Is money expensive?
Yes.
Side Score: 4
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No.
Side Score: 1
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1
point
Hello I: If you rent (borrow) it from a payday lender, it is... They'll ENTRAP you into paying 100's of 1,000's more dollars than you thought you'd owe.. Borrowing money from these LEACHES at their usurious rates used be illegal.. I have NO IDEA why they were made legal.. I think they should be in JAIL.. With interest rates hovering around 3%, credit card companies are RIPPING you off with rates above 6%... So, unless you borrow it from Uncle Jack, money is VERY expensive.. excon Side: Yes.
"If you rent (borrow) it from a payday lender, it is... They'll ENTRAP you into paying 100's of 1,000's more dollars than you thought you'd owe... I have NO IDEA why they were made legal.." I agree, payday lenders are effectively a scam; their rates are almost identical to those of mafia loan sharks. "With interest rates hovering around 3%, credit card companies are RIPPING you off with rates above 6%." I get that with fractional reserve banking the banks are lending you money that they don't even have themselves, but it's actually relatively easy to make a 6% annual return on an investment. In my opinion the real rip-off is if that you put your money in a bank or savings account and get less than the rate of inflation. This means that you're effectively losing money when you save via a bank or savings account. Side: Yes.
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There are a few ways to look at this. On the one hand, the rate of inflation determines how much you are loosing per dollar unspent. If inflation is relatively low, then money is relatively inexpensive, and vice verse. On the other hand, due to inflation the dollar has never before been worth less than right now. You can trade a lot less than you used to to get a dollar, making it inexpensive compared to before. And it’s getting cheaper all the time. Side: No.
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