MovieChat Forums > Maxed Out: Hard Times, Easy Credit and the Era of Predatory Lenders (2006) Discussion > Nothing new... other than...

Nothing new... other than...

posted 17 years ago by Dave_Violence
3 replies | jump to latest

Hillel Black wrote a book in 1961 called "Buy Now, Pay Later," all about easy credit rip offs. So... for more than 45 years there's been no secret about lending money at high rates. Loan sharking is legal so long as the profits are reported to the government and taxes are paid, etc.

The era of predatory lenders has been with us ever since there was money to lend, yadayadayada.

...and so has advice along the lines of "neither a borrower nor lender be..."

I hope that this documentary exposes the choices made by the borrowers.

I didn't get a free ride and had to pay back my debts, no one else should either.

[–] maturity 17 years ago

Most major religions condemn usury. You will find few people in general who will defend predatory lending. Why shouldn't such lending practices be illegal? Japan has never embraced the credit card. Most businesses don't accept credit. They're operated on a pure cash basis. People think nothing of paying for a $200 meal in cash, or buying a $1,000 TV with cash. Which country is better off? Credit cards produce nothing of value. Why should they be able to steal from productive, poor people who they target with easy credit? It should be harder to get credit cards and they shouldn't be allowed access to college records to push them on students who can't afford them. The system is tilted in their favor.

[–] maturity 17 years ago

It's no coincidence that, when you enroll at college, the credit card companies suddenly send you all kinds of pre-approved offers. Somebody is selling out the student's information to the highest bidder. Should that not be illegal? If you want credit, you should have to apply. They give pre-approved credit to college students who are unemployed. That's the very definition of predatory lending. I think they need a lot more restrictions on how they promote credit and hand out cards to people who can't afford them. Their current tactics are despicable and they have the corrupt legislators in their back pocket.

[–] telmnstr 17 years ago

The book Credit Card Nation points out that college kids are already used up, and the next growth market was Senior Citizens. Stories of seniors who weren't 100% mentally getting offer letters, and going crazy on QVC, thinking that the pre-approval garbage means that the CC company checked out their finances and they can afford it. Family finds out. Big mess.

Remember, with Wall Street and stocks and everything, the profits have to grow every quarter. So they HAVE to have more debt owed.

Now that the seniors may be used all up, the next Growth market for credit card companies are illegal immigrants. This is why BoA and others are giving credit and accounts to people in the USA illegally.