No matter what they say, polititians dont care about the little guy... Because if they did there wouldnt be payday loan places...
and i am adding in also that there wouldnt be front loading mutual fund places either... Usually you find these offices a door down from the payday loan office...
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6 comments:
Don't you mean politicians??
damn it!
actually, some front-loaded mutual funds are way better than the no-loads that then gouge you with unseen annual fees. American Funds is actually a really conservative, good investment group that charges front-end fees, but then doesn't hide the "marketing" fees that some other companies charge.
Agree on the payday loan places though. The politicians say they're important to the "un-banked" demographic, which really just means that they're sticking it to the Mexicans sending the money you gave them to mow your lawn back to their family in Guadalajara.
They are there in the midle of nowhere to rip-off the young marines who never had any money before.
There are a ton of these things (pay day loans) popping up all over our town! Our city council is trying to pass an ordinance about too many pawn shops in one area. I think they need to take a look at how many of these pay day loans shops are going up in an area.
KCRW had that story on the air yesterday about the servicemen (and women) going into too much debt because of these payday places, but the much bigger story is all of the other low income people getting ripped off. If you think there a lot of the stores near bases, go for a drive through the shittier parts of LA. They're on every corner. And they're making so much money ripping people off that now some very big name financial services companies are trying to figure a way to break into the industry without tarnishing their good names. Expect some major companies to be the real owners of these chains soon. So much less regulated than their "real" banks.
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