Correct I don't have any investment in the banks. I agree with the points you make that credit cards are equally bad (not invested in those either) but two wrongs don't make a right.
I have bought surfboards at CCV and have no objection to the pawn shop side of things, I know that this part of the business is marginally profitable nowadays and the main part is payday loans.
I certainly dont judge poor people for their misfortune but I do judge predatory lenders for ripping their guts out when they do get into trouble.
The people who go to CCV or credit card debt don't understand finance very well and theirein lies my major moral objection to this company. The business involves loaning people money that can't afford to pay it back.
At 25c I strongly considered buying but it was a bridge too far, the profits of this company are extracted in the misery of some of the poorest people in society.
I thought at the time it would be worth buying a big chunk and pushing for change but I am not that rich. The thing is if you shut down CCV the crap which crops up would be worse - you are right.
What is needed is financial literacy and working with the community organisations to extend loans on terms people can afford. There's been some tinkering in legislation but CCV's business model is intact and while it remains yeah I look down on the scum of the earth who own this company and turn a blind eye to what it does. Or use other people's vile actions to excuse their own.
CCV Price at posting:
36.0¢ Sentiment: None Disclosure: Not Held
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