cash advances

[precious15413]

I just wanted to know what you think of cash advances and how they get people hooked

 

[Malibu_Barbie]

Well, in my personal opinion, the companies whom you already have a good credit standing with may send you an "opportunity" for a cash advance ... just beware that they're looking out for themselves ... make sure you read the fine print on the interest rate and other penalties. There's numerous other companies who have either been tipped off by one of your creditors or have reviewed your credit report (they are not supposed to legally access your credit report, although some still do), and they'll offer you cash or a credit card ... but READ THE FINE PRINT. These companies are out to make money, which is completely understandable, however, they sometimes hide the stipulations, penalties, etc. Just make sure you read everything, and if you don't understand something, DON'T CALL to obtain clarification, get it IN WRITING via email or U.S. Mail. The fine print can really hurt you if you're not careful.

 

[Michael Wechsler]

I just wanted to know what you think of cash advances and how they get people hooked

Personally, I find many practices reprehensible and excuses for allowing companies to exploit natural weaknesses. Some of them include the "disease" of gambling, which is somehow sanctioned in a non-uniform manner throughout our country, as well as the sale of other services. What is reprehensible are the "fees" which allow banks to yank a significant chunk of change for using an ATM machine that in no way correspond to the actual cost of these transactions. How about "late fees" that are governed under different rules than are "usury."

There are many issues. With regard to cash advances, however, every person has the right to say no to such an offer. What is of concern to me is, as Malibu Barbie states, the fine print which should not be fine and should be clear, easy to understand, and fully comprehended by your average teenager. In most instances, however, I think it's more the people who are irresponsible and not those so willing to hand out the money.