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Rich people have a lot more debt than poor people. If you're too poor, nobody will loan you anything. The more money you have, the better the conditions will be
by Timon3 4y ago
Rich people have a lot more debt than poor people. If you're too poor, nobody will loan you anything. The more money you have, the better the conditions will be which are available for you. Would a rich person ever consider something like your average payday loan? After the last couple of years with practically free loans, who do you expect to have borrowed more? The rich or the poor?
- TheOtherHobbes 4y agoMore than that - loans to the very rich will always have a below-inflation rate. or worst case a near-inflation rate. Loans to the poor will always have an above-inflation rate. And the poorer you get the more extreme the rates. Interestingly this is somehow not considered inflationary.