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I think he's trying to say that even in the developed world there are people taking out loans with ridiculous interest rates, so that this phenomenon of taking
by swagonomixxx 7y ago
I think he's trying to say that even in the developed world there are people taking out loans with ridiculous interest rates, so that this phenomenon of taking out loans you can't pay isn't exclusively a "developing world" thing. Money Mart and the like come to mind, and I'm sure there are many other loan shark companies out there that do similar things.
- dvtrn 7y agoAh, okay. Thank you. I guess I don't recall taking the position that predatory loans was an exclusively developing world thing, but if something I said gave that impression, it's on me to be more precise with how things are phrased next time. Comparatively speaking, more people in comparatively more developed economies tend to have more resources available to them to make informed financial decisions as individuals. I call this financial literacy. The comment previously made was not intended to suggest these more developed economies are uniquely affected or affected somehow differently than say, for example, African nations (like the one in the article) are from predatory lending programmes.