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Access to credit is a huge deal for people. How else to create a small business, tide over a health crisis, or make a big education investment? Right now poor
by pessimist 14y ago
Access to credit is a huge deal for people. How else to create a small business, tide over a health crisis, or make a big education investment?
Right now poor people are at the mercy of pawnbrokers, loan sharks who often charge interest rates of 100%+ per year.
Potentially access to reasonable rate credit cards is life-changing.
- nacker 14y agoIf you can't think of any way to create a small business other than by using a credit card, you probably shouldn't be starting a business. Making a "big education investment" on a credit card is insanity. The student loan debt crisis may well be the next domino to fall in the the US economic meltdown - it was half the motivation for the participants in Occupy: http://business.time.com/2012/11/29/is-the-student-loan-debt-crisis-worse-than-we-thought/ http://business.time.com/2012/11/29/is-the-student-loan-debt... Rates on credit cards are generally less than reasonable, and their policies are frequently abusive. And this is in America, not the "wild East". http://www.mybudget360.com/endgame-credit-card-nation-40-year-credit-card-bull-market-over/ http://www.mybudget360.com/endgame-credit-card-nation-40-yea... Watch, or listen to this, if you are concerned about India's future exploitation: http://www.democracynow.org/2010/2/23/robert_manning_credit_card_nation_the http://www.democracynow.org/2010/2/23/robert_manning_credit_...