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Iowa | Almost every poor person I know has a credit card - it’s 1/2 their problem. They buy stuff they can’t fit into their budget with it, then spend 24 months making the minimum payment (cause that’s all they can afford) and getting charged 24% interest.
House - no, they’re renting or in a lot of cases the government is renting it for them
Car - yes, I know a lot of people who do the $1000-5000 car but pay $50-200/month to a “dealer” who’s really giving them about a 20% interest loan on the car, when they default he repo’s it and starts again. Probably makes pretty good money selling that $2500 car 4 times.
If they’re any lower class than that, it’s really not worth talking about because they’re so subsidized by the government, they won’t feel as much pain as those right above them. | |
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King dollar
