Not sure I can improve on Charles Dickens.
Annual income twenty pounds, annual expenditure nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pound ought and six, result misery. Charles Dickens, David Copperfield, 1849
The thing that I do see is that some lenders deliberately loan money to people who cannot pay it back, so that they can turn them into slaves.
For example, a woman who has no other debt but a car loan that she defaulted on, for a car that broke down and then was repo'ed, only owed about six thousand, and then suffered a judgment which includes attorney's fees and contract rate of interest.
She has been paying 25% of her takehome wages on said judgment for years but now owes more than she did when she started. Repaid principal years ago. Repaid interest years ago. Repaid attorney's fees years ago. But with the "miracle" of compound interest, her debt will never die.
If some people benefit from the miracle of compound interest, some people have to pay.
I think some lenders try to put people deep in the shit and keep them there so they can drain them forever.
I think this is the exact thing that is destroying our country. Instead of funding manufacturing and innovation, lenders make more money out of turning working class people into slaves.
I see car dealers selling worthless pieces of crap to poor people, and when they break down, selling them another worthless piece of crap, and rolling over the loan on the first piece of crap into another loan, and over and over again, until insanity.
I see payday lenders rolling payday loans over and over again at 300% interest for people who could not pay off the first loan and finally pay everything they have to the payday lender.
It's horrible. And they deliberately target poor people, young people, old people, and people in the military.
Before I became a bankruptcy lawyer I would have scoffed. It's crazy. |
