tag:blogger.com,1999:blog-4331321633387292810.post5286327363355884162..comments2023-09-23T08:05:52.791-07:00Comments on Reciprocity Failure: The American SchemeStan B.http://www.blogger.com/profile/17381743002180926900noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-4331321633387292810.post-91355665208046974282013-08-09T00:13:23.315-07:002013-08-09T00:13:23.315-07:00Speaking of Delaware- chances are you can probably...Speaking of Delaware- chances are you can probably thank Credit Card Joe for that.Stan B.https://www.blogger.com/profile/17381743002180926900noreply@blogger.comtag:blogger.com,1999:blog-4331321633387292810.post-40932097987417953502013-08-08T20:00:19.203-07:002013-08-08T20:00:19.203-07:00Stan, payday loans are a huge problem in the US. ...Stan, payday loans are a huge problem in the US. I don't know how it is where you are, but down here in Texas, at least in North Texas (I'm in Dallas), this entire region is blanketed with these places. They are able to charge those aprs because there is no federally regulated interest rate cap on short term (6 months or less) loans. So it's up to the states to set their own caps...but the banks are able to lend money in any state in the US, that's why most credit card banks are located in states like Delaware, Utah and South Dakota. So, I could walk into a payday lender here in Dallas and take out a loan, but the bank that I would be repaying that loan, isn't located here, but in another state, so they don't have to abide by Texas's Usury laws (which cap at 24% with inflation)lstevensonhttps://www.blogger.com/profile/05930888723668140490noreply@blogger.comtag:blogger.com,1999:blog-4331321633387292810.post-88615520979273704562013-07-12T08:03:30.802-07:002013-07-12T08:03:30.802-07:00Must say I haven't heard of this particular sc...Must say I haven't heard of this particular scam, though common sense dictates it probably does exist in a multitude of mutations. Will look into it...Stan B.https://www.blogger.com/profile/17381743002180926900noreply@blogger.comtag:blogger.com,1999:blog-4331321633387292810.post-89669001166057475192013-07-12T07:42:16.311-07:002013-07-12T07:42:16.311-07:00This is a comment from Colin Pantall:
Do you have...This is a comment from Colin Pantall:<br /><br />Do you have payday loan companies in the US - basically legal loan sharks who give out short term loans with aprs in the thousands of per cent - and guess what, if the short term loan turns into a long term loan it's great business. <br /><br /><br />The poor in the Uk are absolutely getting fucked over completely - the welfare state is getting torn to pieces. There aren't too many people covering this who are high profile (Jim Mortram is one guy who is very vocal though).<br /><br />But it needs to be covered - it will be interesting to see what comes up because it is a massive reshaping of UK policy, possibly more akin to what happened in the US in the 80s.Stan B.https://www.blogger.com/profile/17381743002180926900noreply@blogger.com