I think it’s ridiculous that personal loans with bad credit even exist. Let’s think about it. We’re taking people who haven proven – in many cases more than once – that they just flat out can not handle or manage personal debt. They borrow money to buy things they don’t need and then walk away from the loan when it becomes apparent to them that they’re either going to be able to make their payment on the loan or keep their DirecTV subscription intact. These are not the kind of people we should be extending credit to.
What these people need to really be doing is taking personal finance courses and also increasing their ability to earn. The combined skills of knowing how to manage your money and actually making a little more of it will make it so these people no longer need to borrow ridiculous personal loans in the first place.
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