NYT article: Rise in Loans Linked to Cars Is Hurting Poor

[saltybit]

Some of you probably saw this already:

 

http://dealbook.nytimes.com/2014/12/25/dipping-into-auto-equity-devastates-many-borrowers/

[yadayada]

This is a major argument against libertarians I guess. They could just sell their car instead they end up paying that amount, and losing the car... Some people are just stupid. loaning money at 170% interest is never ever good unless a loanshark wants to break your legs or something.

[rkbabang]

God how stupid can some people be? 

 

"Johanna Pimentel said she and both of her brothers had taken out multiple title loans. “They are everywhere, like liquor stores,” she said."

 

Yes and just like liquor stores you don't need to go in.