Written By Nate. On Jan 23. In Corporate America, Daily Life, Finances, Reducing Bills, Society

If you haven’t already read my post below on the Mortgage Meltdown and Credit Crisis you should.  This is an illustration of what amazes me about American’s current financial status and the desire for more.  We were watching TV this morning and an ad came on for “cashcall.com”.  They were advertising small consumer loans, presumably to pay your house payment or other items you’ve already fallen behind on like bills and stuff.  Then, the fine print pops up for less than one second at the end of the commercial.  I was able to freeze frame it thanks to my DVR and took a picture using the digital camera:

It’s a little hard to read but let me break it down for you.  The fine print says a typical loan of $2,600 has an APR of 99.25% with 42 months of payments at $216.55 per month with a $75 origination fee.  If you break that down, you’re paying $10,070.00 for the whole loan spread over three and a half years.  That means you paid $6,495.00 in interest alone on a $2,600 loan.  That also assumes you don’t make a late payment or get hit with other fees in the process.  What a bunch of crooks!  I hope consumers steer far away from companies like this!