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Author Topic: America's middle class is addicted to a new kind of credit  (Read 863 times)

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Offline corbe

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America's middle class is addicted to a new kind of credit
« on: October 29, 2019, 03:17:59 pm »
America's middle class is addicted to a new kind of credit 

Christopher Maloney and Adam Tempkin
 
4 hrs ago
 
The payday-loan business was in decline. Regulators were circling, storefronts were vanishing and investors were abandoning the industry’s biggest companies en masse.
 
Yet today, just a few years later, many of the same subprime lenders that specialized in the debt are promoting an almost equally onerous type of credit.

It’s called the online installment loan, a form of debt with much longer maturities but often the same sort of crippling, triple-digit interest rates. If the payday loan’s target audience is the nation’s poor, then the installment loan is geared to all those working-class Americans who have seen their wages stagnate and unpaid bills pile up in the years since the Great Recession.

<..snip..>

http://www.msn.com/en-us/money/personalfinance/americas-middle-class-is-addicted-to-a-new-kind-of-credit/ar-AAJw8sk?ocid=ientp
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No government in the 12,000 years of modern mankind history has led its people into anything but the history books with a simple lesson, don't let this happen to you.

Online Wingnut

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Re: America's middle class is addicted to a new kind of credit
« Reply #1 on: October 29, 2019, 03:24:54 pm »
The middle class is dead. The democrat socialists told me so.
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Online Cyber Liberty

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Re: America's middle class is addicted to a new kind of credit
« Reply #2 on: October 29, 2019, 03:42:29 pm »
Quote from: The Ghost on October 29, 2019, 03:24:54 pm
The middle class is dead. The democrat socialists told me so.

They ought to know.
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Re: America's middle class is addicted to a new kind of credit
« Reply #3 on: October 29, 2019, 03:48:54 pm »
Quote from: Cyber Liberty on October 29, 2019, 03:42:29 pm
They ought to know.

Yes indeedy they do.
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