Usury Nation

[marmar]

When Lenders Sue, Quick Cash Can Turn Into a Lifetime of Debt

Sunday, 15 December 2013 11:00
By Paul Kiel, ProPublica | News Analysis


Five years ago, Naya Burks of St. Louis borrowed $1,000 from AmeriCash Loans. The money came at a steep price: She had to pay back $1,737 over six months.

“I really needed the cash, and that was the only thing that I could think of doing at the time,” she said. The decision has hung over her life ever since.

A single mother who works unpredictable hours at a chiropractor’s office, she made payments for a couple of months, then she defaulted.

So AmeriCash sued her, a step that high-cost lenders – makers of payday, auto-title and installment loans – take against their customers tens of thousands of times each year. In just Missouri and Oklahoma, which have court databases that allow statewide searches, such lenders file more than 29,000 suits annually, according to a ProPublica analysis. ............................(more)

The complete piece is at: http://truth-out.org/news/item/20638-when-lenders-sue-quick-cash-can-turn-into-a-lifetime-of-debt

[Egalitarian Thug]

1. All usury is wrong, that's why each of the Big Three Books all ban it.

It is the parasitic mechanism by which they live.

[leftyohiolib]

2. what books are those

[Egalitarian Thug]

3. Torah, Bible, and Qu'ran. n/t

[leftyohiolib]

6. should atheists be allowed to use those books as ammo against usury

[Egalitarian Thug]

7. They're their books and they are the ones who claim that the books are The Word

of their mythology of choice and therefore must be obeyed, so why shouldn't we use it to further a good cause?

Interest is the built-in functional error that destabilizes the whole system.

[leftyohiolib]

8. because the bible, to them, is fiction. it sounds like trying to have it both ways

have your cake and eat it too i think is how the expression goes. cherry picking the intelligence so to speak

[Egalitarian Thug]

9. So no good ideas ever came out of a work of fiction?

The Books have been used to justify the whole history of atrocities and seemingly infinite examples of nonsense by their "followers".

But this is pretty far from the topic, I just want them to follow their own rules.

[hollysmom]

4. Ihave been blessed that I never needed to borrow from those kind of lenders,

My first loan was from a credit union with my father as a co-signer. Paid it back early.

[gollygee]

5. Wow. That $1k debt turned into a $40k debt

No way should a $1k debt be allowed to keep increasing until it reaches that far. There should be some point where they say, "You've paid the original loan plus a great deal of interest (whatever amount - I don't know how much would be reasonable and fair) - I don't care how long it took to pay it back, you've covered your debt."

[dionysus]

11. at least there's good news;

"After ProPublica submitted questions to AmeriCash about Burks’ case, however, the company quietly and without explanation filed a court declaration that Burks had completely repaid her debt."

sunlight, the best disinfectant.

[xchrom]

10. du rec.

[aikoaiko]

12. There really should be a cap on the interest.

Even something insane like 5 times the principal would be helpful.