At the same time, the terms of credit contracts are greatly in the favor of these companies, and they depend on their clients (like me) not fully understanding the terms of those contracts.
I also feel like they don't fully assume the risk of loaning money to the clients they target. The poor are a terrible credit risk, like you said. But they target them anyway, because it's difficult to file a bankruptcy, and relatively easy to hound people with collections agencies, and employment, obtaining shelter, buying large items without cash-in-hand is very hard to do without credit, which you need to assume debt to obtain. The same power arrangement and level of responsibility demanded does not exist in reverse.
This. Very much this.
So yeah, while credit companies operate within the letter of the law, I think they are sleazy as hell for some of their tactics.
Of course they operate within the law. They WROTE the law.
Re: Yep, that sounds like democrats.
of these companies, and they depend on their clients (like me) not fully
understanding the terms of those contracts.
I also feel like they don't fully assume the risk of loaning money to the
clients they target. The poor are a terrible credit risk, like you said.
But they target them anyway, because it's difficult to file a bankruptcy,
and relatively easy to hound people with collections agencies, and
employment, obtaining shelter, buying large items without cash-in-hand is
very hard to do without credit, which you need to assume debt to obtain.
The same power arrangement and level of responsibility demanded does not
exist in reverse.
This. Very much this.
So yeah, while credit companies operate within the letter of the law, I think they are sleazy as hell for some of their tactics.
Of course they operate within the law. They WROTE the law.