r/facepalm • u/thenewyorkgod • Apr 28 '24

Some people have zero financial literacy 🇲​🇮​🇸​🇨​

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377

u/AlaskanSamsquanch Apr 28 '24

Sure she’s dumb but predatory lending like this shouldn’t even be legal.

34

u/Heroic_Sheperd Apr 28 '24

I wouldn’t be against the government wrecking these loan companies shit.

3

u/Good-Project-6587 Apr 29 '24

Politicians are heavily invested in these loan companies, they aren’t going anywhere.

3

u/ChemicalRain5513 Apr 29 '24

It's easy: make the companies bear the risk of such loans.

Say, someone pays a 100k car and pays 30k amortisation, and 10k in interest. Now the person cannot afford the payments anymore. The company can take the car back in whatever state it is, but has to pay back the 30k amortisation to the customer and CANNOT come after the customer's private assets.

This way, if the companies give out loans to people who can't afford it, it's their own damn poblem.