this post was submitted on 26 Dec 2023
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Bankruptcy is lifesaving (lemmy.ml)
submitted 11 months ago by [email protected] to c/[email protected]
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[–] [email protected] 2 points 11 months ago

The average credit card interest rate is 25%. Yes people shouldn't borrow money they can't pay back. However that doesn't change the fact that interest rates on credit cards are wildly high and entrap people in a loop of only paying the interest off. Bankruptcy is their only hope of escape from that debt cycle.