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One of the important lessons I've learned in life is that there are people running so close to the edge in every walk of life. There's no shortage of people wit
by Kalium 8y ago
One of the important lessons I've learned in life is that there are people running so close to the edge in every walk of life. There's no shortage of people with sizable incomes who can barely balance their books. Which is to say that inequality isn't the cause of this particular problem, even if it does fit so very nicely into that narrative.
As others point out, payday loans and similar service a need. Payday loans in particular are the low-class version of it. The businesses go by different names higher up the class ladder.
- avgDev 8y agoThis is an interesting point as I known a guy that made over $300k working at a bank. They lived in one of the nicest suburbs of Chicago, and were living paycheck to paycheck. They had a chef at home, wife didn't work and so on. He ended up loosing his job and could not make any of the payments. They lost their house, cars, and got divorced shortly after. However, they are still in a different situation than the people that get sucked into those terrible high interest loans. He could literally get a new job as his educated and be back to making over $100k. A person that does not have any skills or education will have a much harder time trying to bounce back. As everything is more expensive when you are making minimum wage.