I have heard this all my life, going back to the 80s. There are always high-interest loans that unsophisticated and desperate people take out. I don't think there's some unique new problem.
this post was submitted on 27 Feb 2025
1 points (100.0% liked)
Personal Finance
4345 readers
36 users here now
Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Join our community, read the PF Wiki, and get on top of your finances!
Note: This community is not region centric, so if you are posting anything specific to a certain region, kindly specify that in the title (something like [USA], [EU], [AUS] etc.)
founded 2 years ago
MODERATORS
I believe this article misses the real reasons: labor isn't paid enough.
Capital makes record profits but that isn't being shared with the people who do the work.
if its anything like my country, i think we actually have a not enough money problem we bandaid over with credit card debt. their insistence on framing things like this shows who they really side with.
i dont need to mention i avoid credit cards at all costs, but i am.
I'm in this boat too. I'm on track to pay it off completely by May but the damage is done: I clipped the card in two. I had originally used this card for emergencies and travel, but what happened is I used it to pay for a mover, and the debt has not moved much since.
If I have to travel with a debit card, I will find a way.
Looking at the debt numbers in the articles, I'm reminded of similar numbers before the 2008 crash and we are not in a place to recover if it happens again. Which it will.