this post was submitted on 22 Apr 2024
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Americans be like (lemmy.ml)
submitted 4 months ago by yogthos@lemmy.ml to c/memes@lemmy.ml
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[–] InquisitiveApathy@lemm.ee 11 points 4 months ago

on a large scale doesn't this mostly protect people from dangerous debts?

Not really. It just ends up with lenders offering far more predatory interest rates, which worsens the situation for the debtor. The system is set up in such a way that you can spiral pretty hard with a single misstep.