As from i learned from this article only a couple people learn the high price of easy credit. It is just shoking. Interest rates practically makes any debt unpayble since its rates are extremely high. In America, it is so easy to get in debt. Just by buying a house, which is one of the American dreams, or just by buying stuff with their credit cards when their interest are so high. Finance charges can be so dangerous because their interest rates are extremely high, and if you miss a payment they will go even higher, making it harder for the person in debt to pay it off. Now days its almost impossible to save money, because people are more concern onn paying off their debts than in saving money.
1 comment:
I agree its shocking. I think it can be explained by an increased "want it now." culture, combined with "keeping up with the Joneses." That's why we've never had a stable savings rate.
Post a Comment