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Comment Re:Credit Scores Big Part - also Compounding (Score 1) 329

Someone with lower credit (~600 or under) easily gets a "penalty" of >10%.

It's not a penalty, it's a higher charge because people with lower scores are more likely to default on their loans.

If you are a young then your score relies heavily on your parents, and while the young person may have done nothing wrong personally, they immediately start life with a lower credit score because of the parents' mistakes.

This is completely false. Your credit has nothing to do with your parents. Your loan rates will have nothing to do with your parents UNLESS they cosign a loan for you. When you start out, you simply have no credit record, and yes, that means you're viewed as riskier.

Also, the key word is compounding interest.

Thanks. I first unlocked the mysteries of compound interest in elementary school. It's not as nefarious as you think.

The on-paper rate might be 15-20% or even lower, but since the interest is then added to the balance when calculating the next interest payment, you're paying interest on interest, making the effective rate numbers like 30% or higher. So even if you pay all of your minimums, the interest can still go up!

A 15% APR compounded daily is 16.1798% effective. 20% is 22.1336%. What you're describing has nothing to do with compounding, it's called negative amortization. I often think that should be illegal.

My wife had a private loan that compounded daily.

This is actually pretty normal, and as I posted above, doesn't have a huge impact on loan rates. Personally, I don't think anybody's trying to screw anybody here, it's a pretty natural consequence of figuring out how to charge interest. If I charge you X% at the beginning of the year, I'm charging you for a full year of borrowing money when you don't borrow all of that money for a full year. You pay some back each month. I can charge you 1/12th of the interest every month (compounding monthly), but not all months have the same length, so that's not quite right. The thing that works and is always correct is compounding daily.

There's even a thing called continuous compounding that reduces that compounding interval to zero, but it doesn't have much effect at all on the rate. 15% compounded continuously is 16.1834% vs 16.1798% for daily compounding.

Predatory lending is definitely a thing and should be stopped, but predatory schooling is the problem in this case. Institutions that offer valueless degrees while lying about the value of those degrees for a lot of money are a problem. Lenders, federal or commercial, who give people money to spend on valueless degrees with no regard for whether they'll get the money back are a problem, too, and should be stopped. Yes, that means some people aren't going to college, but that beats the heck out of sending those people to college for $100,000 that isn't actually worth $100,000.

Comment Re:Yes, there are plenty of them (Score 1) 329

We've been gutting education funding for 20 years. This is the result. College really is un-affordable for some.

Yes, it's not affordable for some, including my own kids. It's not because we've been gutting funding, though. It's because prices have been increasing stupidly faster than inflation with no real justification. Part of the problem is actually that we keep throwing money at the problem. We need to start saying "NO!" to colleges that want $50,000/year in tuition, and even $20,000 IMO. The solution isn't finding more of someone else's money. It's asking why it costs so much in the first place, and fixing it.

Comment Re:I find this hard to believe (Score 1) 329

You do realize thats not 29% apr right?

Nope, I don't know that. That's what he said.

- repaying 70k over 30yr @ ~8.8% interest (total repayment ~200k)

That's plausible. The highest I paid for a student loan was 6.8%, but I can see somebody paying 9. In that case the statement in the article, "he now owes more than $200,000" is false. He'd owe 98k, assuming he hasn't paid back anything yet.

Comment Re:So long... (Score 2) 208

Akamai is present at practically every internet exchange, and peers with basically anyone.

I'd speculate that's exactly what they're talking about. Building and maintaining that infrastructure isn't free. If you have one guy using up X% of it, it's pretty reasonable to start thinking that the cost of serving that one guy is X% of your ongoing infrastructure costs.

So, did Krebs personally cost them a ton of money? Probably not. Would he if they committed to keep serving him AND that sort of traffic load continued? Yes.

Comment Re:"it was used for children's writing exercises" (Score 3, Insightful) 235

Atheism is no more a religion than an empty glass contains a kind of beer.

What I detest is asshole, self described 'atheists' who have the need to inform religious people that they are stupid for believing in fairy tales and having faith.

I tend to leave religious people strictly alone, so long as they aren't harming or advocating harming anyone else. I think the notion of believing in a religion, and especially an afterlife, would be very comforting. Certainly, a lot of my extended family find it so. Really, the only time I ever want to argue against religion is when people use it as a weapon against others.

Comment No, what I need is billing simplicity. (Score 1) 222

That's why I prefer unlimited data. It's not because I plan on consuming unlimited amounts of it, but I do want to be able to go to work, plug in the headphones, and not have to think about my data plan when I decide if I want to stream music or listen to music I already bought.

Companies can make up what I "need", but the bottom line is that if your competitor offers a service that makes me happier, as in same quality and I never have to think about billing again, then I'm not your customer anymore.

Comment Re:You folks in the US are getting scammed (Score 1) 209

Yep. I got a notice today, in fact, from Verizon that I was nearing my cap and that it'd be $15/GB over unless I paid $20 to go to the next tier.

I really don't get why they're crowing about faster and faster speeds, 5G, and the like. It's just a recipe for blowing through your plan allowance faster.

Comment OMFG, I hate this so much. (Score 1) 290

My kids' school does this. Instead of sending me an email, they send these $DIETY-awful voice mails that drone on, mostly about things that don't affect me at all, for 3 minutes. At least that's what they were a couple years ago. I couldn't tell you what's in one now since they're all deleted unheard.

Even worse, they've started sending emails, too. That'd be great if the emails actually included the text, but no, they're the stupidest of all possible alternatives. They just include a link to the audio.

Bastards.

Comment Re:Making recordings (Score 1) 99

Surveillance cameras active in an area need to be disclosed

Not true. Some places will call them out because they want to deter criminal activity ("Smile! You're on camera..."), but generally, you don't need consent to take someone's picture (including video). Places where privacy would normally be expected, like bathrooms, changing rooms, etc, are an exception.

Take a stroll through a department store and look up. Those small black domes are cameras that no one tells you are there.

Comment Re:Are CEOs idiots? (Score 1) 140

1.5 million downloads at a suggested donation of $2-10, meaning it's darned certain they didn't get more than $3 million.

Nintendo's choice is to "cut a deal" for a fraction of less than $3 million (probably a lot less), thereby encouraging other people to illegally rip off their IP, or spend a couple hundred bucks having a lawyer tell them to knock it off.

Personally, I wouldn't want to signal to the marketplace that if you rip off my brand, I might pay you for it.

Comment Re:Yes and no... (Score 1) 75

Why should it be illegal if they are law enforcement?

There's no exemption in the law that allows agents of other governments to compromise .us systems.

We don't go after the thousands of hacks that occur on a daily basis yet you want to single out police by doing it for a good cause?

You know, that's a fair point. My intention wasn't to say that I think they should be singled out, but rather that what they did should be considered a criminal act, and that their being Australian LEO is completely irrelevant to whether or not charges are brought. I don't think we should encourage or tolerate some wild west mentality where if you have a badge in country A, it's OK to ignore the laws of every other country on the planet. You're right, though, that there are a lot of crimes that occur on a daily basis that we don't prosecute because they're not the biggest fish to fry.

Just to reiterate, though, I don't think giving someone a hyperlink that doesn't do anything other than display the content they asked for constitutes hacking anyway.

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