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Risk is fine. What's not fine, is the obfuscation of risk to the point of fraud. And my problem with pay-day loans stems solely from the fact that the vast maj
by roc 17y ago
Risk is fine.
What's not fine, is the obfuscation of risk to the point of fraud.
And my problem with pay-day loans stems solely from the fact that the vast majority of pay-day loan 'customers' are already functionally bankrupt when they start using these services.
They're just delaying the inevitable with these loans and the banks are only too happy to eat the cost of the inevitable default if it means they can collect 100-400% interest a dozen times before that.
Cap the rates and this loan-sharking will end.
- deleted 17y ago[deleted]
- yummyfajitas 17y agoSo instead of giving poor people a few months to get back on their feet, you want to bankrupt them immediately?
- po 17y agoIsn't the point of bankruptcy to wipe out all debts after they took too much risk and/or just got unlucky? In theory that sounds better than giving people a few more months to keep going with their too-much-risk-taking approach now loaded with a new debt. I don't know if that's the way it works in practice, but hell we're just all armchair economists anyway. ;-)