Archived HOW PAYDAY LOANS OF $2,500 LEFT A KANSAS CITY MAN $50,000 IN DEBT (freeformthreads.com)
submitted ago by axedbydax
Posted by: axedbydax
Posting time: 4.6 years ago on
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Archived on: 2/12/2017 1:51:00 AM
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11 upvotes, 5 downvotes (69% upvoted it)
Archived HOW PAYDAY LOANS OF $2,500 LEFT A KANSAS CITY MAN $50,000 IN DEBT (freeformthreads.com)
submitted ago by axedbydax
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[–] Broc_Lia 1 point 0 points 1 point (+1|-1) ago (edited ago)
The article doesn't really give much detail of what exactly he agreed to and how exactly he ended up with such high interest. By the sounds of things, he was in a pretty shaky financial situation to begin with, and probably ended up paying so much because he was only paying off interest on each bill. Which is exactly the same way people end up owing thousands to credit card companies and losing their house that way.
Maybe, instead of wondering why people with no other options are allowed to borrow from crooks, we should address the circumstances that put them in that position in the first place: The cost of medicine in the US is inflated hundreds of times by collusion between regulators and crony pharma companies, as well as overly loose litigation rules, insurance regulation and professional monopolies for practitioners. Take away even one of those things and you'd see prices drop like a stone. Or we could add more government and wonder how everything got so expensive, up to you.
Also, why is the fact that he's a vietnam vet relevant?