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Spoken like someone who has never lived paycheck to paycheck and been caught in a debt spiral. You are correct, not having access to credit is a bad thing. Bu
by tw04 6y ago
Spoken like someone who has never lived paycheck to paycheck and been caught in a debt spiral.
You are correct, not having access to credit is a bad thing. But having access to predatory credit is a WORSE thing. There's a reason we outlawed indentured slavery and "company scrip", and payday loans are a half a step up from that situation.
- gambiting 6y agoThe reason why payday loans are allowed is that just like with drugs - outlawing them doesn't mean people don't seek them out. It's better to have access to a legal and well regulated payday lender business, rather than letting people borrow money from the "pay us back or else" kind. And they absolutely will, desperate people will seek out desperate solutions.
- wutbrodo 6y ago> Spoken like someone who has never lived paycheck to paycheck and been caught in a debt spiral. Respectfully, go fuck yourself, you know nothing about me. You don't even seem to know what _you're_ talking about: poverty spirals don't disappear when you remove access to credit. I'm all for regulating payday lenders: the industry can be riven with fraud and rate regulation on the margins can smooth out the tradeoff between expanded credit access and debt traps. But my comment was in response to a comment claiming that they're always scams; spend five minutes educating yourself and you'll find plenty of examples of people who've actually bothered to look at the lives of people on the demand side of payday loans, like this New Yorker journalists[1]. It takes a lot of privilege and callous disregard for the poor to arrive at the idiocy of claiming that it's always a _good_ thing to remove a bad option from someone with only bad options. [1] https://www.newyorker.com/business/currency/what-good-are-payday-loans/amp https://www.newyorker.com/business/currency/what-good-are-pa...
- dang 6y agoPlease don't break the site guidelines like this, regardless of how badly you were provoked or feel you were. It just sends the threads into a hellish spiral. https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html
- wutbrodo 6y agoFair enough, and I apologize
- dang 6y agoPlease don't cross into personal attack. It's against the site guidelines and makes threads worse. Your comment would be just fine without the first sentence*. https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html * well, the guidelines do also ask not to use allcaps for emphasis, but that's minor