The other day I got a loan offer in the mail from some company called Springleaf (if it looks like a payday lender, and sounds like a payday lender...) They say I can borrow $5,250 at get this - an interest rate of 29.43 percent. I laughed, and laughed, and laughed. I'm still laughing like two days later. Who in their right mind would borrow money at that interest rate. Actually, if you're borrowing money at any interest rate you need your head examined, but nearly 30%?! LOL What do I look like? Stupid?
I thought about sending the thing back to them with something funny written on it, but that would cost me a stamp, and I don't think it's worth that. Speaking of profitable, this company would exist if people didn't borrow money from them. People, people, people, you're not broke because you don't earn enough money at your job. You're broke because you keep giving the banks, the payday lenders, the mortgage company, the car loan company, the credit card companies, the Dept. of Education servicer, the loan sharks, etc. ad infinitum, all of your disposable income, and then some! Just STOP IT!
Makes me think of this:
"The borrower is SLAVE to the lender," and this is not rendered obsolete by the Thirteenth Amendment. When you are in debt up to your eyeballs, the debt informs your life, your choices, your career opportunities. The debt is your master, literally, and you, it's slave.
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