Message from @Scarlet
Discord ID: 470658336296271872
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?
"Oh if I put myself in debt I go down a tax bracket"
I'm not promoting any policy per se
Sure
I'm just saying its opposite would be hilarious
ye
But should debt be ignored all-together?
Basically yeah