Pet Store Loans Are Predatory Lending At Its Worst
In certain parts of South Florida, you are never fully dressed without a Labradoodle strutting by your side or a miniature schnauzer in your bicycle basket. Of all the expensive status symbols you see on display, the pedigreed dogs are the ones that it is hardest for frugal and status-unconscious curmudgeons to hold a grudge about. Sure, it feels just as good when a mutt that you adopted from a shelter greets you at the door when you come home from work as when an expensive purebred dog greets you, but none of this excess is the fault of the bright-eyed German shepherd in the diamond-studded collar, riding shotgun in a Ferrari on Collins Avenue. In a time when most people cannot afford groceries without charging them on a credit card, even those people whose annual income exceeds $100,000, no one can afford to buy an expensive pet, but that doesn’t stop them from buying them. Consider that, when you see threads that slay, the wearer probably bought them with BNPL, and that when you see a muscle bound dude taking selfies in his Benz, it’s probably going to get repossessed tomorrow, and the bank account from which the gym automatically debits his monthly membership fees is probably overdrawn. Predatory lending is the engine that drives much of this madness, and one of the worst manifestations of it is pet store loans. If high interest loans for the purchase of a pet are contributing to your debt problems, contact a Miami debt lawyer.
A Debt Trap With Puppy Dog Eyes
A wise man once said that you should never invest in anything that eats or rusts. Pets bring more happiness than almost anything else that money can buy; they are more of a necessity than an investment, so they are not an investment unless you are buying them to assist you in hunting or farming activities that do generate income. Adopting a puppy on a whim can be a great idea; a pet adopted from a Humane Society trailer at the county fair can provide years of companionship and happy memories for your family. Buying a purebred dog on impulse at a pet store, by contrast, is a terrible decision.
As your new friend eagerly wags his tail, the pet store clerk tells you that the dog can be yours today if you finance your purchase. The problem is that the interest rates can reach 200 percent, a rate comparable only to the notorious payday loans. Some pet store loans start out affordable at first, but then the adjustable interest rates kick in several months later. This is all the more unconscionable considering that many purebred dogs are vulnerable to inherited diseases, shortening their life expectancy, so some borrowers are stuck still paying for pets that have long since passed on.
Contact a South Florida Debt Lawyer About Recovering From Predatory Loans
A South Florida debt lawyer can help you pay down, refinance, settle, or consolidate your debt left over from high-interest loans. Contact Nowack & Olson, PLLC in Boca Raton, Florida to discuss your case.
Source:
washingtonpost.com/politics/2022/09/30/pet-stores-high-interest-loans-state-bans/
