Quote:
Originally Posted by 81MC
If you're low income, absolutely, positively, no way in god damned hell, should you use a credit card.
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To play devil's advocate, predatory lending companies absolutely feast on those who are low income. That's their business model - crazy interest rates and compounding debt servicing costs.
I would say if you're low income, you're better off with a credit card than going to Cash Money or payday loan places if you're going to pay interest anyways. It might be incumbent on the bank to only allows a small limit, but at least you can sit down with a bank and figure out a payback method.
Both are not good options, but I believe credits cards are not the
worst one. Especially with proper education and intervention when needed. Calgary-based Symends - one of the top startups in Canada - is one of those companies that can help manage that risk.