Chavvon - Payday loans, what a waste of money
I was helping a friend out with some finances over the weekend when he told me he had gotten some pay day loans he was having a hard time paying off. I asked some of the details about the loan and realized this is the biggest waste of money possible! This is how the loan was setup.
The initial loan was $800. He pays $129 per pay check (every two weeks), just to maintain the loan! Zero of this goes to the principle. The only way to pay off the loan is to pay $800 all at once.
Theoretically, if you had this loan for one year, you’d pay $3,354 in interest/fees or 419%. At that rate, you could have a 75% loan failure rate and still make money. If you’re considering a payday loan, don’t do it.
Chavvon Smith
Chavvon Smith - $200 iphone :)
When I walked into the office today, I was greeted by a friend telling me that he heard an announcement that the iphone was going to be reduced to $200 this weekend (the previous price was $499 and $599). The only problem was how Apple would deal with the buyers that just paid $500-$600 for the same device.
After checking around, I found the price was cut to $399 for the 8GB device. This was previously $599. All my friends that own the iphone are in love with it. I think sales will pick up quite a bit with these price cuts. We may see even more price reductions around Christmas time. I guess it’s time to get my own.
Chavvon Smith