Re: Payday Lending Part Deux

On May 17, 11:53 am, Dover Beach <moon.blanc...@[EMAIL PROTECTED]
> wrote:


> I hate reality, because it's so damn confusing.  I have a friend who is
> a total nut job.  (well, she's an erstwhile friend, because eventually I
> had a difficult time dealing with her irrationality.)  She has a Ph.D.
> from UNC and a J.D. from Cornell, so no one should cry about her lack of
> education.  For as long as I've known her, reaching back to the early
> 80s, she's always spent to the absolute max and then some.  When we were
> grad students and she made $7,000, she was always maxed out on her
> credit cards and often got emergency loans from the school.  She cashed
> out her retirement accounts to go to law school, and now as a single-mom
> lawyer, making (I would guess) somewhere around $200,000, she's STILL
> maxed out and living on the ragged edge of financial ruin.  I'm not sure
> what you're supposed to do about those people.



Have someone else manage their money and give them an allowance?
Suggest she tie her money up on ways that aren't easily accessible? I
guess this is the person for whom those automatic/forced savings
programs were invented.


Tangentially, one of the big local banks here merged with Wells Fargo,
which has many of my clients looking for another place for their
checking accounts. I heard the admin at one place ranting about the
local credit union, because they were "so expensive". I asked her to
elaborate, as I have accounts there, and have found them to be not
only very reasonable, but downright accommodating. Admin went off on
the credit union's overdraft protection, which I guess is a $30 fee
when you overdraw your account. This was not something I had noticed,
not being one to make a habit of pulling more out of the ATM than I'd
got in the account. But apparently, if you never, ever check your
account balance before making withdrawals, it can add up to quite a
bit. And there's nothing you can do about it, either.


V., living on a different, though parallel, planet.
--
Veronique Chez Sheep