- Banned
- #41
You're missing the point. Who we call a "loan shark" is a matter of opinion. How high is too high when it comes to interest rates? As others here have pointed out, being willing to pay higher interest rates is sometimes the only way a person with poor credit can get a loan. Setting legal limits on that is, essentially, setting legal limits on who has access to credit.
I'm not missing the point.
These corporations are using these people's desperation to commit extortion.
Once they drag them into the cycle of debt, they keep raising their interest rates, and string them along for as long as possible until they suck them dry.
They are predatory, and are parasites on society.
That is why Christ called the money changers "a den of thieves", and why there have been usury laws in most civilized societies for millennia.
This practice is the primary reason for the massive transfer of wealth from the poor and the middle class, to the very wealthy, for the past 30 years.
Don't you people wonder why, while the average person lost 40% of their wealth in the past 5 years, the top 10% of the wealth-holders either held even or gained?