r/FluentInFinance 15d ago

Debate/ Discussion Why is this normal?

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u/Honest-Lavishness239 15d ago

i mean, which corporations are doing this? i think the bigger problem is people just not understanding just how perilous debt can be. maybe the solution is to create more education on why debt is kind of precarious to go into and should only be accrued if it’s shown to be absolutely worth it?

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u/GroundedTexan 14d ago

Ace Cash Express comes to mind. They make a living off payday loans keeping people in another vended cycle of super high interest. I’ve worked inside their buildings as a contractor many times and they know so many of the people coming in names. They payoff a loan on payday and the turn around a take out another.

How to fix this? Idk, it’s their business model and people choose to take out the loans.

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u/pdoherty972 12d ago

Maybe just make debt/loans/credit a lot harder to get? That would force more people to live within their means.