Sunday, August 13, 2017
Being Poor Is More Expensive Than You'd Think @alternet
Being Poor Is More Expensive Than You'd Think @alternet: For giant corporations, there's big money to be made on the backs of those who have no money. Poor people are cash cows. It makes no sense, really. One would think that poor people, by virtue of being poor, would not be profitable customers. However, for many large corporations that target the poor and working poor, there's big money to be made on the backs of those who have no money.
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Remember Providian National Bank? The mailed 60 million people a month over with you guys. When I 'won' them as a client they mailed 60 million a year. Great win for me. Worth millions of pounds. Their target audience/clients were people whose credit rating was crap. they'd take them on, the poor that is, and offer them credit.
There was an era of sub-prime lending in the 1980's and 1990's, where banks would lend money to people for homes they really couldn't afford. These people ended up in foreclosure, their credit ruined. Things cost more for people with bad credit.
When I was in nursing school, I ended up taking out payday loans just to survive.
I was one of many people who won money in a class-action lawsuit against one of the payday loan companies. $5000, took the edge off a few bills. It's long since gone.
I've been trying to get out of the hole for years.
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