Welcome to the Hardcore Husky Forums. Folks who are well-known in Cyberland and not that dumb.
for the payday loan industry. Now more Americans can get ripped off by usury interest rates that keep poor, working Americans in perpetual debt. That should really help Americans getting back on their feet post-lockdown.
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When I started college in the late 90s, it was kind of the end of the predatory credit card age. If you’re my age you probably remember news stories about kids killing themselves over CC debt that they’d gotten in way over their head with. Companies like Providian were targeting college kids and destroying their credit with extremely questionable lending practices before the Federal Government stepped in with some needed oversight under the Bush43 admin.
This is that on steroids...except it’s not college kids with mom and dad there to bail them out. This is targeting Already impoverished people and the business model is to trap them in a debt spiral. PDL shops don’t want the principal payment back. They want minimum payments on debt service for the rest of your life, and they prey on the uneducated working poor as their prime demo.
It’s one of the least honorable businesses I can think of. I have more respect for drug dealers than I do PDL shops.
Banks are not any easier to deal with today. PDL will cash it for a fee and pay on the spot.
This is how people get shut out of society and ripped off
Its not systematic racism per se because they need poor white folks to make it work. More like systematic taking advantage of people that don't know better
Financial education from K-12 would do more for this country than any woke bullshit
I had a fren who worked for one for awhile and finally quit because he had seen too much shit. He has no respect for the industry and hates himself for having worked there.
Now it's kids who don't understand options trading....
Agree we should be teaching basic consumer finance to every HS, which they should have to pass before graduating.
HTH