Personally, I couldn't disagree more. It's my belief that people who think that those who take on really poor debt are in their rational minds and have a complete understanding of the consequences are really just trying to make themselves feel better about how badly their peers being taken advantage of. "It's their own fault; the system is fine."
But enough of beliefs. There is plenty of documentation about the costs to society available, including formal studies, which shows that even taking the time to better educate people about about the long term effects significantly reduces the uptake of payday loans.
Yes, in a few cases, they are useful as replacement for emergency funds. But I'm convinced by the literature and studies done about payday loans that if this kind of use is even a majority - it's barely such.
But don't take my word for it. Do a search for the "psychology of payday loans" and read some of the first party sources yourself.
But enough of beliefs. There is plenty of documentation about the costs to society available, including formal studies, which shows that even taking the time to better educate people about about the long term effects significantly reduces the uptake of payday loans.
Yes, in a few cases, they are useful as replacement for emergency funds. But I'm convinced by the literature and studies done about payday loans that if this kind of use is even a majority - it's barely such.
But don't take my word for it. Do a search for the "psychology of payday loans" and read some of the first party sources yourself.