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This must make it so much more difficult for the the poor to ever escape their condition. I suppose it's common for an entire family tree to just tell lenders t

This must make it so much more difficult for the the poor to ever escape their condition. I suppose it's common for an entire family tree to just tell lenders to take a hike, but then their only way to borrow money is through the black market, and there must be vanishingly few legitimate business opportunities were a person would feel confident that they could make enough money to pay loan-shark rates. I'm sure this policy is detrimental to class mobility and entrepreneurship, but I'd be interested to know if it even promotes a more profitable loan market than in countries with legal bankruptcy.

speeder 13y ago
What you think? http://online.wsj.com/article/BT-CO-20130730-705372.html http://online.wsj.com/article/BT-CO-20130730-705372.html Banks here are breaking their own profit record for several years in a row, while the economy is almost in recession (last year 0.9% in growth, inflation currently 6.7%, also credit card rate is around 450% year. Last time I had to take a loan with the bank (instead of temporary negative balance) I paid 100% on a 6 month loan. The negative balance pays 10%/mo of your current balance (thus if you never repays it, you get a rate of 300% year) EDIT: "what do you think?" is a real question, I don't have data on other countries to know how much loan banks profit there.