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> A survey by U.S. News & World Report found consumers using cards for unexpected expenses, medical emergencies and job loss. They are hiding it out of shame,
by damnesian 3y ago
> A survey by U.S. News & World Report found consumers using cards for unexpected expenses, medical emergencies and job loss.
They are hiding it out of shame, But this is a systemic failure if ever-increasing numbers of people have to use a financial instrument with the same interest rate as the predatory payday loan industry to meet basic needs.
- dredmorbius 3y agoYears ago I found myself in an online discussion over usurious credit card interest rates, which I felt (and feel) should be illegal. My interlocutor objected that if that were the case then people would be unable to buy basic necessities such as groceries or household supplies. I really wish I'd realised the proper rebuttal at the time: that if large numbers of people are unable to meet current ongoing expenses without going into debt, then they simply are not being paid enough. The iron law of wages and the law of rent are a cruel pair. The one denies necessities, the latter takes all excess and then some.
- deterministic 3y agoMost people in rich western countries does not live within their means. And then they blame capitalism or companies or commercials for their bad choices and deep debt. As if they are mindless drones remote controlled by others. I wish people would take responsibility for their own actions.