> Sorry, you have to be quite ignorant to sign that. Even the worst credit cards have an interest that's a fraction of that. That's definitely not cheap credit.
Agreed, but sometimes that's the only hope some have. At one point in time, I did and I came from a very normal credit-worthy background. Shit happens, ktzar.
Maybe they're already maxxed-out?
Or can't get a credit limit high enough to borrow what they need.
Or need to pay something in cash, and don't have a higher limit available from a cash-out card.
Or are "un-bankable"
That 590% is scoffed at, yet paid, because there's a majority of people (2M in Canada, according to the article) who have no other choice.
Most people would opt for the better option, if they had one.
Agreed, but sometimes that's the only hope some have. At one point in time, I did and I came from a very normal credit-worthy background. Shit happens, ktzar.
Maybe they're already maxxed-out? Or can't get a credit limit high enough to borrow what they need. Or need to pay something in cash, and don't have a higher limit available from a cash-out card. Or are "un-bankable"
That 590% is scoffed at, yet paid, because there's a majority of people (2M in Canada, according to the article) who have no other choice.
Most people would opt for the better option, if they had one.