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Credit isn't for everyone! This is why there are ancient provisions in most religions against lending to the poor. It rarely helps them and often makes their
by tdees40 12y ago
Credit isn't for everyone! This is why there are ancient provisions in most religions against lending to the poor.
It rarely helps them and often makes their lives much worse. If they need something so desperately (food, shelter, etc), private charity or government assistance seems like a better means of providing it than payday lenders.
- deedubaya 12y agoIt would be interesting to know what the small loans are actually being used for. Are they being spent on healthcare bills? Clothes for their children? Or are they being used to pay off another bad debt like a credit card?
- tdees40 12y agoEqually interesting is that they tend to pay them back by hitting up their relatives for cash (which would have probably been a better idea in the first place!). http://bucks.blogs.nytimes.com/2013/02/27/why-borrowers-use-payday-loans/ http://bucks.blogs.nytimes.com/2013/02/27/why-borrowers-use-...