The companies profit from low wage earners by luring in desperate and poor people who need the loan or credit card the most. The people who need money but are not willing to take out a loan or rely on a credit card know what kind of trap the companies’ snare people in. So, they move on to the poor, desperate and uneducated, the ones who do not know what interest is and those who cannot or will not read the contract. Usually to people who don’t understand the contract, the offer is good and seemingly harmless. But if educated on the ways of those companies, they find the transiency rates can be appalling. Once they find out what they have gotten themselves into, they are in a mountain of debt that they can’t or can barely pay off. The companies that target the unfortunate charge high interest and service fees to keep the poor from ever paying off that debt. Their main goal is, “how do we keep people in debt”, in other words, if they are able to eventually pay off their debt then the companies have failed somewhere. Since those in debt cannot pay it off, they are further denied opportunities and privileges like: buying a house, car or even denied employment due to a poor credit history. This leads to a vicious cycle of not being able to obtain higher jobs that could alleviate them of their debt and hardships thus being stuck in the cycle of debt and or poverty. Those who hold the responsibility for putting an end to this issue are the government and the corporations, but it’s well known fact they do not care and never will. People need to wake from this dream world where government and corporations will all of sudden start to care and fix their problems. People need to find a different solution to fix their problems like be more observant of how other people fell into the cycle of debt and use them as a lesson or learn to read and do research before hand. I’m pretty sure almost everyone has a family member in debt, so they can learn from them as well.
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