US credit card debt is up 16% in the past year. ~ Americans do not pay their debts but go deeper into bondage.

submitted by In-the-clouds from nerdwallet.com

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[–]Jiminy 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (2 children)

It's a lack of understanding math and lack of impulse control. If you understand compounding interest you'd know how it's such a bad deal using credit cards. You could wait to buy things until you have money. But people believe in yolo, you only live once. People then get mad at Jewish bankers when they realize how much they owe. When it's their own fault.

[–]PsychoTranyRedditMod 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (1 child)

Do you blame the victim for their stupidity, or the predatory lenders taking advantage of them?

[–]canuck3157 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

Victims (e.g. regular people borrowing money from banks) should not be blamed 100% of the time.

Predatory lenders could be blamed too, especially if they use deceptive practices, such as without being upfront about all the fees, tricking clients into "gotcha" contracts with many hidden fees and fine prints that takes way too long to read, or if they suddenly change policy and charge more fees without properly informing their clients, or even locking their accounts continuously and never letting the clients take out their money (eg. infinite-auto-renewal GICs with no choice to withdrawal + heavy fines if they try to withdraw). Then the client has the right to sue the predatory lenders in court, especially if the deal was done in bad faith.