02-20-2022, 09:06 AM
Can I Lend Money at 24% Like Banks Do?
<!-- SC_OFF --><div class="md"><p>Currently, my stock market investments have brought me around 14% over 20 years. And that's with risk! If the market crashes tomorrow, I can't go crying to anyone. They'll say "You took the risk!" And bond rates right now are so shitty, they don't even cover inflation.</p> <p>It occurs to me that banks have a sweet deal. Charge people 24% credit card interest, and if they default, you can harass then with debt collectors, wage garnishments etc. Unlike myself who has no recourse when the market crashes.</p> <p><strong>I feel debt collection on credit card (and all debt) shouldn't be legally enforced</strong>. After all, that's the risk the bank took when they lent the money right? Right now, banks get to keep their cake AND eat it, since they can enforce collection through the courts.</p> <p>I'm just salty that I need to take risk to earn 14% interest, whereas banks can go to court to collect their even riskier loans.</p> <p>I want to lend money out at 24% too, and sue to collect if the other person can't pay me back! Hell, I'll charge 4000% and take the guy to court if they can't pay, then confiscate their wages.</p> <p>How do I get on this gravy train?</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/BJPark"> /u/BJPark </a> <br/> <span><a href="https://www.reddit.com/r/investing/comments/swlaj6/can_i_lend_money_at_24_like_banks_do/">[link]</a></span> <span><a href="https://www.reddit.com/r/investing/comments/swlaj6/can_i_lend_money_at_24_like_banks_do/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>Currently, my stock market investments have brought me around 14% over 20 years. And that's with risk! If the market crashes tomorrow, I can't go crying to anyone. They'll say "You took the risk!" And bond rates right now are so shitty, they don't even cover inflation.</p> <p>It occurs to me that banks have a sweet deal. Charge people 24% credit card interest, and if they default, you can harass then with debt collectors, wage garnishments etc. Unlike myself who has no recourse when the market crashes.</p> <p><strong>I feel debt collection on credit card (and all debt) shouldn't be legally enforced</strong>. After all, that's the risk the bank took when they lent the money right? Right now, banks get to keep their cake AND eat it, since they can enforce collection through the courts.</p> <p>I'm just salty that I need to take risk to earn 14% interest, whereas banks can go to court to collect their even riskier loans.</p> <p>I want to lend money out at 24% too, and sue to collect if the other person can't pay me back! Hell, I'll charge 4000% and take the guy to court if they can't pay, then confiscate their wages.</p> <p>How do I get on this gravy train?</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/BJPark"> /u/BJPark </a> <br/> <span><a href="https://www.reddit.com/r/investing/comments/swlaj6/can_i_lend_money_at_24_like_banks_do/">[link]</a></span> <span><a href="https://www.reddit.com/r/investing/comments/swlaj6/can_i_lend_money_at_24_like_banks_do/">[comments]</a></span>Kind Regards R