care necessary in an emergency. Usury is a word for the borrower being too lazy to read. It was a voluntary transaction.

When people cannot be expected to voluntarily deal with each other and actually follow through on agreements, those people are not ready to be free at all. They should keep to the nursery and cry to Mama instead of crying to the government, and let the rest of us get on with real life.

I don’t see a queue forming of people wanting to make those kinds of high-risk loans at low APRs, so maybe folks can keep the righteous indignation to a dull roar.

Usury is a word for the borrower being too lazy to read. It was a voluntary transaction

usury: illegal action or practice of lending money at unreasonably high rates of interest.

I’m really not sure what point you’re trying to make, Morgan, but abuse by credit card companies is a huge part of our economic mess. As you are undoubtedly aware, the banks that were recently given taxpayer bailouts are now howling to have their interest reduced. Meanwhile, interest rates on consumer loans/credit cards are on the rise. Pretty hypocritical in my opinion.

If you feel comfortable being taken advantage of by greedy, corrupt lenders, thats your right & privilege; my right is to express my disgust & indignation at such practices at whatever level of “roar” I choose.

Yes, Mayor!(Vive la France?)
http://edgeoforever.wordpress.com/2008/12/23/faux-french-right-idea/

LMAO! That was a hoot! Thanks!

Oh what a mess. The story about Mexican credit card debt caught me by surprise. I had no idea.

Now I know that many Mexicans working illegally in this country send a good percentage of their wages home to Mexico to help support family. It makes me wonder what percentage of those wages earned in the USA are sent home to Mexico to pay off credit card debt from Mexican banks.

the world is a paradise if not for greed……..happiest of holidays……may this next year improve or were deeper in hell…..this world could be a paradise………

But the other option is to not take the credit at all.

Morgan has a point, we all knowingly enter into these agreements. We should know what the interest rate is. And as long as there is FULL disclosure, if you choose to take credit from those institutions 70% that is your problem.

I’m not trying to beat up on people, cause I’ve been there (not at 70% nor 30%, but close enough) and I just had to deal with it.

There does have to be a certain amount of personal responsibility. Although, hopefully after this debacle, enough people will have their slates wiped clean and can restart with a better financial out look. Now if government can only do that….

Interest rates reflect a level of distrust also. Lots of people do not pay what they barrow. Then people who pay have to pay what lenders loose from those who do not pay. Why people do not pay what they barrow? They learn to cheat in school. The department of education end up teaching them that they can get away, run from obligations, that include getting multiple answers to choose from in tests.

If the government gets out of education then religious principles can be taught and learning would be required.

the world is a paradise if not for control……..happiest of holidays……may this next year improve or were deeper in hell

I wonder why loan sharking is illegal? If the person you borrow from has a bank name then it is legal. If the person you borrow from is named Guido, then it is illegal.

Wonderful– next time I’ll let her bowel occlusion whisk my girlfriend away to nirvana, satisfied that a freely chosen and entered into arrangement, however distasteful to some, was taken off the table by people that are too short-sighted or have too much time on their hands to leave other people alone.

“If you feel comfortable being taken advantage of by greedy, corrupt lenders, thats your right & privilege.”

If you do mean that, then we’re on the same page. It’s not pretty, but people should be able to freely enter into arrangements as they see fit, and be held responsible for their contracts.

My frustration in most cases revolves around the idea that people are too dumb to be expected to voluntarily enter into contracts. If that’s the case, there are a lot more serious problems than a bad APR.

And I don’t resent any company crying for bailout. What I resent is a government enabled to arbitrarily create a bailout with my taxes. If they’re handing out money, a company would be derelict not to go for some of it.

And just a side note:

“If you feel comfortable being taken advantage of by greedy, corrupt lenders, thats your right & privilege.”

It’s not actually my right nor privilege here– there are fewer lending choices available because someone, at some point, has decided what is ‘too high’ an APR for me to be able to understand.

As through this world I wandered,
I’ve known lots of funny men–
Some will rob you with a six-gun,
And some with a fountain pen . . .

Woody Guthrie
“Pretty Boy Floyd”

PUNDIT ALERT! Obama and Predatory Credit Card Interest Rates
The unpleasant truth is that Sen. Obama wasn’t honest, in response to Tim Russert’s question, in describing his entire voting history on the 2005 U.S. Senate bankruptcy bill.

Barack Obama “talked the populist talk” last night, lumping in credit card companies as targets of his economic rescue plans. But, in his first year in the U.S. Senate, Sen. Obama voted “Nay” on the Dayton Amendment to the 2005 bankruptcy bill that would freeze credit card interest rates at no higher than 30%. Obama sided with credit card companies over our nation’s bedrock middle-class families as well as young adults susceptible to the companies’ alluring, deceptive marketing.
http://www.mydd.com/story/2008/1/16/14853/9001
………..
The blame on the consumer is utterly ridiculous. They just try to do highway robbery with government approval. I canceled on such credit card when the rate went above what I signed up for. When I asked why the rate hike they said I was late? Really I said, I always pay on time? I asked for the records and them ‘Blush’, they said it was a day late?!? Why, because of their delay in processing. I quickly canceled it.

BTW: use aks.com if you want to find such articles above as google has hidden them all.

Here in the US those that took the sub-prime loans also have fallen prey to predatory credit cards/banks and that in part is the next load of dominos to fall.

Next big BAIL OUT THE PREDATORS!

In line for BAIL OUTS; Las Vegas Casinos. After all they let their employees out/off to vote in the causes for Obama. I predict they will get it. ROLL THE DICE WITH THE TAX PAYER MONEY!

Thanks NOQUARTER for giving us some of the foreign news…since our journalist are busy being pomp pomp cheerleaders.

“If the person you borrow from is named Guido, then it is illegal.”

Unless you live in NYC. Then it means you’re banking in Jersey.

I like these around the world postings very much.

[...] its criminals and drug cartels and Pakistan to its extremists. (Then there’s Mexico’s predatory credit card lending [...]