And all this time, I thought usury was illegal in the U.S.



For years I thought that usury had been illegal in the United States. However, while recently watching a television program one night I came across one of those advertisements with very small print. Luckily I had TiVo and I paused the unit to read the small print. What I read shocked me so much that I grabbed my little pocket camera and took this picture. You will notice the fine print which reads (in part)

"The APR for a typical loan of $2600.00 is 99.25% with 42 monthly payments of $216.55." Are you friggin' kidding me? 99.25%? Listen, back in the 80's when my bank was returning 8% on savings and credit cards were charging me 18% on loans I figured that was ok. I mean, the bank is taking a risk on you, and they are letting you use their money. Now today I must admit that I am more than a bit miffed when the average savings return is well below that 8% and yet the average credit card rates are upwards of 30%. But cripes! 99.25%? WTF?

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