FluentInFinance,
@FluentInFinance@mastodon.social avatar

The real scam is normalizing mountains of debt for college, cars, weddings and vacations.

And then depending on a job you hate to pay it back until you die.

The biggest scam society pulled was normalizing the American debt trap.

qurlyjoe,
@qurlyjoe@mstdn.social avatar

@FluentInFinance
It was perpetrated by a couple of states back in 1978 when SCOTUS (Marquette v. First of Omaha) relaxed the usury laws and South Dakota and Delaware jumped at the chance to make bank. Prior to that interest rates were capped at 12-18%. After the ruling all bets were off. https://www.nasdaq.com/articles/how-supreme-court-ruling-killed-usury-laws-credit-card-rates-2010-11-12

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