Money represents something that humans made up yet something that dictates our lives. It is naive to say that money does not matter, only people with money can say that. Try saying that when you do not have money, have a health problem, and need to sustain people around you. It is a real problem that the rich 1% do not want to solve. It is the root cause of so much evil in this world, and here are the main problems people face with credit.
In order to have credit, you need money. In order to have money, you need credit, it is a closed loophole. The hard truth is that lack of affordable credit is a problem that a lot of people deny. The people that deny this credit problem are the ones that do not have such a problem. This results in an even worse loophole for payday loans.
Someone will need to borrow money to pay for basic needs and thus go into debt. This is bad for their credit score and thus they do not have access to credit. However, they have to pay even bigger fees for the money they borrowed when payday comes. That way, the average person can not get credit, nor can they get the money to repay for basic necessities.
The whole system is at fault, no matter how much people are trying to say it is the individual’s fault. Was anyone born into a poor family of their own free will? Did anyone wish for chronic medical issues when they were born? Not really, but the top 1% sure do love these circumstances for other people.
That is because such people are the main source of their income, the miserable ones. The whole system is made to take as much money as possible but to still maintain the miserable ones. Milk as much money as possible from everything, that is how the system works right now.
The problem with credit is that credit always attracts new credit. It is really hard to get out of credit once you get into it, even if it does not look like it. That is because the bank will try to convince you to take as much credit as you can because they win.
They win by getting you hooked through payments that are barely enough to get you to the next credit. This is why it is important to not take credit until that is the last available option. By taking more credit, you are just feeding the endless cycle of taking more credit.
These are the core problems that people face when it comes to credit. A whole book can be written on this subject, but it is important to understand the core principles. Everyone has an opinion on this subject, but the problem is many of such opinions are a part of a certain agenda.
It is impossible to talk about this problem without thinking about political and socio-economic problems. By taking such parameters into consideration, a real discussion arises that is everything but pleasant.