return2ozma@lemmy.world to News@lemmy.world · 1 year ago62% of Americans are living paycheck to paycheck, as holiday spending, credit card debt risewww.cnbc.comexternal-linkmessage-square33fedilinkarrow-up1385cross-posted to: usa@lemmy.ml
arrow-up1385external-link62% of Americans are living paycheck to paycheck, as holiday spending, credit card debt risewww.cnbc.comreturn2ozma@lemmy.world to News@lemmy.world · 1 year agomessage-square33fedilinkcross-posted to: usa@lemmy.ml
minus-squaretsonfeir@lemm.eelinkfedilinkarrow-up25·1 year agoIt should be illegal to charge compound interest, and the highest a person should ever have to pay is 10% of the total borrowed. So $100 is $110 back, max.
minus-squareWhiteHawk@lemmy.worldlinkfedilinkarrow-up10·1 year agoThen what’s to stop people from borrowing money and waiting until the amount they have to pay back is less than what they borrowed due to inflation?
minus-squarechitak166@lemmy.worldlinkfedilinkarrow-up10·1 year agoWhat’s to stop people from borrowing money and waiting until they die?
minus-squareRealEarthHuman@lemmy.worldlinkfedilinkEnglisharrow-up6·1 year agoForfeitures. Credit ratings.
minus-squareWhiteHawk@lemmy.worldlinkfedilinkarrow-up5·1 year agoIt’s a bit more complicated than that, I’m afraid
minus-squaretsonfeir@lemm.eelinkfedilinkarrow-up1·1 year agoThey’re complicated by manipulation. I wonder who is doing the manipulating? Kill the billionaires.
minus-squareArt35ian@lemmy.worldlinkfedilinkarrow-up10·1 year agoI hate this argument. What happened to being an adult and not signing your name to stupid shit you can’t afford?
minus-squareHerbal Gamer@sh.itjust.workslinkfedilinkarrow-up13·1 year agoPredatory business practices.
minus-squareArt35ian@lemmy.worldlinkfedilinkarrow-up8·1 year agoCompound interest has been a thing since the Babylonians, 2,000BC, and they understood it from clay tablets. If you don’t understand it 4,023 years later with a iPhone in your pocket, you’re an idiot.
minus-squareMotoAsh@lemmy.worldlinkfedilinkarrow-up11·1 year agoI mean, you’re not wrong, but I think their point was it’s morally wrong, not confusing.
minus-squareGiddyGap@lemm.eelinkfedilinkarrow-up6·1 year agoPredatory capitalism happened. And a system of society that doesn’t afford everyone an equal opportunity to take advantage of such a system.
It should be illegal to charge compound interest, and the highest a person should ever have to pay is 10% of the total borrowed. So $100 is $110 back, max.
Then what’s to stop people from borrowing money and waiting until the amount they have to pay back is less than what they borrowed due to inflation?
What’s to stop people from borrowing money and waiting until they die?
Forfeitures. Credit ratings.
I guess nothing. Make things cheaper.
It’s a bit more complicated than that, I’m afraid
Greedy Billionaires aren’t complicated.
No, but economics are.
They’re complicated by manipulation. I wonder who is doing the manipulating?
Kill the billionaires.
I hate this argument.
What happened to being an adult and not signing your name to stupid shit you can’t afford?
Predatory business practices.
Compound interest has been a thing since the Babylonians, 2,000BC, and they understood it from clay tablets.
If you don’t understand it 4,023 years later with a iPhone in your pocket, you’re an idiot.
I mean, you’re not wrong, but I think their point was it’s morally wrong, not confusing.
Usury was also a thing back then.
Predatory capitalism happened. And a system of society that doesn’t afford everyone an equal opportunity to take advantage of such a system.