pkgary
pkgary t1_j46uijc wrote
Reply to comment by lollersauce914 in USA Credit Cards: Card Balances v. Interest Rate [OC] by rosetechnology
Im confused, why is this the case? I would assume that the card balances being higher means they can charge less interest for the same revenue. Is it not the card balances that are being charged interest?
pkgary t1_it8anql wrote
Reply to comment by Dave-the-Flamingo in [OC] Most of the items pawned in a poor district in 1836 Glasgow were CLOTHES, especially WOMEN's clothes by Equal-Crew-3367
That's definitely a good point. In the same way you see people spending way too much on car payments for vanity, I'm sure the thought of showing up to church and having everybody in the community clearly see that you cant afford Sunday clothes anymore (when you did before) would be crushing enough to make people enter that cycle of pawning.
pkgary t1_it86nlk wrote
Reply to comment by Dave-the-Flamingo in [OC] Most of the items pawned in a poor district in 1836 Glasgow were CLOTHES, especially WOMEN's clothes by Equal-Crew-3367
Excuse me if Im confused, but isnt this a bad thing? Im understanding it as the same concept as a payday loan? Why continuously pawn the same thing every week and buy it back for more, instead of just saving enough for a weeks expenses? If they cant afford to do that then it doesnt make sense for them to buy it back at all right?
pkgary t1_j46voxg wrote
Reply to comment by lollersauce914 in USA Credit Cards: Card Balances v. Interest Rate [OC] by rosetechnology
Ah, that makes sense, thanks!