Monday, September 5, 2011
You'll be Fixed, all right
I really hope that the woman in this ad is just an actress, and not a "satisfied customer" of WeFixMoney.com. Because anyone who thinks this is a good idea- well, as Gordon Gekko says in the only Wall Street movie worth viewing, "A fool and his money are lucky to get together in the first place..."
Ok, so this woman was faced with a bit of a financial crisis- she had a sudden car repair to deal with, and she found herself "surrounded by bills." Hey, it happens- especially if you aren't the "plan ahead" type. Or the "good enough credit to have a VISA card" type.
"I said, 'this has got to stop!'" Um, what is the "this" that "has to stop," exactly? The living on the margins? The lack of a rainy day fund? Turns out that neither is the correct answer- we know this, even though we never really do get a satisfactory answer to the question. Because this woman's "solution" was to accrue more debt. Not only that- but to add debt in the dumbest, most destructive way imaginable. She doesn't go to her bank or credit union (she seems to have a nice house there, or at least a decent apartment- something just doesn't compute here) or family. She goes online (she has internet access too- I guess the cable bill is in the "necessities" pile....) and finds WeFixMoney.com. She gets a short-term loan to tide her over till her paycheck shows up. Yay, problem solved.
Except, not really. Because these Payday loans are so expensive (can we spell Usury, boys and girls?) using them just puts you in a bigger hole than you were when you signed away your Common Sense for a fistful of dollars. Look, I get that there are these things called emergencies, and sometimes you can find yourself stuck. Sometimes, it's not even your fault. But this- this is not the answer.
If you've got any credit at all, you can carry a credit card for emergencies like a sudden car repair- and no credit card charges 300% if you don't pay off the balance inside of a month. I suspect that people who use "services" like WeFixMoney.com have already proven themselves incapable of handing credit cards, however. So I guess I really don't have any answers for this woman or people like her. Just pity. And disgust for the companies that prey on them- be it Aaron's, or Rent A Center, or CashStop, or WeFixMoney.com.
The little blurb included with the YouTube video says "Our Goal is to help you Navigate through Tough Financial Times..." Oh please. We know what you're goal is. Don't add insult to injury by embroidering it, ok?