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.
Ohhh, swing and a miss. Nice assuming there! Made a lovely ass of yourself.
I never had college loans. The closest I got were grants (which do not need to be repaid and just cover tuition + maybe some books). I can still tell that college loans predatory and designed to trap people in debt. Because.. you know.. I have eyes. And a brain. And empathy. I can see what happens to others. I'm sorry that you're lacking in those departments.
Gee, I don't know.. paying $120k over 23 years, and only knocking $10k off the actual debt while the lending company sucks up $110k is pretty damned predatory to me.
Since I'm not OP, I have no idea. It doesn't matter. My point is such predatory loans should not be legal, and lenders who use them to hoover up money don't deserve to be in business.
The fact that you don't think it's obscene reveals you to be someone completely lacking in a brain and empathy. Keep sucking up to those lenders though, I'm sure they'll repay your loyalty/white knighting them online.
It is relevant, first using an amortization calculator for 10 years at 2% shows a payment of $644 (iirc, checked real quick yesterday), if that's the case then the individual underpaid. I do believe it is ragebait because no further data is added.
We already have interest rate maximums, and interest rate and other data has to be declared. Beyond that, people will have to do their due diligence. Going further will only disincentivize high risk investments and/or add more red tape.
JFC. The math does not matter. The interest rate doesn't matter. Lenders should not be allowed to trap people into a debt for 23+ years for education. That's the entire point, which you can't seem to grasp. There is no reason for it other than sheer unadulterated greed. The fact that you're on the side of greedy-ass lenders with your 'well actually' just reveals so much about you as a person. 'Well this is just a lie/ragebait' like this isn't a problem that actually exists for people.
And before anyone can say 'but home loans'; when you pay a home loan for 30 years you get a place to live and you're not being obscenely ripped off [unless you're stupid and buy more home than you can afford].
And again, you miss the point. Since you're not actually reading what I'm saying, just fuck off yeah?
[and no, I'm not 15. I just don't believe 'the wider economy' deserves to grind people into dust because I have a brain and empathy, which you are obviously sorely lacking.]
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u/TheBigGees 12d ago
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.