Comments on: Weekend Personal Finance Review

By: Breeze

Breeze — Wed, 13 Jun 2007 08:43:44 +0000

Great, the information which is in the site it was very good. And i found many interesting things to read.
So here i am linking you relevant site which gives you more information .
http://www.mybadcredithelp.com/tips-for-cheap-credit-repair.php

By: Glenn

Glenn — Wed, 23 May 2007 15:13:49 +0000

Enjoy the website. I am big Red Sox fan living in OK. I am going to see them play the Rangers this weekend. Go Red Sox!

By: Lazy Man

Lazy Man — Mon, 21 May 2007 17:59:13 +0000

I understand that those rates are ridiculous. However, look at it from the pay day lenders point of view. They probably have huge defaults. For example, I’m losing money on my Prosper loans at 29% and they are graded E, ahead of “high risk” and “no credit.” If I wanted to make money on the E graded loans, I’d need to charge around 38%. For the high risk and no credits, I’d probably have to charge 50% and 63%.

I don’t really have a solution, but I’m starting to think that pay day lenders are no worse than any other business. If pay day lenders were making so much money from this, they’d be a whole lot more of them and they’d drive the lending rates down like any other free market industry.

By: The Happy Rock

The Happy Rock — Mon, 21 May 2007 14:51:47 +0000

I think the pay day loan credit down can only be seen as a win.
According to this year old article :

http://www.consumeraffairs.com/news04/2006/12/payday_lenders.html

“Average Borrower Pays Back $793 For a $325 Loan”. I don’t think anyone disagrees that the lenders need to be able to charge a premium for the risk of lending to low credit borrowers, but the rates and fees on these place are down right predatory. Most pay day crackdown bills cap the annual percentage at 36%, which seems fair, otherwise people will be trapped with no way escape other than to continue to roll debt with 100 % interest rates forward. Yes, we need to educate also, but intervention is also needed.

Also don’t think that this stuff doesn’t affect us, because it has a negative affect on society as a whole. Just my thoughts.

-The Happy Rock

By: Lazy Man

Lazy Man — Mon, 21 May 2007 14:43:38 +0000

Wealth Building Lessons from an accounting perspective you may be right. However from a practicality perspective it’s just wrong to count the liquidation value of a vehicle.

Why is this? It’s simply because I’m not going to liquidate any of my assets for a long, long time. At that point of liquidation, I’ll probably be liquidating a $100 of car for $25, not something that’s going to impact the bottom line.

Net worth is typical a very business term, but this web site is about personal finance most of the time. This is why I apply my personal situation and don’t factor in the value of a completely liquidated car.

By: Wealth Building Lessons

Wealth Building Lessons — Mon, 21 May 2007 07:28:07 +0000

You cannot count your experience in your networth. you may have million-dollar experience but only hard-cash or liquidation value of your possessions counts towards your networth.

hence considering the amount you’d pay to recreate the experience of driving a new car in your networth instead of the liquidation value of your existing vehicle is wrong.

I’m trying to sell my wife’s Nissan Altima. on craigslist, i can see dealers selling the same car for $7k. KBB is over $5k for private party sales. However, no ones offered me more than $3,000 for it. If i counted its worth as anything more than $3k, i’d be deluding myself.

By: Money Blog

Money Blog — Sun, 20 May 2007 17:27:37 +0000

Baseball Mogul is a very good game. I played a long while back and got addicted to it.

Thanks Lazy Man, now I am going to have to get it again.