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The problem is with payday loans, that one party can not really be trusted. This is one of the reason the rates are so high, so many people default. People who
by megablast 16y ago
The problem is with payday loans, that one party can not really be trusted. This is one of the reason the rates are so high, so many people default. People who can not manage their money are not the best of people to lend to.
- dionidium 16y agoPeople who can not manage their money... I realize that this is sort of a personal nitpick and that it does nothing to invalidate your central claim, but when you make minimum wage and your car breaks down there's not really any money to manage. The thing about living paycheck to paycheck is that unexpected expenses are insuperable (by definition).
- chc 16y agoAs far as I know, most people who live paycheck-to-paycheck are not in that situation because they have simply not yet succeeded in their repeated, rational and wholehearted attempts to improve their situation. Most are there because they don't know how to get and hold onto money.