Again the general public is exposed to scams and schemes by lenders, which create wealth solely for the lender and debt solely for the borrower.
When will people in debt be protected?
Money makes the world go round, even if it puts people off, destroys their credit, and leaves them chained to mounting interest. However providing a service guised as a remedy for debt is nothing short of despicable.
Companies like this, Payday Loans, like Big Pharma, exist to create made-up needs, to present to the public something nefarious as innocuous. Planting the seed of need is the first step in marketing these volatile loans to unsuspecting borrowers. You need this to attain that mindset is a straight-line logical fallacy- slippery slope, setup for failure, pushed on people through advertising.
People are stupid. We all know this. People are smart. We all know this. People in America are obsessed with consuming and materializing; oniomania is the term. We all know that too.
So who is to blame?
I think that by making such a habit easier, borrowing, enabling the function, is the key problem to American debt. People in debt should be punished, in order to get their ducks in a row, to get themselves back on their feet; however, lenders influencing these actions/functions should also be punished for providing “relief” with ulterior motives.
There is no risk for the lender; the borrower assumes all of the penalties. Who suffers the foreclosures? Not the fucking banks.
When will the government take action and close these horrible establishments for good, for the better of the economic state, and end mal-business practice?
Avoid PayDay Loans, and all loans (out of want; not necessity) in general.
Does your government work against your financial security, or for your financial security? Also, we must ask ourselves the same question. Do we take fiscal responsibility for our lifestyles, or do we neglect details and live beyond our means?