Its like Thomas Sowell said, something along the lines of
"You can't subsidise stupidity, and expect people to become more responsible"

I agree with the last bit, but i feel like this is a good example of where regulation is warranted. Stoping it entirely probably isnt worth it, but making it harder to do, and trying to inform people if they're being suckered is good.

true

I think that is a big issue that isn't factored in schools

Ultimately though, Yeah, you cant cure stupid.

you might be able to cure it, by letting people fall, and climb back up

or well, not stupid, Recklessness

Im not sure i'd call it reckless

Alot of predatory loans come in the form of payday loans and such

People cant quite make ends meet, they take the loan, they inevitably fail to pay it quite on time

yeah but i meant it in the sense of, stupid people will always be stupid,
But they can be careful and not dive stupidly into such deals

by thinking "oh this will fix my issues, *sign*"

Well they probably figure they can pay it in time

But then they fail, and the penalty is very high.

Payday loans have interest rates approaching 30%~

I think ive seen even higher.

(Per month)

yeah, hence, they should be careful and consider it, as opposed to thinking "oh i'll make it"
get a plan, set up a budget, etc

Yeah, ideally, but people rarely do things ideally.

hence, their recklessness should be punished, so they'll think about it next time

more often than not in life you don't get a 2nd chance for things, so people better be able to do it right the first time

It'd be much, much, much more preferable if the situation where they ended up doing this didnt arise.

Im not a fan of the 'you fucked up somewhat, so here, live with this crippling punishment'

Like people getting caught with weed and being sent to jail for 5 years.

Shit's stupid.

that i can agree with, lot of stupid rules should be removed
there should be a general living education in schools atleast for the basics so such incidents can be avoided
And there should be something of a regulation that prevents predatory loans

cuz many people can't Life

Some states in the US are imposing regulations that prevent, or at least minimize payday loans at least

Forget the details of how

Why government want to know peoples assets, but not debt 🤔

You can't tax debt

It's like I see you have 200k in assets you must be doing pretty well, but like you also have 120k in debt, so really not that well

Sure but if you're paying that 120k in small increments and whittling it down then they can still extract more cash from you

Ultimately the thing they don't want is for you to run out of money because then they can't pay for shit with your money

Including their wages

So they should want people to pay off debt so they dont go bankrupt you would think

Sure but that comes out of monthly expenses

Interest though

Doesn't matter as long as everyone keeps receiving cash

The inverse would actually promote collecting debt

Like if the government said "nah you owe 300k in student loans for your queer feminist butterfly studies degree, pay us less" why wouldn't people spend beyond their means?