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What do you think would be the societal impact of the practices that are being described in this article?
2 comments:
Anonymous
said...
eventually the poor won't be able to take out anymore loans and they won't be able to finance their homes and then they will be living on the streets. Thats what I think.
People who have bad credit shouldn't be given loans with even higher interest rates because that just causes a vicious cycle. If they already couldn't afford to pay a mortgage or credit card company with regular interest then how are they expected to pay an even higher interest rate?
2 comments:
eventually the poor won't be able to take out anymore loans and they won't be able to finance their homes and then they will be living on the streets. Thats what I think.
People who have bad credit shouldn't be given loans with even higher interest rates because that just causes a vicious cycle. If they already couldn't afford to pay a mortgage or credit card company with regular interest then how are they expected to pay an even higher interest rate?
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