ObjectivityIncarnate

It works in that show because the entire family are losers, and they all get mocked by all the others, regularly.

True equality, lol.

1 in 4 households earning over $100,000 a year live paycheck to paycheck–not because they can’t make ends meet, but because their money management sucks. A high income has very little relationship with responsible borrowing, despite what many would assume.

imposing a higher interest rate on them on top of that is just the final nail in the coffin.

That’s the only way to justify loaning to people like that at all, given how much more often they default (and the lender never gets repaid at all). If lenders were forced to give the same interest rate to everyone, that would cause them not to lend to “A person with a low income with a precarious job” at all.

You’re discounting the people who have always lived within their means and so never took on debt.

No I’m not. Those people are unknown quantities, and so also suffer if credit scores go away, because bad borrowers are worse than first-time borrowers, so without credit scores, first-timers will be treated worse.

And how exactly is guessing your credit worthiness based on those factors a better system than literally keeping track of what happened each previous time money was lent to you, when it comes to making a decision on lending money to you?

This is like arguing it’s a better idea to select NBA players by their height, than by their performance in high school and college basketball games.

Only people who are bad credit risks ever come up with this take, lmao.

The sole function of credit scores is to benefit people who are reliably ‘good for it’ when they borrow money. Without them, everyone is treated as just as high a risk as the worst borrowers who are least likely to pay back their debts, and you gain no benefit from reliably paying back your debts. But with them, your good borrowing is kept track of, and good reputation means lenders trust you more to pay your debts back, so they’re willing to lend more, and they are willing to charge less interest.

Removing credit scores changes nothing for bad borrowers, and hurts good borrowers.

Yeah, this is just people not understanding how credit scores work, part #57294, lol

republikkklown

Grow up, please, lol.

The only way to fight this is to raise the minimum wage to something that is livable for the average worker.

Then what do you do when only the Amazons and Walmarts of the world with the deepest pockets can afford that, and small business basically ceases to exist, as a result? People talk a lot about ‘if you can’t pay a livable wage you don’t deserve to be in business’, but the same people also complain about monopolies and lack of choice at the same time. How do you propose this be reconciled?

Also, no one’s ever going to be able to begin to enforce a “living wage”, even if they wanted to, until that wage is given a concrete definition–at the very least, a formula with variables to account for cost of living differences across the country. Until then, all this clamoring for a “living wage” is completely pointless.

Labor is the source of all profit. How would the company make money if no one did anything?

Charge the customer more for the finished product than what it cost to produce it. Obviously.

The simple fact is that if employees were a source of profit, businesses would all try to hire as many people as they possibly could, because not doing so would literally be leaving money on the table for no reason. But obviously that is not what goes on. When a business is in trouble financially, what’s more common, a hiring freeze, or a hiring spree?

making massive profits off the work of their employees.

Labor is a cost, not a source of profit, what kind of moronic statement is this? If employees were a source of profit, the notion of downsizing would never exist–why would a company ever lay anyone off, if workers create more value than their wage?

Even the founder of Costco (only stepped down as CEO a few years ago), a company famous both for how well it treats its customers, and its workforce?