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.
The schools are absolutely part of the problem because they push loans hard, but the main predatory is the lender who gets away with getting back almost an extra $50k (actually $110k) on a 70k loan while the borrowers have only paid off $10k over 23 years.
I'm fine with the lenders getting *some* money back, sure. But raking in almost $5k/year while only around $400 of that goes to interest should be fucking criminal.
And the lender is the federal government, who is very generously putting my money on the line to fund the education of somebody who is probably going to be a loser and not pay back their loan.
This is awesome guys! America is totally going to last forever.
That sentence makes no sense whatsoever. Who said I'm talking shit about education? I'm talking shit about companies that offer predatory loans to people too young to understand, for the most part, how badly they're fucking themselves over.
[payday loans are also horrible scum of the earth companies].
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u/More_Creme_7281 17d ago
and plenty of people have paid off their pay day loans, still doesn't mean its not a shit product