Knowing Who Will Betray Your Trust
Have you been considering getting yourself one of those cash loans? I feel you. Whenever I have an unexpected debt or really, really want to buy myself that I’ve been wanting my thoughts instantly go to one of those payday loan like places. They seem like such a great idea, don’t they? Personally, I’m all for them. This is assuming that anyone take out a loan understands the legal agreement, the interest rate and has enough money to actually pay back the loan. Some of these places don’t care whether or not the money is actually there to be paid back; that’s not how they make their money.
They can sell debt to credit agencies who will hound individuals through phone calls or even take them to court – something that doesn’t exactly work well, truth be told. Debtor’s Prison isn’t a legal practice these days but a credit agency will do everything that they can in order to get money from a debtor. It’s absurd; I’ve even heard stories of people being taken to court which turned out to be a completely false courtroom. Not a single real judge in the room; just a way to get money out of the people.
Sooner or later it’s going to become apparent that this sort of system is not sustainable. It’s going to pop just like the housing market popped. We’ll see student debt become the first one to go which is going to drag down education along with it. After that? We’ll most likely see the entire credit industry go down in flames. Hopefully our government will do more than simply bail out the fat Wall Street bankers. It’s our responsibility to be financially aware and being financially aware means knowing what establishments are going to do their best to betray your trust.