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If these loans are so stupid, why not just not take them? You don't HAVE to take loans if you don't want to.
And where will those profits come from? The only reason making people produce stuff for you is profitable is because then you can sell it to others. If the evil capitalists make everybody but them self's poor, who is going to buy the products? Making people produce things for you for 1 buck an hour won't make you any money if there still isn't anybody to buy the product. This is a huge hole in your argument. When people have more money they can buy more stuff, which means companies get to make more money selling more stuff. This means that the kind of nightmare world some people describe where everyone except the ultra rich has anything could not actually exist because the economics behind it don't make sense.
Regarding question 1.
Most people live paycheck to paycheck so If some other emergency comes up and they need extra money to make it through the week/month etc.. so youre wrong about people who dont have to take loans (yes there are people who are irresponsible who dont really need to take loans so no need to reply)
Regarding question 2.
Youre also wrong about this. Have you heard of something called credit? If you noticed a lot of purchases are paid for with credit/no interest for months or even years now. Why do you think this is possible now? You really cant be that naive to think companies want to pay their employees enough so they can buy things.
For people living on a shoestring, those e-z payments are like a ticking time bomb.with no margin for financial error. Most people look at the 'low' monthly payment and think they can handle it. I look at the amortization schedule, freak out over the length of time until payoff, and walk away without committing myself to anything.
Find a place that will do lay away plans. Cash up front, no interest and you get your money back if things don't work out. The EZ rent to own that I went into, I looked at the prices that said $200 or $2k on time payments and said I don't need anything that bad. I'm a cash hoarder. I was saving almost 10% of my income and making headway on my credit card on an income of $325 a month.
Quote:
Originally Posted by freemkt
I'm something of a food hoarder, stocking up on extremely discounted non-perishables, because being broke is a lot easier when the cupboards are full of food. But I'm not over the top about it, probably because I don't have the cash to afford that.
I lived with someone once. She tried to spend my money. After that I made her keep one month of our combined expenses in her savings account, We were splitting the bills in half, so she had to take the first half of her half out of the first check and the second half out of the second check each month. She hated having that much cash sitting around and not getting to spend it. She had an ovary out because of a cyst. When she saw my plan to have her pay for her surgery she left. It was $1 a month on all the bills except as much as she could afford on the smallest one. In the state we were in you couldn't get sued if you were paying $1 a month, at least back then. The $6k would've taken several years to clear but... I wasn't going to put up with bill collectors and garnishments etc. She wasn't going to put up with me. Win win as far as I'm concerned.
If these loans are so stupid, why not just not take them? You don't HAVE to take loans if you don't want to.
I think the problem is that economically insecure people have a greater need to thread a precarious financial needle in order to protect their future options. Specifically I think this is much trickier for renters - who need to protect their options to rent in future - than for homeowners and for people not in the rental market (e.g. people living with parents).
Paying the rent late can not only get you in difficulty with your current landlord, it can lead to rejection by prospective landlords in future. Nobody is going to foreclose or reject a homeowner for being 15 days late with the mortgage payment occasionally, as long as they don't maintain a running delinquency.
Many people will pay a lot for a short-term loan that enables them to avoid a rent delinquency; for them it's a part of the cost of being poor.
Why should the employer bear 100% of a societal cost? Shouldn't a societal cost be borne by society overall?
So would you open to something basic income or negative tax income? If not then you are contradicting yourself because you want neither the employer or society to pay for it?
So it's an employer's fault that their employee is earning a wage that they can't live on? That they are trying to live an adult life on a minimum wage salary? That they have children they can't afford, bills they can't pay, and are living (obviously) above their means?
Why are you blaming the adult for living on that wage not the people offering the wage? People like you want to make any excuse for the business owner. Your last sentence is just generalizing without facts.
So it's an employer's fault that their employee is earning a wage that they can't live on? That they are trying to live an adult life on a minimum wage salary? That they have children they can't afford, bills they can't pay, and are living (obviously) above their means?
No, silly, it is government's fault that the private sector is not able to provide a supply of housing sufficient to reduce rents to levels these employees can afford.
And rent-seeking NIMBY homeowners often are the ultimate cause of that.
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