Quote:
Originally Posted by Adder
Again, both of these things disproportionately advantage the relatively well off. The poor - and certainly not the uneducated working class - don't have student debt and can't get big credit card balances.
You're advocating forgiveness for your neighborhood.
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On the contrary, the poor often have surprisingly high balances. In a past life, I purchased debt portfolios. I was shocked at how loose cc lending was prior to 2008, and though it did become more disciplined afterward, it's still quite liberal. It wasn't at all unusual to see people with $50k income demographics holding $20k in cc debt. Lenders do so well based on the enormous interest that the default risk is minimized. And that risk has been tamped post-crisis as credit cards are often the last line of liquidity for the poor.
I'm generally adverse to regulation, but you don't hear me arguing much about the CFPB. Predatory lending is up there with private prison lobbying. Of the many sins I've accrued, that portfolio work is probably what'd land me in hell were there an afterlife (right behind certain of the plaintiff's work, for which I claimed the Nuremberg Defense).
