How many times have we all watched Judge judy lecture folks for loaning money to deadbeat boyfriends, relatives, etc...
Where is the culpability for CC companies that continue to take a risk even when they know that your hole is to deep to climb out of?
I am not shirking our part in this in any way, but i am convinced that there is some obscure law passed down through the generations of Americans that makes it illegal for an entity to loan money when they know that you won't repay it! I just never heard of it, but I know it must exist.
With all the yap about BK legislation and the like where are the lectures to the loan companies? Our present society encourages high risk, to be honest where would we be without it? So it seems to be a two sided coin. A venture to set up a mining company requires a huge loan, a great risk, yes. But a $10,000.00 limit for Best Buy to someone making say, 37,000.00 per year? Come on! There has to be some law that makes frivolous lending risk a crime.
Anyone?
Where is the culpability for CC companies that continue to take a risk even when they know that your hole is to deep to climb out of?
I am not shirking our part in this in any way, but i am convinced that there is some obscure law passed down through the generations of Americans that makes it illegal for an entity to loan money when they know that you won't repay it! I just never heard of it, but I know it must exist.
With all the yap about BK legislation and the like where are the lectures to the loan companies? Our present society encourages high risk, to be honest where would we be without it? So it seems to be a two sided coin. A venture to set up a mining company requires a huge loan, a great risk, yes. But a $10,000.00 limit for Best Buy to someone making say, 37,000.00 per year? Come on! There has to be some law that makes frivolous lending risk a crime.
Anyone?
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