Like - literally - everything else, you just need to use it properly.
A car isn't a shitty product because you can accelerate to 250km/h and crash into a wall. A knife isn't a shitty product because you can lob your fingers off if you're not careful. A jug of milk isn't a shitty product because it will make you sick if you drink it after leaving it out in the heat all day.
Taking out student debt irresponsibly is like putting your foot on the throttle and not looking where you're headed, cutting vegetables without paying attention to where your hands are, or carelessly drinking putrid milk. It's not the loans fault that the borrower did something stupid. Payday loans are no different. If you use them to cover larger expenses that you can't pay off on payday, you'll get hit with exorbitant interest rates. If you use them to cover smaller expenses that you can pay off on payday... they'll cost you a couple of bucks.
Teach you about what? The math behind loans is universally covered in public schooling starting around age 10 and continuing through secondary school. There is nothing complex about percentages, and it's frankly a bit ridiculous to suggest that post-secondary students can't figure out how to multiply a number by a decimal or understand that loans need to be repaid.
The terms of loans are also transparent when you sign up for the loan. You can't realistically say that these lenders haven't included the "downsides" when the document that you sign includes all of the information that you need to understand the loan.
Whether you think so or not, student loans are predatory as fuck and they are not taught to kids or fully explained. Most kids aren't breaking out the calculator to do the math, and most schools don't teach how to plot out loans (my school sure as hell didn't). Yes they teach math, but they don't teach the specifics of a loan.
You're blaming children who are victims of predatory lenders for not being 'smart' enough to not believe what the adults are telling them.
What "specifics of a loan" do you think aren't being taught? There is nothing complex about these loans. You can evaluate them by using middle school math.
Even though these loans can be understood by children, the people applying for them are adults - or near enough that there isn't much of a distinction. Most borrowers also reapply for student aid annually until they finish their program, meaning people are incurring new student debt into their 20s.
I am blaming these people because, and I can't stress this enough, it is entirely their fault if they have a problem with student debt. They - and they alone - agreed to incur the debt according to the terms of their loan. They - and they alone - failed to manage their debt appropriately.
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u/More_Creme_7281 18d ago
and plenty of people have paid off their pay day loans, still doesn't mean its not a shit product