Timeline for Shouldn't the "credit score" prevent Americans from going deeper and deeper into personal debt?
Current License: CC BY-SA 4.0
12 events
| when toggle format | what | by | license | comment | |
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| Aug 23, 2019 at 11:10 | comment | added | Jack Aidley | @RutherRendommeleigh: It's not even "as much debt as possible without defaulting"; high interest payday lender outfits can operate on a model of extracting so much money in the meantime that when the inevitable default and bankruptcy occurs they've already made a hearty profit. | |
| Aug 22, 2019 at 15:48 | comment | added | computercarguy | BTW, what I mean by "strictly limited", I mean that only for the poor. The rich will always be able to get around those restrictions because of their money. | |
| Aug 22, 2019 at 15:47 | comment | added | computercarguy | @JacobManaker, 1) limiting a person's ability without knowing it's ill-advised prevents people from achieving their goals. No one knows the future, so no one can assume they are 100% right about something being ill-advised in advanced. 2) I didn't say communism is evil or undesirable. I was waiting for you to make that assumption. 3) We currently have an upper and lower class, yes, but people can still cross over through hard work and good use of even risky loans. With a strictly limited ability to get loans, that won't happen. | |
| Aug 22, 2019 at 9:46 | comment | added | Pyritie | @Dunk Freedom of choice is not the same thing as freedom to endlessly exploit the poor in a way that ensures they will be stuck there for life. | |
| Aug 22, 2019 at 6:14 | comment | added | Jacob Manaker | @Dunk: I don't want to speak for Pyritie, so maybe he'll chime in, but you're missing my point. The question is: under which circumstances can the legal system be used to force another person to pay you money they don't have, versus just writing off the (foolishly extended) debt. In the US system, the courts are used to punish the poor people who made desperate loans indefinitely. In other countries, the regulatory system ensures that lenders have to give out money wisely, or they'll never get it back. | |
| Aug 22, 2019 at 6:10 | comment | added | Jacob Manaker | @computercarguy: (1) I find it hard to believe that limiting a person's liability in the case that their loans turns out ill-advised really prevents them from achieving their goals. (2) Just because something is called "communistic" doesn't mean it is evil, or even undesirable from a public policy point of view. (3) The US financial system already chooses to offer more credit to some individuals and much less to others. By your standard, we already have Morlocks and Eloi. | |
| Aug 21, 2019 at 23:10 | comment | added | computercarguy | @Pyritie, limiting the choices of a consumer to only what they can afford or only what makes "sense" is often said to be communistic. It also holds people back from accomplishing really breakthrough ideas. You wouldn't have the Elon Musk's, Tesla's, Bill Gate's, Steve Job's, etc of the world, you'd just have Morlocks and Eloi. en.wikipedia.org/wiki/The_Time_Machine | |
| Aug 21, 2019 at 21:17 | comment | added | Dunk | @Pyritie - If by evil you mean people are given the freedom to succeed to their wildest desires by having many options to improve their lives available to them OR to fail completely because of really bad decisions then OK. I don't need anyone making sure I don't do something they think is a bad idea even though I want to do it. If my decisions result in bad things for me then I accept the consequences. You seem to want to give others the power to tell you what you can and can't do regarding personal decisions about your life. To me, that system is evil. | |
| Aug 21, 2019 at 10:05 | comment | added | Pyritie | The US's system is downright evil. | |
| Aug 21, 2019 at 8:25 | comment | added | Ruther Rendommeleigh | This. The lender wants you to go into as much debt as possible without defaulting. | |
| Aug 21, 2019 at 2:25 | review | First posts | |||
| Aug 21, 2019 at 3:58 | |||||
| Aug 21, 2019 at 2:24 | history | answered | Jacob Manaker | CC BY-SA 4.0 |