they just put them deeper in debt, so the little money they do have, goes to paying off interest, not principle, instead of going toward their rent payment or other necessary things.
We need a non-predatory loan system like Bernie has talked about, where post offices can help people have an account and get low interest loans when they need one.
This predatory system is just keeping the poor down, not helping them to meet a necessary monthly payment.
This month they can pay the rent because of a payday loan. What about next month and the month after? And they often lose their vehicles and other things as collateral to loans they cannot afford to pay back.
Just imagine the interest you pay on a debt, when you can't pay the original high interest, and instead have to take out more loans, just to extend the life of your loan at continued high interest. For some people, they can't ever pay it back.
Nope...this has to stop. We need a more humane way to help people manage a bad situation. Starting with livable wages, steady jobs, education, and whatever we can do to keep poor people from falling deeper and deeper in debt.
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