More people than ever have debts of one sort or another. Credit cards have encouraged people to spend money they haven't got. I had a credit card but made a vow that I would cut it up the day I forgot to pay it off promptly I did just that. The banks don't want customers like me. They prefer to have people who pay the minimum each month. They can charge the businesses who accept the card and charge interest on the loan.
Even worse than credit cards are the payday loans etc. The interest rates are eye-watering. I asked a young woman of 20 if she understood what 10% was. She shook her head. She had no idea. It is unforgivable that the government tolerates these usurers. Interest rates on loans must be capped, and loan companies must be required to investigate thoroughly a borrowers ability to pay before they lend.
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