I think another term is 'loan shark'. When ppl are that desperate they roll all their debt into a car or even worse, refinance it into their home wiping out their equity, they should have the option of financial counseling without penalty. The debt counseling services that offer help and restructure ding a credit rating severely.
I would like to see our schools require a full credit class of 'real life' finances to learn how to manage money, debt to income ratios, the real meaning of their credit rating and how it affects all payments including insurance premiums, etc.
What happens is they receive plastic, usually before graduation and most haven't a clue.
Sue
Agreed. I'm 21, going to graduate college in May, and have no idea how buying houses, cars, even paying back student loans works. But I guess I'll find out.