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Medical debt shouldn't be a thing in a civilized society. Credit card debt is a failure of the financial system to properly assess risk, credit cards shouldn'
by candiddevmike 3y ago
Medical debt shouldn't be a thing in a civilized society. Credit card debt is a failure of the financial system to properly assess risk, credit cards shouldn't be that easy to get, and predatory credit card offers should be outlawed. Similar to how identity theft is somehow your problem when it's actually the banks and other systems that enable it.
- milesvp 3y agoI’m not sure saying credit cards should be harder to get is the correct stance. I saw a paper talking about the rise of payday loans came at the cost of pawn shops. Basically there is a lot of demand for short term loans, I would argue that better access to credit would help many people greatly. The only thing I’m unclear on is how to avoid the predatory aspect. I’d assume that part of the usury terms of these kinds of loans is a response to such small amounts. Just paying the hourly cost of dealing with the transaction could put a $200 dollar loan into 5% territory without taking into account any risk profile. I’d be intereted in running experiments similar to cash giving charities. Measure how much a $2000 line of credit does to improve lives (hopefully without making them worse).