FL Personal Loan Interest Rates are Going Up to 36%

[Pea-n-Me]

Clearly another Florida-bashing thread.

 

[White Cat]

Clearly another Florida-bashing thread.

Yes.

 

[RamblingMad]

Clearly another Florida-bashing thread.

Just the facts. This article couldn’t be any more dry.

 

[Sanchez]

Clearly another Florida-bashing thread.

It is amusing that the OP has expended significant time and energy pointing out the financial illiteracy of others and media scare tactics while engaging in both on this thread.

According to the cited article the proposed bill was moved forward by a House subcommittee. The Senate has its own version of the bill. Unless there is some update, or the article is old, this bill (whatever the version) hasn't been brought up for a vote. Scare tactics indeed.

Further, the purpose of the bill (at least in part) is to further regulate these high interest consumer loans. The wisdom of how to accomplish this is certainly ripe for discussion, but the scare tactics with the 36% interest rate isn't quite in context.

 

[RamblingMad]

It is amusing that the OP has expended significant time and energy pointing out the financial illiteracy of others and media scare tactics while engaging in both on this thread.

According to the cited article the proposed bill was moved forward by a House subcommittee. The Senate has its own version of the bill. Unless there is some update, or the article is old, this bill (whatever the version) hasn't been brought up for a vote. Scare tactics indeed.

Further, the purpose of the bill (at least in part) is to further regulate these high interest consumer loans. The wisdom of how to accomplish this is certainly ripe for discussion, but the scare tactics with the 36% interest rate isn't quite in context.

It was approved by the Senate on Monday.

https://www.actionnewsjax.com/news/...ns/42EK22ASSVBHJAZEHAKU4XATOY/?outputType=amp

 

[Starport Seven-Five]

I can’t imagine anyone knowingly borrowing with a 36% interest rate.

Have you met Americans?

 

[RamblingMad]

Have you met Americans?

I should post about BNPL. It’s surprising how much people finance.

 

[Starport Seven-Five]

I should post about BNPL. It’s surprising how much people finance.

DVC is another area where you'll find more financing than you would expect. Those rates start at 10% unless you are using a HELOC or other type of personal loan.

 

[lifesavacation]

Have you met Americans?

That rate preys on those that aren't financially savy. No one else would pay that kind of interest. You might as well get a loan from a loan shark or mobster.

 

[RamblingMad]

That rate preys on those that aren't financially savy. No one else would pay that kind of interest. You might as well get a loan from a loan shark or mobster.

Have you looked at credit card rates lately?

 

[White Cat]

Have you looked at credit card rates lately?

Awful, that’s right. But credit cards are to be paid off monthly.

 

[White Cat]

Have you met Americans?

You would be surprised by how many Canadians have $1000 a month car payments. That’s making a monthly payment on something worth about 25% or so of what your paying for.

 

[White Cat]

DVC is another area where you'll find more financing than you would expect. Those rates start at 10% unless you are using a HELOC or other type of personal loan.

Are you serious that people finance those?

 

[White Cat]

I should post about BNPL. It’s surprising how much people finance.

You should. That’s about to become a real problem.

 

[Beezle2]

Are you serious that people finance those?

Are you serious, I wouldn't be surprised at all if MOST sales of DVC were financed.

 

[RamblingMad]

Are you serious, I wouldn't be surprised at all if MOST sales of DVC were financed.

Makes sense given the cost and median household income.

 

[Beezle2]

Makes sense given the cost and median household income.

I know we did years ago when it was about half the cost it is now. Don't regret it at all.

 

[RamblingMad]

I know we did years ago when it was about half the cost it is now. Don't regret it at all.

It’s a prepaid vacation tied to real estate. It’s not for me. But I can see people liking it.

 

[lifesavacation]

Have you looked at credit card rates lately?

I guess I haven’t looked if it’s close to 36%. That’s insane. If we don’t have the cash for it, we don’t buy it.

 

[LuvOrlando]

So let me get this straight:

*Interest rates are going up because some say there is too much money in the system.
*The easiest way to remove money from a system is to let people buy stuff, once you spend you no longer have plus you pay taxes so that is good for all taxing entities, plus we get whatever stuff is bought raising standard of living and paying salaries.
*The bigger ticket stuff like houses, cars, appliances & vacations burn off the most money fastest, eliminating the issue and correcting the market in a painless way and yet these policies which raise costs discourage this spending. All this not to mention how inexplicable short supply plays into it, which is its own strange thing because the market should correct with more stuff supplied as prices go up driving down costs.
*Inflation should be nothing more than a transitional supply market correction, nothing more.

Hmmmmmm