Dear Money People,
Why is it that when someone is too broke to pay on time, or too broke to pay at all, the first thing you do is charge more? As if that’s going to help. As if the person who can’t make payments on time at 9.9% interest can suddenly make payments more promptly at 29.9%. Seriously?
And what about those penalties? When someone is struggling to get by with making minimum payments, how does it help the situation to add a $29 late fee?
And what’s this backwards double standard on interest rates? If I go to borrow money for a house or a car, I get an interest rate based on my net worth. The truly stupid thing is, the less I’m worth, the more I have to pay. Yeah, I understand, it has to do with your risk—you figure, if I have less money then I’m a bigger risk not to pay you back. Well, genius, if I have less money and you charge me more, you’re the one increasing the risk I can’t pay.
Clearly it’s your world. When I call the utility company to start electric service, you guys won’t touch my meter until I’ve paid a deposit. But when I call to end service, do I get to say, OK, now I want my deposit today or I won’t let you shut it off? No, I get to hear you say it will be a month before I get my money back. Sweet deal, f**kers.
I’d like to remind you money guys of a situation a little over two hundred years ago when the rich people said ‘Let them eat cake,’ and a short time later, their heads were no longer attached to their bodies. That should be an instructive thought for you. We’re still out here.
Not Eating Cake