In response to an article about how poor people are trapped by loans… you recommend that? Really?
Absolutely. Did you read the article? The people interviewed explicitly say that they don't know anything about interest rates and how financing works. One guy had a 75% interest rate because he apparently had no idea what that meant he would be paying , which is several times the price of the car.
If you're going to finance a car, you need to arm yourself with the tools to figure out what that is going to cost you. Go in prepared. Don't count on the dealer telling you the numbers, because they are not on your side. They are trying to hide that information from you to get you to agree to something for their benefit.
Poor uneducated people are being oppressed by corporate shills... Best you got it "learn the rules of the game: basically?
You're oddly hostile for a post where I offered advice. Obviously we'd be better off if there were strong protections in place. No one is arguing otherwise. I offered practical advice that you and your loved ones should follow to protect yourselves and you act like I'm saying the system is perfect and nothing should change.
If you posted an article about people were dying in car crashes and I said to make sure you wear a seatbelt, you're acting as if I said we shouldn't continue to try to make travel safer. Wear a seatbelt! And make sure you know how finance works before taking out a loan.
Educating people is a lot easier than fixing the system. No reason we can’t try to do both.
In response to an article about how poor people are trapped by loans… you recommend that? Really?
Absolutely. Did you read the article? The people interviewed explicitly say that they don't know anything about interest rates and how financing works. One guy had a 75% interest rate because he apparently had no idea what that meant he would be paying , which is several times the price of the car.
If you're going to finance a car, you need to arm yourself with the tools to figure out what that is going to cost you. Go in prepared. Don't count on the dealer telling you the numbers, because they are not on your side. They are trying to hide that information from you to get you to agree to something for their benefit.
Poor uneducated people are being oppressed by corporate shills... Best you got it "learn the rules of the game: basically?
You're oddly hostile for a post where I offered advice. Obviously we'd be better off if there were strong protections in place. No one is arguing otherwise. I offered practical advice that you and your loved ones should follow to protect yourselves and you act like I'm saying the system is perfect and nothing should change.
If you posted an article about people were dying in car crashes and I said to make sure you wear a seatbelt, you're acting as if I said we shouldn't continue to try to make travel safer. Wear a seatbelt! And make sure you know how finance works before taking out a loan.
Educating people is a lot easier than fixing the system. No reason we can’t try to do both.
I think the advice is really “at least google it before signing a contract”.
And what would be better recommendations for the poor individuals trapped by loans?
Regulatory reform? Not “just go buy a laptop and study amortization before you buy”.
Yeah, that sounds reasonable in the long run (years), while the laptop plan is more immediately useful.
Yes, telling poor people to buy laptops is so practical